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Gilded Age
Milano/Weir
| Question | Answer |
|---|---|
| laissez faire | policy that the government should interfere as little as possible in the nation's economy |
| entrepreneurs | A person who organizes and operates a business or businesses, taking on greater than normal financial risks in order to do so |
| transcontinental railroad | Completed in 1869 at Promontory, Utah, it linked the eastern railroad system with California's railroad system, revolutionizing transportation in the west |
| monopoly | total control of a product by one company |
| assembly line | Production method, perfected by Henry Ford, that breaks down a complex job into a series of smaller tasks |
| sweatshop | crowded, dangerous urban factories |
| strike | stopping of work by workers to force an employer to meet demands |
| Strikebreaker | person hired by a company to replace striking workers |
| Gilded Age | The time between the Civil War and World War I during which the U.S. population and economy grew quickly; there was a lot of political & corporate corruption while many wealthy people lived very fancy lives |
| suffrage | right to vote |
| Collective Bargaining | Discussion between an employer and union representatives of workers over wages, hours, and working conditions |
| capitalism | An economic system based on private property and free enterprise |
| philanthropy | Charitable acts or gifts of money to benefit the community |
| trust | A combination of firms or corporations formed by legal agreement, especially to reduce competition. |
| Corporation | A business owned by stockholders who share in its profits but are not personally responsible for its debts |
| merger | Combination of two or more companies into a single firm |
| Robber Barons | A person who has become rich through ruthless and unethical business practices |
| mass production | production of goods in large numbers through the use of machinery and assembly lines |
| stock | share of ownership in a corporation that entitles the buyer to a certain part of the future profits and assets of the corporation |
| shareholder | an owner of shares in a company |
| Horizontal Integration | Type of monopoly where a company buys out all of its competition. Ex. Rockefeller |
| Vertical Integration | Practice where a single entity controls the entire process of a product, from the raw materials to distribution. Carnegie Steel |
| injunction | A court order which legally prevents something |
| labor union | An organization of workers that tries to improve working conditions, wages, and benefits for its members |
| supply and demand | an economic concept that states that the price of a good rises and falls depending on how many people want it and depending on how much of the good is available |
| oil | A liquid fossil fuel formed from marine organisms that is burned to obtain energy and used in manufacturing. |
| steel | a strong, hard metal made of iron and carbon |
| Captains of Industry | A name given company owners such as Carnegie and Rockefeller by people who believed they steered the economy into prosperity. |
| John D. Rockefeller | Creator of the Standard Oil Company who made a fortune on it and joined with competing companies |
| Cornelius Vanderbilt | United States financier who accumulated great wealth from railroad and shipping businesses |
| Andrew Carnegie | Scottish-born American industrialist and philanthropist who founded a Steel Company |
| J.P. Morgan | Banker who buys out Carnegie Steel and renames it to U.S. Steel |
| Triangle Shirtwaist Factory Fire | 146 women killed while locked into the burning building (brought attention to poor working conditions) |
| Thomas Edison | American inventor best known for inventing the electric light bulb |
| Alexander Graham Bell | Invented the telephone |
| Wright Brothers | First to achieve a sustained, controlled flight in a powered airplane |
| competition | the struggle among producers for the dollars of consumers |
| Knights of Labor | Led by Terence V. Powderly; open-membership policy extending to unskilled, semiskilled, women, African-Americans, immigrants; goal was to create a cooperative society between in which labors owned the industries in which they worked |
| American Federation of Labor (AFL) | national organization of labor unions founded in 1886 by Samuel Gompers for SKILLED WORKERS ONLY |
| International Ladies Garment Workers Union | this union was made up of men and women that created garments for ladies. |
Created by:
Ms.Weir