Industrialization

• 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