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SS 8 vocab

Industry and big business

QuestionAnswer
Bessemer Process A more efficient way of making strong steel and lower costs
Cornelius Vanderbilt Created a railroad empire by ruthlessly crushing his competitors
Consolidate combing two or more companies into one
Rebate secret discounts that railroads gave to their largest customers
Patent Document giving someone the sole right to make and sell an invention
Henry Ford Introduced the moving assembly line to the auto industry in America
Mass production Making a large quantitates of a product quickly and cheaply.
Assembly Line Method of production where workers stay in one place as products edge along a moving belt. greatly increased efficiency of producing automobiles
entrepreneur someone who sets up a new business to make a profit
corporation business owed by investors
Stock shares of a business sold by corporation
dividends shares of a corporations profits
Bill Gates Entrepreneur and Philanthropist who crated the Microsoft Corporation
Jeff Bezos Entrepreneur who created Amazon and E-commerce and shipping empire
Operating system computer system software that manages a computers software, hardware and services
Internet A global system of interconnected computer networks
J.P Morgan used his profits from the banking industry to gain control of major corporations .
Monopoly Controlling all or nearly all of the business of an industry ( ex. Rockefeller - standard oil)
Andrew Carnegie Created a steel empire by using the Bessemer process, buying out his competertors and gaining control of every step to make sell (iron, mines, steel mills, railroads and shipping lines)
John D. Rockefeller Leader of the oil industry and founder of the standard oil company. Bought out competing oil refineries and slashed prices of his oil to drive his competitors out of business
Trust A group of corporations run by a single board of directors
Free enterprise Business owned by private citizens which compete agansist other businesses
Created by: EllieDreyfus
 

 



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