Vocabulary

Question 1

Laissez faire

Answer 1

Supporters of this version of capitalism believe that the government should interfere in the economy as little as possible

Question 2

Command Economy

Answer 2

In this type of economic system, the government makes the decisions about what to make, how much to make and who to make it for

Question 3

In this type of economic system, prices and wages are determined by supply and demand.

Answer 3

Market Economy

Question 4

This is the type of economic system embraced by the United States.

Answer 4

Market Economy

Question 5

It is often referred to as capitalism, and promotes free enterprise

Answer 5

Market Economy

Question 6

Department Store

Answer 6

This was a new type of shopping that brought together a huge array of different products in a large elegant building

Question 7

Chain Store

Answer 7

This type of shopping focuses on thrift and low prices over elaborate services and décor

Question 8

This invention led to the expansion of electricity.

Answer 8

Light Bulb

Question 9

It was important to industrialization because it allowed people to work longer hours and produce more. Electricity in general was significant because it allowed factories to be built away from a natural source of power.

Answer 9

Light Bulb

Question 10

Combining many companies, who are engaged in the same type of business, into one large corporation.

Answer 10

Horizontal Integration

Question 11

Rockefeller used this to achieve a near monopoly in the oil refining industry

Answer 11

Horizontal Integration

Question 12

Product

Answer 12

Horizontal Integration

Question 13

Combining companies that supply raw materials, equipment and services needed to create a finished product in a particular industry.

Answer 13

Vertical Integration

Question 14

Carnegie used this to achieve a near monopoly in the Steel industry

Answer 14

Vertical Integration

Question 15

Process

Answer 15

Vertical Integration

Question 16

This railroad company built from west to east

Answer 16

Central Pacific Railroad

Question 17

Used Chinese immigrant labor for construction

Answer 17

Central Pacific Railroad

Question 18

This railroad company built from Midwest toward the west

Answer 18

Central Pacific Railroad

Question 19

Used Irish immigrants, ex-cons, and veterans from the civil war for construction labor

Answer 19

Union Pacific Railroad

Question 20

Land Grants

Answer 20

These were given to railroads by the government in an effort to finance construction of the transcontinental railroad. Railroads then sold them to settlers

Question 21

Time Zones

Answer 21

These were created in 1883 making rail travel safer and more reliable