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8th grade SS final 2

Unit 2 - Business and Industry

QuestionAnswer
Scarcity very little of something
Free Market Economy Economic system in which individuals decide for themselves what they want to produce and sell
Capitalism An economic system in which private businesses (rather then the government) run most industries
Laissez faire Idea that government should play as little a role as possible in economic decisions
Corporations A business that sells portions of ownership called stock shares
Andrew Carnegie Millionairre who made his money in the steel industry (train tracks)
John D. Rockefeller Millionairre who made his money in the Oil industry
American Federation of Labor (AFL) An organization that united skilled workers into National unions for specific industries
Samuel Gompers Organized the AFL (American Federation of Labor) in Columbus Ohio that helped to protect the rights of skilled laborers
Urbanization Farmers and people moved from the country (rural areas) to the city; people worked more in factories rather than on farms
The Progressive Movement Forward thinking people who wanted to improve American life
muckrakers a termed coined for journalists who "racked up muck (dirt)" on people and businesses to expose corruption and problems in society
Theodore Roosevelt Supported progressive reforms for Americans, also believed that The US had the right to play a role in Latin American and intervene aggressively to protect law and order; known for his "Big Stick Policy"
Big Stick Policy Teddy Roosevelt believed in an Afican saying: "Speak softly and carry a big stick, you will go far." He meant that he would use a "big stick" (military force) to protect the US in Latin America
Woodrow Wilson American president elected in 1912 (after Roosevelt, then Taft); was a progressive. Under Wilson the government adopted an official position of neutrality. 14 point plan to remain neutral in wars
Neutrality A policy which states that the US will not side with any particular country in a war
Created by: klkaufman
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