Part 4 Flashcards
What can capitalism be used interchangeably with?
Free market system and free enterprise
With capitalism, what do people do with prices?
Put the highest price on something that someone is willing to buy
What was the ultimate dream during the second industrial revolution?
To create a big business
What is an economic system divided by Adam Smith in his book Wealth of Nations and based on private ownership of resources?
Capitalism
What is commercial operations organized and financed on a large scale?
Big business
What was the first big business?
US railroads
Who runs big businesses?
Robber barons
What is special about big business?
It is uniquely American
What are robber barons sometimes called and what does it imply?
“Captain of industry”. It implies that they are leading the industry
Who were the robber barons?
Politicians
Who were one of the American industrial or financial magnates of the late 19th century who became wealthy by unethical means? They were uniquely American.
Robber barons
What is a magnate?
Someone with power and wants to us it. They use whatever it takes to get on top.
What happened if robber barons didn’t get what they wanted?
They would undercut businesses to where they couldn’t operate anymore.
What is commercial operations organized and financed on a large scale?
Big business
What was the first big business?
US railroads
