Industry Test Review
Terms in this set (38)
The birth and growth of businesses that make and distribute products through the use of machinery
study of the production, distribution,and consumption of goods and services
Privately owned businesses that are free to
compete with one another. Citizens decide what to produce, how much, and what price to charge.
The USeconomic system in America
the pattern of good and bad economic times.
-Boom,Bust/Panic, recession, and Depression
Guarantee issued by the government giving an inventor all profits from his or her invention for a certain length of time.
-Document giving inventors sole rights to makeand sell their products
A mechanized line in which workers hadonly one task that they would repeat over and over
The production of large amounts of standardized products on production lines.
Inventor who developed a practical light bulband found ways to use electricity
Alexander Graham Bell
Inventor who developed the first telephone
Business person who became wealthy through dishonest methods
Captain of Industry
Ingenious and industrious leaders who transformed the American economy with their business skills.
company that controls all or nearly all thebusiness of an industry.
Represents how much the market can offer.
- Refers to how much (quantity) of a product or service is desired by buyers.
- A high supply with a low demand Results in lower prices
- A low supply with a high demand Results in higher prices
Rise in price with a decrease in the value of money
John D Rockefeller
Leader of the oil industry
Leader of the steel industry
A person who gives away large sums of money tocharities
Business owned by investors who bought stockin the company
Triangle Shirtwaist factory fire
March 25, 1911incident at the Asch building in NY city where 146, mostly female women andchildren, died
groups of workers that negotiate with company owners to gain better wages and working conditions.
When workers refuse to work until their demands are met. Boycott: Workers ask American people not to buy products made by that company.
Knights of Labor
Brotherhood of all working people, skilled, unskilled, black and white, men andwomen Goals: 1) 8 hour work day 2) no child labor 3) vote forwomen
American Federation of Labor (AFL)
Open to only independent craft or skilled workers
Yellow Dog Contract
Workers sign and promise not to join a union
Employers tell other bosses about"troublemakers" so they will not get jobs
Court order to stop something (strike)
Were hired to work when employees wereon strike
factory closed in order to force workersto give up their demands
When a third party tries to help owners andworkers to come to an agreement
When a neutral third party decides what the agreement or compromise will be between labor and management
A conflict between police and union members in Chicago in May 1886
1900 - 2 million children under the ageof 15 were working throughout the country.
A conflict between police and union members inChicago in May 1886 where a bomb exploded and the Knights of Labor were blamed
places where workers labor long hours under poor conditions for low wages.
Business or robber barrons who usedunethical methods to gain their fortune or run their business
Triangle Shirtwaist Factory Fire
Occured in NYC on March 25, 1911 killing 146 mostly women and children