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.
NikolaTesla invented the AC (alternating current system) for better energy supply to a wider range of people
cyrus field laid a telegraphcable 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 PacificRailwayAct allowed the Union Pacific and the Central Pacific to build the transcontinental railroad
the CreditMobilierscandal was a construction company set up by several stockholders of the UnionPacificRailroad
JamesHill was one of the few entrepreneurs who was not a robberbaron 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
Anindustrialunion 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 impartialoutsider
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