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Chapter 14
The Expansion of American Indusrty
| Question | Answer |
|---|---|
| Cartel | Loose association of business supplying the same product, often formed in secrecy; ots members agee to limit supplies to keep prices high |
| Horizontal Consolidation | Process of creating one giant business by bringning together smallers firms in the same field |
| Economy of Scale | Producing or buying an item on a very large scale so the price per item goes down |
| Trust | Combination of companies that turn over their assets to a board of trustees to control prices and competition in a particular industry |
| Monopoly | Control of commodity or service extending to the elimination of competition and the fixing of prices |
| Collective Bargaining | Negotiation between employesr and workers, usually thorugh a labor union |
| Socialism | The economic of political philosphy that advocates collective ownership of factories and property |
| Anarchist | Political radical who opposes all government because it limits individual liberty and serves the wealthy, ruling classes |
| Haymarker Square | Where anarchists called a rally for the evening of May 4th. |
| Pinkerton | A private police force known for its ability to break strikes. |
| Transcontinental Railroad | Railroad spanning North American continent; completed in 169 |
| Social Darwinism | Application of Charles Darwin's "survival of the fittest" theory to human society |
| Pullman Strike | Debs had encouraged 120,000 railway workers throughou the region to join this strike. |
| Homestead Strike | Carnegie Plant in Pennsylvania that called a strke. |
| Vertical Consolidation | Control of all the phases of a prodcut's development, from raw materials to delivery of the finished products |
| Ellis Island | The building in New York City where immigrants were processed. |
| Andrew Carnegie | Industrialist who made a fortune in steel in the late 180s through vertical consolidation; |
| John Roebling | German immigrant who built the Brooklyn Bridge |
| Thomas Edison | Inventor; developed the lught bulb, the phonograph, and hundreds of other inventions on the late 1800s and early 1900s |
| Alexander Graham Bell | Inventor; developed the telephone in 1876; one of the fouders of the Amecian Telephone and Telegraph (AT&T) in 1884 |
| Samuel F.B. Morse | Artist and inventor; developed and Morse code on the 1830s |
| John D. Rockefeller | Formed the Standard Oil Company of Ohio |
Created by:
BZawisza
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