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Gilded Age
Important Terms, events, people for the Gilded Age
| Term | Definition |
|---|---|
| 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. |
| capitalism | |
| 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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