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Gilded Age

Important Terms, events, people for the Gilded Age

Sherman Anti-Trust Act of 1890 this government act or law broke up any monopoly in the USA into several smaller companies to promote competition in business.
free enterprise system
industrialization The process that occurs when society increases the amount of production with factories. this process creates jobs that attracts migrants looking for work, ultimately leading to urbanization.
laissez-faire In France, laissez-faire stands for “hands-off” this term is used in the context of governments role/ influence in business. The practice/application of laissez-faire nicknamed the government’s invisible hand ( government leaves it alone)
market economy
monopoly in business/economic aspects of society, a monopoly refers to only one company that provides a service for all of the customers. Example: Having several different cell phone companies compete for your business instead of only one company.
tariff A tariff is a tax on imports from foreign countries)
philanthropy Philanthropy is similar to donating to charity
entrepreneur a person who has success in business
Mass production The act of producing on a large scale to make a profit
Government-regulation The opposite of laissez-faire, government regulation describes the governments control of economic, social, environmental and political aspects.
Labor Unions American Federation of Labor SAMUEL GOMPERS Knights of Labor
Capital capital refers to anything that adds value to an economy (factories, workers, raw materials, savings and checking accounts, stocks, bonds, etc)
Manufacturing the practice of creating products in a factory, taking "raw materials" and turning them into a product for use(example: taking cotton bolls and weaving it into fabric)
Agriculture the practice of farming and ranching
Rural a geographic region characterized by having a smaller population, lots of farm land, not very many businesses, "the country-side"
Urban a geographic region characterized by having a large and diverse population, factories, tenements (apartment buildings), culture, many different jobs and industries; a "city"
Gilded The technique of painting less valuable materials with gold to have the appearance of being solid gold
Robber barom a negative term associated with people who had power/control/influence over their businesses and the economy
Captain of industry a term of endearment (compliment) to people who had power/control/influence over their businesses and the economy
tenement Tenements are apartment complexes, which are run-down and overcrowded. They were common in the cities that had factory jobs, and the workers typically lived in tenements, while their bosses lived in elaborate mansions
Created by: missgWHS



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