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Growth of Industry
vocab
Question | Answer |
---|---|
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 |