| Term | Definition |
|---|
| entrepreneurs | people who risk their capital in organzing and running a business and introducing new products by at first having a vision |
| Proprietorship | an unincorporated business owned by a single person who is responsible for its liabilities and entitled to its profits |
| Fiscal Year | a twelve-month period that can begin on any date usually used for the government or buisnesses |
| Philanthropists | People who give large sums of money to charities |
| Vertical Intergration | control of all required steps from the raw material to production, to distribution |
| Capital | Money to invest in buisnesses |
| Corporations | an organization (person) that is granted permission by the legislature of a state to carry on a particulat kind of buisness |
| Carnegie | steel baron who created a monopoly, philanthropist |
| Rockefeller | Dominated 90% of the oil industry. Wealthiest man in American history, created trust and huge oil monopoly. He was also a philanthropist. |
| Trust | large companies that came together with the power to drive out competition in an industry |
| Credit Moblier | a banking institution that raised funds by selling its shares to the public, and with the funds thus obtained bought stock in new industrial enterprises. |
| Thomas Edison | American inventor of over 1000 patents; invented light bulb and established power plant that supplied electricity to parts of NYC |
| Alexander Graham Bell | the inventor of the telephone "Come here Watson, I want you." |
| Gilded Age | A time when the glamourous lives of the rich and powerful had the dishonest/immoral way in which they made their money. |
| Patronage | the business given to commercial establishment by its customers |
| Laissez Faire | a policy that opposed government regulation of industry and economy tenement |
| Robber Barrons | The process of running other businesses out of business so that one's own business can prosper; includes Rockefeller and Morgan, was dishonest work and included bribing officials to get what they wanted. |
| Civil Service Act | An act that required an examination so they could get the best person for the job, cannot get fired for political views. |
| W.E.B. DuBois | 1st black to earn Ph.D. from Harvard, encouraged blacks to resist systems of segregation and discrimination, helped create NAACP in 1910 |
| Political Boss | power politician who controls work done locally and demands payoffs from businesses, ran a political machine. |
| Guiteau | a stalwart who killed Garfield because he didn't get the job he wanted. |
| Interstate Commerce Act | a law that established the federal government's right to supervise railroad activities and created a five-member Interstate Commerce Commission to do so (1887-1906) |
| Graft | the practice of offering something (usually money) in order to gain an illicit advantage |
| Monopoly | A market in which there is no competition; one company controls the market and can raise the price however they see fit. |
| Spoils System | system in which incoming political parties throw out former government workers and replace them with their own friends |
| James Garfield | Thought that people should get government jobs on the basis of merit or ability rather then as a political reward he also found himself swamped by people seeking patronage. |
| Stalwarts | people who opposed the changes in the spoils system |
| Mugwumps | republicans who changed their vote during the 1884 election from Blaine to Cleveland who wanted to stop corruption. |
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