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Industrial Age

Sections 1 and 2

TermDefinition
Bessemer Process a way to manufacture steel quickly and cheaply by blasting hot air through melted iron to quickly remove impurities
Thomas Edison invented the light bulb
patents allowed inventors to protect their inventions from being manufactured by others
Alexander Graham Bell invented the telephone
Henry Ford first person to implement the moving assembly line in manufacturing
Wilbur and Orville Wright built a lightweight airplane that used a small,gas powered engine
corporations businesses that sell portions of ownership called stock shares
Andrew Carnegie focused his efforts on steel making
vertical integration ownership of businesses involved in each step of a manufacturing process
John D. Rockefeller founded the Standard Oil Company
horizontal integration owning all businesses in a certain field
trust legal arrangement grouping together a number of companies under a single board of directors
Leland Stanford made his fortune selling mining equipment
monopoly total ownership of a product or service
Sherman Antitrust Act a law that made it illegal to create monopolies or trusts that restrained trade
Created by: Cogle
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