Mrs. Morris Final Study Guide

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Industrialization

Time period in which technology and business grew and a great number if inventions were created

Cornelious Vanderbilt

a railroad baron, who bought up railroad lines in New York State,who eventually came to own the New York central. He contolled most of the railrod lines between new york and the great lakes

Andrew Carnegie

United States industrialist and philanthropist who endowed education and public libraries and research trusts (1835-1919)

railroad industry

faster, more practical means of transporting goods, lowered production costs, created national markets, served as a model for big business, stimulated other industries

Primary Source

firsthand information about people or events

Secondary Source

information gathered by someone who did not take part in or witness an event

Strike

a group's refusal to work in protest against low pay or bad work conditions

Labor Union

an organization of employees formed to bargain with the employer

John D. Rockefeller

Established the Standard Oil Company, the greatest, wisest, and meanest monopoly known in history

Triangle Fire

A fire in New York's Triangle Shirtwaist Company in 1911 killed 146 people, mostly women. They died because the doors were locked and the windows were too high for them to get to the ground. Dramatized the poor working conditions and let to federal regulations to protect workers.

Capitalism

an economic system based on private ownership of capital

Monopoly

When a company or person controls all or most of the business in an industry

Stock

shares of ownership in a corporation

Corporation

a business owned by stockholders who share in its profits but are not personally responsible for its debts

Capitalism

an economic system based on private ownership of capital

Social-Darmwinism

survival of the fittest to countries, wars, races

Free-Enterprise

an economy that relies chiefly on market forces to allocate goods and resources and to determine prices

Laissez-faire

idea that government should play as small a role as possible in economic affairs

Trust

Group of companies managed by the same board of directors

Sweatshop

a shop or factory where workers work long hours at low wages under unhealthy conditions

Philantropist

wealthy people who donate money to charitable causes

Captain of Industry

The rich powerful businessmen

Robber-baron

Unethical

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