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Unit 3 Indust...
Social Studies Unit 3- Industrialization
| Question | Answer |
|---|---|
| corporation | business that is owned by investors |
| free enterprise | economic system in which businesses are owned by private citizens who decide what to produce, how much to produce, and what prices to charge |
| Laissez-faire | idea that government should play as small a role as possible in economic affairs |
| Monopoly | a company or group having control of all or nearly all of the business of an industry |
| Mass Production | process of making large quantities of a product quickly and cheaply |
| Stock | share of ownership in a corporation |
| Andrew Carnegie | used vertical integration to control his large steel empire |
| John D. Rockefeller | had a monopoly of the oil industry. Controlled 95% of oil production in the U.S. |
| Regulate | governemnt's actions to make businesses operate in a fair way |
| Sherman Anti-trust Act | an 1890 law that banned the formation of trusts and monopolies in the US |
| Strike | refusal by workers to do their jobs until their demands are met |
| Union | association of trade workers formed to gain higher wages and better working conditions |
| Vanderbilt | had railroad empire, was a railroad baron |
Created by:
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