| Term | Definition |
|---|
| Bessemer process | allowed for quick manufacture of steel, added oxygen to the process |
| iron and carbon | the two elements that make steel |
| patent | "copyright" an invention, allows only the inventor to sell the invention |
| Thomas Edison | inventor responsible for over 1,000 inventions, most used electricity; lightbulb, phonograph, motion picture |
| Second Industrial Revolution | period of rapid growth in machinery in the US in the late 1800s |
| free enterprise | a business that is free from government involvement |
| laissez-faire | the term that means the government is "hands-off" when messing with the economy |
| entrepreneur | someone who starts a NEW business |
| vertical integration | owning businesses involved in each step of a manufacturing process |
| horizontal integration | owning all the businesses in a certain field |
| trust | legal arrangement that groups companies under ONE NAME, aka monopoly |
| corporation | companies that sell shares of ownership, LARGE PUBLIC COMPANIES |
| stock | the term for a share of a company, bought by brokers |
| philanthropy | support for charity and the needy |
| Darwin | the "father" of evolution |
| Natural Selection | Darwin's theory of evolution, said only the strong survive |
| Social Darwinism | applying the theory of evolution to businesses, only the strong will survive |
| Carnegie | father of US Steel, made lots of money |
| Rockefellar | head of Standard Oil, made lots of money |
| Standard Oil | the first major monopoly in the US, Rockefellar was in charge |
| Wright Brothers | inventors of the first in flight airplane |
| union | an organization focused on workers rights |
| Knights of Labor | a union that combined both unskilled and skilled workers, first MAJOR union |
| American Federation of Labor | union that was focused on SKILLED workers; set up special unions for specific workers (miners, teachers, etc) |
| collective bargaining | the process in which the leader of the Union and the Owners come to an agreement |
| old immigrants | immigrants who came to the US before the 1880's, mostly from WESTERN Europe |
| new immigrants | immigrants who came to the US during 1880's, mostly from EASTERN Europe |
| suburbs | areas right outside cities, "under" cities |
| Chinese Exclusion Act | banned Chinese immigrants from coming to the US in the 1880s |
| Hull House | group in Chicago that helped new immigrants learn English and beome educated |
| urban | city |
| rural | farm/country |
Combine with other sets
Share on Facebook
Share on MySpace