15 terms

Vocabulary #13

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Dawes Act
Law that attempted to assimilate Native Americans by giving them individual plots of land.
Frontier
Sparsely populated, undeveloped area on the outskirts of civilization
Corporation
A business owned by stockholders who share in its profits
Capital
Money for investment
Monopoly
Complete control of a product or business by one person or group
Laissez Faire
Idea that government should play as small a role as possible in economic affairs
Robber Barons
An American capitalist who gained their fortune in the late nineteenth century by ruthless means.
Assembly Line
Manufacturing process in which each worker does one specialized task in the construction of the final product
Minimum Wage
The lowest wage that an employer is allowed to pay
Interstate Commerce Commission
Agency that sets the laws for all the companies that do business across state lines, created to regulate railroads
Andrew Carnegie
Robber Baron, steel manufacturer, philanthropist, wrote the Gospel of Wealth
John D. Rockefeller
Created Standard Oil Company, used ruthless business tactics (survival of the fittest), philanthropist
JP Morgan
Banker who bought out Carnegie Steel and renamed it U.S. Steel. Was one of the "Robber Barons"
Henry Ford
Industrialist who headed Ford Motor Company, innovative production methods reduced the cost of producing cars
Social Darwinism
The belief that only the fittest survive in human political and economic struggle.
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