French term "let people do as they choose". Relies on supply and demand to regulate prices and wages.
People who risk their capital to organize and run businesses
Pacific Railway Act
This act provided for the construction of the transcontinental railroad, so beginning the railroad boom.
Man in charge of the Union Pacific Railroad
The Union Pacific and the Central Pacific Railroads met here
To make rail service safer and more reliable
People can buy these to invest in corporations
Combining firms in the same business into one large corporation
A company owns all of the different businesses on which it depends for its operation
Another term for monopoly
A list of "troublemakers" so that no company would hire them
A company would only hire union members
First succesfully used a steam engine to remove oil from beneath the earth's surface
Scottish immigrant who made a fortune in steel and donated most of his profits
Created trusts and was criticized as a robber baron while serving as head of Standard Oil Company
Perfected the incadescent light bulb, created an electric power system, and organized power plants
Opened the way for worldwide communication with the invention of the telephone
The name of the "dummy" coroporation formed by the Union Pacific Railroad Co. to boost revenue for its stockholders
A shortage of workers in California forced the Central Pacific Railroad to hire about 10,000 workers from
Railroad companies raised most of the money that they needed to build their railroads by selling these
When a single company achieves control of an entire market
Union Pacific Railroad
The railroad that employeed Irish immigrants
A technique for breaking a union in which the company refused to allow workers on their property
gross national product (GNP)
value of all goods and services produced annually by a country.
an organization owned by many people but treated by law as though it were a single person.
economies of scale
achieved by corporations when they produce lots of good quickly using large manufacturing facilities and investing in more machines resulting in lower costs and lower prices.
the costs a company has to pay whether or not it is operating. Costs for example: loans, mortgages, and taxes.
costs that occur when running a company, such as wages, shipping, etc.
does not produce anything itself but owns the stocks of companies that do produce goods.
a contraction of economic activity resulting in a decline of prices
Organization of workers with the same trade or skill as in the Iron Molder's International Union
an organization of common laborers and craft workers in a particular industry, like the Knight's of Labor.
a company tool to fight union demands by refusing to allow employees to enter its facilities to work
Railroads could use longer and heavier trains with these.
Northrup automatic loom
Changed bobbins without stopping, making it easier and quicker to produce goods.
In high demand, even before the invention of the automobile, because it could be turned into kerosene.
Congress believed these were necessary to help American industries compete with large European factories.
Increased in the late 1800's because prices fell faster than wages.