Vocab Flashcards
Patent
Document giving inventors sole rights to make and sell their products
Petroleum
Oily flammable liquid used in making kerosene
Business Cycle
Patterns of good and bad economic times
Bessemer steel process
Technique that produced steel more cheaply
Generator
Machine that produced electric current
Thomas Edison
Inventor who developed a practical lightbulb and found the most ways to use electricity
Alexander Graham Bell
Inventor who developed the first telephone
Centennial Exhibition
A public fair celebrating America’s hundredth birthday
Transcontinental Railroad
A railroad that spanned the entire continent
Standard time
System that divided the country to four time zones
Robber Baron
Business person who became wealthy through dishonest methods
Corporation
Business owned by investors who bought stock in the company
John D. Rockefeller
Leader of the oil industry
Andrew Carnegie
Leader of the steel industry
Monopoly
Company that has sole control of industry
Trust
A legal body created to hold stock in many companies
Philanthropist
A person who gives away large sums of money to charities
Gilded Age
Term used to describe a time of both show tremendous wealth and poverty in the late 1800s
Sweatshop
Place where workers labored long hours for little pay
Knights of labor
Prominent workers union