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The Gilded Age
| Term | Definition |
|---|---|
| Lewis Latimer | An inventor and engineer who improved electric light technology by creating better carbon filaments for light bulbs and helping draft important patent drawings; he worked with famous inventors and made electrical devices more reliable and affordable. |
| Robber Baron | A critical term used to describe some powerful 19th-century business leaders who were accused of using unfair or harsh methods to get very rich, such as exploiting workers, crushing competition, or influencing government. |
| Monopoly | When a single company or person controls an entire market for a product or service so that customers have little or no choice and prices can be set without competition. |
| Business Cycle | The natural rise and fall of economic activity over time, including periods of growth (expansion), peak, decline (contraction), and low point (recession or depression |
| Thomas Edison | An inventor and businessman best known for inventing the practical incandescent light bulb and for developing systems for electric power and mass production of inventions. |
| Andrew Carnegie | A major industrialist in the late 1800s who built a huge steel business using new processes and became known for both his wealth and his later donations to build libraries and schools. |
| Trust | A legal arrangement used in the past where several companies in the same industry gave control of their stock to trustees so the group acted like one large company to reduce competition. |
| Depression | A severe and long-lasting downturn in economic activity when many people lose jobs, businesses close, and spending drops much more than in a typical recession. |
| Alexander Graham Bell | An inventor credited with inventing the first practical telephone and helping develop communication technology that lets people talk over long distances. |
| Gilded Age | The late 1800s period in U.S. history when the country experienced rapid industrial growth, great wealth for some, and striking social problems like poverty and political corruption beneath a glittering surface. |
| Shareholder | A person or group that owns one or more shares (pieces) of a company’s stock; shareholders have a financial interest in the company and may receive part of its profits. |
| John D. Rockefeller | An industrialist who founded Standard Oil and became one of the richest people of his time by building a vast oil business that controlled much of the market. |
| Corporation | A business organization that is legally separate from its owners, can own property, enter contracts, and sell shares of ownership (stock); shareholders are the owners but are not personally responsible for the corporation’s debts. |
| Patents | Legal rights granted by a government that give an inventor exclusive control to make, use, or sell their invention for a certain number of years so others cannot copy it without permission. |
| Bessemer Steel Process | An important 19th-century method for making steel quickly and cheaply by blowing air through molten iron to remove impurities; it helped make strong steel more available for railroads, buildings, and machines. |
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