Industrialization

Cards (39)

  • the total value of all goods and services that a country produce is called its GNP (gross national product)
  • products that are brought for the consumption by the average consumer are called consumer goods
  • people began using a new resource: petroleum and it was high demand because it could be turned into kerosene, which supplies light
  • edwin drake was the first person to strike oil in america and was a former railroad conductor
  • Thomas Edison invented lightbulb and phonograph.
  • Nikola Tesla invented the AC (alternating current system) for better energy supply to a wider range of people
  • cyrus field laid a telegraph cable from American to Europe for better communication
  • Alexander Graham Bell invented the telephone for long-distance communication
  • an entrepreneur was a person who started a business and took risks to make money
  • laissez-faire was a policy of the French government that allowed businesses to operate without government interference
  • a land grant is a piece of land given to a person or group of people by the government
  • The Pacific Railway Act allowed the Union Pacific and the Central Pacific to build the transcontinental railroad
  • the Credit Mobilier scandal was a construction company set up by several stockholders of the Union Pacific Railroad
  • James Hill was one of the few entrepreneurs who was not a robber baron because he built the Great Northern Railroad from Wisconsin to Washington
  • transcontinental railroad was a railroad that connected the east and west coasts of the united states
  • Cornelius Vanderbilt was the rising man for industrialization and he was the first to use the railroad to transport goods
  • Jay Gould was one of the most notorious railroad barons who used inside trading and manipulated stock prices
  • Central Pacific Railroad was built by 10,000 Chinese men. Theodore Judah was the engineer and sold his stocks to 4 Sacramento merchants
  • Union Pacific Railroad was the first railroad to cross the plains and was built by Irish immigrants
  • corporation is an organization owned by many people but treated by the law as though it were a person
  • economies of scale means the reduction in the cost of a good brought about especially by increased production at a given facility
  • market share is the percent of total sales that a particular market has
  • a monopoly is when a single company achieves control over an entire market
  • a trust is a legal arrangement whereby one person holds property for the benefit of another
  • a holding company does not produce anything, instead it owns the stock of companies that do produce goods and services
  • verticle integration is when a business owns a business that is involved in the production of the product
  • horizontal integration is when a business buys a business in the same industry to gain control of the whole industry
  • Andrew Carnegie was the maker of the Steel Industry and that was due to the fact that he wanted to create the bridge over the Mississippi river
  • John D. Rockefeller was the american to become the most wealthy person in America after Vanderbilt because of his investment in kerosene, which helped to light houses
  • deflation is a decline in the volume of available money or credit that results in lower prices and therefore increases the buying power of money
  • An industrial union is a union that represents workers in a particular industry, such as the electrical workers union
  • lockouts were used by companies as a way to use against workers who formed unions to discourage other companies from hiring them
  • arbitration is a way of settling disputes by agreeing to accept the decision of an impartial outsider
  • injunction is a court order whereby one is required to do or to refrain from doing a specified act
  • a closed shop is an agreement in which a company agrees to hire only union members
  • the Haymarket Riot was where supporters of the 8-hour workday called for a nationwide strike which got police involved
  • the Great Railroad Strike was a result of 80,000 workers leaving the railroads because of low wages due to the Panic of 1873
  • Samuel Gompers favored pure nd simple unionism, focusing on wages, working hours, and working conditions. He was the president of AFL.
  • the Homestead Strike was a strike on the Homestead Steel Works in Pennsylvania due to Henry Frick's low wages for the workers