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BigBusiness/Industri
8th Big Business and Industrialization
| Term | Definition |
|---|---|
| Transcontinental Railroad | stretched across the U.S. running east to west (coast to coast). Union Pacific started building from Omaha, Nebraska, westward. Central Pacific began in Sacramento California and built eastward. |
| Homestead Act of 1863 | promised 160 acres of free land to anyone . Must be farmed for five years to keep the land. |
| Robber Baron | A business leader who became wealthy through dishonest methods |
| Laisse-Faire | "to let alone"; belief that the government should not be involved in business. |
| Philanthropy | the desire to promote the welfare of others, expressed especially by the generous donation of money to good causes. |
| vertical integration | Acquiring control of all the steps required to change raw materials into finished steel. |
| Monopoly | company controls all or nearly all business in an industry |
| Capitalism | private ownership of the means of production with individual economic freedom |
| free enterprise system | |
| corporation | businesses owned by many investors who buy part of the company through shares of stock. (Board of Directors) It has advantages over a privately owned business. |
| trust | organization of businesses in the same industry and join forces, to control production and distribution of a product or service, thereby limiting competition. Rockefeller developed this in 1882, and persuaded all other companies to join his ___ |
| dividend | a sum of money paid regularly (typically quarterly) by a company to its shareholders out of its profits(or reserves) |
| stock | shares in a business |
| capital | wealth in the form of money |
| sweatshop | places where workers labored long hours under poor conditions for low wages. Both adults and children often worked here. |
| consolidation | to combine |
| strike | workers refuse to do their job. |
| John Rockefeller | dominated and led the oil industry. He developed the trust in 1882, his most famous move to end competitors. He persuaded the other oil companies to join his Standard Oil Trust. He gained a reputation as a ruthless robber baron. |
| Andrew Carnegie | One of two men who dominated and controlled the steel industry. He tried to beat his competition in the steel industry by making the best and cheapest product. He sought to control all the processes related to the manufacture of steel. |
| J.P Morgan | A businessman who refinanced railroads d and buying stock in competing railroads. He was a banker who bought out Carnegie Steel and renamed it to U.S. Steel. He was a philanthropist in a way. He was one of the "Robber Barons" |
| Cornelius Vanderbilt | A United States financier who accumulated great wealth from railroad and shipping business. (1794-1877) |
| Knights of Labor | A loose federation of workers from all different trades. They allowed women and, after 1878, African American workers to join their union. They inspired many people to support their cause. |
| American Federation of Labor | Led by Samuel Gompers. A union for skilled workers that fought for workers' rights in a non-violent way. It provided skilled Laborers with a Union that was unified. |
| Samuel Gompers | A United States labor leader (born in England) who was president of the American Federation of Labor from 1886 to 1924. He provided a stable and unified union for skilled workers (1840-1924) |
| Thomas Edison | The inventor who founded the most ways to use electricity. He received more than 1,000 U.S. patents, more than any other individual inventor. He opened a lab in 1876 where he invented many things. |
| Alexander Graham Bell | A Scottish immigrant who taught the deaf. He invented the telephone. Him and his assistant Thomas Watson tried to invent a device to transmit human speech using technology. |
| Sherman Anti-Trust Act | (1890) banned the formation of trusts and monopolies. Too weak to be effective |
| rebate | discounts |
| pool | To divide up a business in an area between businesses |
| boycott | refuse to buy certain goods or services |
| recession | mild depression, businesses slow down and people lose their jobs. |
| Assembly line | workers are stationed in one are while the products are moved on a belt. |
| Mass production | making large quantities of a product |
| factory | goods made by machines |
| urbanization | movement of population from farms to cities |
| interchangeable parts | parts, identical/machine made for a tool/instrument |
| Consumer | someone who buys goods |
| Triangle Shirt Waist Fire | (1911) Fire in a sweatshop in New York, killed 146 people, mostly women. Poor working condition, doors were locked and the windows were too high for them to get to the ground. Led to reforms and laws to protect workers. |
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KreppeinSS
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