French term meaning that the government would be “hands off” when it comes to business, which means the government would interfere with business as little as possible.

New method of production perfected by Henry Ford which would use a conveyer belt system and interchangeable parts. Led to the mass production of goods

uses the belief of “Survival of the Fittest”, states that strong businesses are justified putting their competitors out of business

Refers to the “rise of the cities” due to their increased population. Led to cities increasing in size & physical construction

refers to the way that money, trade, and markets (buying and selling of goods) impacts a nation

Refers to the economic system used in the United States where people are free to buy and sell goods as they please, as well as have the freedom to create their own businesses to compete against others.

A business tactic in which a single business eliminates all of its competition

A business leader who is praised for being innovative, giving to philanthropy, and helping to create jobs/increase the economy

A business leader who is criticized due to creating unfair monopolies, having harmful business practices, and having too much influence in government policies

The economic theory that if you have a large quantity of a product that people want, it will lead to lower prices (or vice-versa)

Refers to someone who starts/creates their own business

this production method allowed for steel to be created quickly and cheaply

Rockefeller’s method of charging extremely low prices for his goods in an effort to eliminate his competition

Industrialist who created General Electric, but was almost most known for having a monopoly on the banks Alexander Graham Bell

Alexander Graham Bell

Credited with creating the Telephone which led to increased communication between people & businesses

First Industrialist to successfully create a monopoly (Standard Oil)

Used the Assembly Line to create the Model T, led to the rise of Mass Production

Credited with the invention of the lightbulb

ndustrialist who had a monopoly on Steel production, later sold his company to JP Morgan

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Industrial Rev Revie

Question	Answer
Laissez-Faire	French term meaning that the government would be “hands off” when it comes to business, which means the government would interfere with business as little as possible.
Assembly Line	New method of production perfected by Henry Ford which would use a conveyer belt system and interchangeable parts. Led to the mass production of goods
Social Darwinism	uses the belief of “Survival of the Fittest”, states that strong businesses are justified putting their competitors out of business
Urbanization	Refers to the “rise of the cities” due to their increased population. Led to cities increasing in size & physical construction
Economy	refers to the way that money, trade, and markets (buying and selling of goods) impacts a nation
Capitalism	Refers to the economic system used in the United States where people are free to buy and sell goods as they please, as well as have the freedom to create their own businesses to compete against others.
Monopoly	A business tactic in which a single business eliminates all of its competition
Captain of Industry	A business leader who is praised for being innovative, giving to philanthropy, and helping to create jobs/increase the economy
Robber Baron	A business leader who is criticized due to creating unfair monopolies, having harmful business practices, and having too much influence in government policies
Supply & Demand	The economic theory that if you have a large quantity of a product that people want, it will lead to lower prices (or vice-versa)
Entrepeneur	Refers to someone who starts/creates their own business
Bessemer Process	this production method allowed for steel to be created quickly and cheaply
Predatory Pricing	Rockefeller’s method of charging extremely low prices for his goods in an effort to eliminate his competition
JP Morgan	Industrialist who created General Electric, but was almost most known for having a monopoly on the banks Alexander Graham Bell
Alexander Graham Bell	Credited with creating the Telephone which led to increased communication between people & businesses
John Rockefeller	First Industrialist to successfully create a monopoly (Standard Oil)
Henry Ford	Used the Assembly Line to create the Model T, led to the rise of Mass Production
Thomas Edison	Credited with the invention of the lightbulb
Andrew Carnegie	ndustrialist who had a monopoly on Steel production, later sold his company to JP Morgan

Created by: Monicaaar

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