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Industrial Age
Sections 1 and 2
Term | Definition |
---|---|
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 |