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Growth of Industry


consolidation the practice of separate companies into one
Standard gauge the uniform width of 4 feet, 8.5 inches for Railroad tracks, adopted in 1880's
Railroad baron aggressive and competitive businessmen who played an important part in building the nation's transportation system
Assembly line a production system with machinesand workers arranged so that each person performs an assigned task again and again as the item passes before him or her, invented by Henry Ford
Mass production the production of large quantities of good using machines and often an assembly line
Model T first vehicle to become mass produced for anyone to buy at a lower cost than others
corporation a business in which investors won shares
stock shares of wonership a company sells in its business which often carry a voting power
trust a combination of firms or corporations formed by a legal agreement, especially to reduce competition
shareholder a person who invests in a corporation by buying stock, is a partial owner
monopoly total control of a type of industry by one person or one company
vertical integration the combining of companies that supply equipment and services needed for a particular industry
philanthropy charitable acts or gifts of money to benefit the community
sweatshop a shop or factory where workders work long hours at low wages under unhealthy conditions
trade union organization of workers with the same trade or skill
strike breaker person hired to replace a striking worker in order to break up the strike
Created by: ephillipssdms