Sarah chapter 20 section 1&2
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19 terms
Terms | Definitions |
|---|---|
 William Vanderbilt | railroad man and son of Cornelius who doubled the family fortune |
| George Westinghouse | developed an airbrake that allowed a locomotive engineer to stop all the railroad cars at once |
| Cornelius Vanderbilt | tough-minded businessman who made his fortune in steamship lines and then started buying up railroad lines |
| gauge | width of a train track |
| network | system of connected railroad lines |
| consolidate | to combine |
| rebate | a discount |
| pool | system in which several railroad companies agreed to divide up the business in an area |
| Andrew Carnegie | Scottish immigrant who became the richest steel man in America |
| Bessemer Process | process that enabled steel makers to produce strong steel at a lower price |
| John D. Rockefeller | built and bought out oil refineries that he then fored into a trust to create a monopoly of the oil industry |
| Sherman Antitrust Act | act of Congress that banned the formation of trusts and monopolies in 1890 |
| vertical integration | practice in which a single manufacturer controls all of the steps used to change raw materials into finished products |
| corporation | business that is owned by investors |
| stock | share of ownership in a corporation |
| dividend | share of a corporation's profit |
| trust | group of corporations run by a single board of directors |
| monopoly | a company or group having control of all or nearly all of the business of an industry |
| free enterprise system | economic system in which businesses are owned by private citizens who decide what to produce, how much to produce, and what prices to charge |
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