Rise of industry Flashcards
Entrepreneur
a person who assembles and organizes the resources necessary to produce goods
and services.
Profit
a financial gain, especially the difference between the amount earned and the amount spent in buying, operating, or producing something.
Laissez-faire
a theory that economies work best when there is minimal involvement from government
Mass Production
the use of interchangeable parts and assembly lines to make large quantities of identical goods
Corporation
a business that is owned by many investors
Trust
a group of corporations that unite in order to reduce competition and control prices in a business or an industry
Monopoly
a company that controls all production and sales of a particular product or service
Urbanization
the growth of cities
Labor Union
an organization that brings together workers in the same trade, or job, to fight for better wages and working conditions
Tenement
a tall building with small apartments
Triangle Shirtwaist factory
Trapped inside because the owners had locked the fire escape exit doors, workers jumped to their deaths. In a half an hour, the fire was over, and 146 of the 500 workers—mostly young women—were dead
Standard oil
In 1870, the company was renamed Standard Oil Company, after which Rockefeller decided to buy up all the other competition and form them into one large company.
