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Industrial Rev
| Question | Answer |
|---|---|
| Industrial Revolution | The period of time between the late 1800’s and the early 1900’s when industry began to grow and develop |
| Assembly Line | A method of production where each worker is assigned a repeatable task, and where the process moves to the worker who performs another task until the product is completed. |
| Capitalism | An economic system in which a country’s trade and industry are controlled by private owners |
| Captain of Industry | Industrious leaders who transformed the American economy with their business skills. They were praised for their skills as well as for their philanthropy |
| Economy | The way people spend money and the way people make money. An economy can be big or small. |
| Entrepreneur | A person that starts their own business |
| Laissez Faire | When the government does not interfere in the workings of the free market |
| Mass Production | The manufacturing of large quantities of standardized products, often using assembly lines. |
| Monopoly | A company that holds all the power in a specific industry |
| Philanthropy | The desire to promote the welfare of others, expressed especially by the generous donation of money to good |
| Predatory Pricing | A pricing strategy where a product or service is set at a very low price, intending to drive competitors out of the market |
| Ripple Effect | A situation in which one event causes a series of other events to happen |
| Robber Baron | An American capitalist of the late 19th century who became wealthy through ruthless and unethical means |
| Social Darwinism | “Survival of the fittest”—the idea that certain people become powerful in society and business because they are naturally better |
| Supply and Demand | Supply is the amount there is of something. Demand is how much people want it. When there's more supply than demand, prices go down. When there's more demand than supply, prices go up |
| Trust | A large company that has or attempts to gain control of a market |
| Urbanization | The movement of large amounts of people to cities for jobs and better opportunity |
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