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AH M4L2 Key Terms
American History Module 4 Lesson 2 Key Terms
| Term | Definition |
|---|---|
| Gilded Age | Took place in the late 1800’s and was a period of the fastest economic growth in US History that was accompanied by serious social problems. |
| Frederick Taylor | Came up with the idea of scientific management which was to study the production process of a good and analyze it for labor efficiency. |
| Frederick Winslow Turner | Observed that machinery could be used to increase efficiency by allowing workers to make few motions in less time. |
| Mass Production | Manufacturing of large amounts of standard products. |
| Machine Shop | A place of production where many unskilled workers would perform simple and repetitive tasks using factory machines under the direction of skilled workers. |
| Consumerism | The focus of society on acquiring more goods. |
| Robber Baron | Someone that used morally wrong methods to get rid of their competition and take over the industry with little empathy for those that worked for them. |
| Captain of Industry | Those that made their wealth and used it in ways that would benefit society such as providing more jobs or increasing productivity. |
| Andrew Carnegie | Made a fortune by being a dominant force in the steel industry and then donated much of his money to various causes. He wrote the “Gospel of Wealth” which argued it was the responsibility of the wealthy to promote the general good. |
| John D. Rockefeller | Created his fortune by controlling the majority of the oil industry and then donated much of his wealth to different causes as well. |
| Monopoly | When a company has total control over an industry. |
| Trust | When there is an organization of several businesses that join forces and control production or distribution of a product or service. |
| Horizontal Integration | When companies buy or merge with their competitors giving them more control of the market. |
| Vertical Integration | When a company succeeds in taking over all the aspects of production in an industry so that they are the only business reasonably capable of producing or distributing the product. |
| Laissez-Faire Economics | The idea that the government should stay “hands-off” when it came to the market. |
| Social Darwinism | The idea that people who were successful were that way because they were biologically and socially the “fittest” and that it would be wrong to help the poor because only the fittest should survive. |
Created by:
dmcsorley13
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