| A | B |
|---|
| Andrew Carnegie | Steel tycoon |
| Bessemer Process | A way to make strong steel at a cheap price |
| capital | money for investment, helped business expand |
| corporations | company in which many people "share" in ownership |
| board of directors | elected officials who make decisions for a corporation |
| trust | two or more companies work together to maximize profits (no competition) |
| dividend | profit made from stock |
| US Patent Office | place where you register an invention so that nobody can steal it |
| Alexander Graham Bell | Invented the telephone |
| Electricity | Edison used it to invent the light bulb |
| Wizard of Menlo Park | Edison's nickname |
| Inventions of the late 1800's | phonograph, light bulb, telephone, and stock ticker |
| tycoon | rich business person |
| John D. Rockefeller | oil tycoon |
| Rockefeller's business practices | ruthless! eliminated competition |
| Monopoly | one person controls an entire industry (no competition) |
| trusts increase | profits for businesses involved |
| Two major shifts in the I.R. | 1) farm - factory 2) handmade - machine made |
| 4 things needed for industrial growth | workers, natual resources, inventions, capital |
| Samuel Gompers | formed the American Federation of Labor (AFL) |
| Knights of Labor | first major labor union, lost members after Haymarket Square Riot |
| Haymarket Riot | violence at this worker rally made many members leave the Knights of Labor |
| anarchist | someone opposed to any form of organized government |
| Wright Brothers | Orville and Wilbur invented the airplane |
| rebate | a discount for certain customers |
| pool | when RR owners divided up business in a region rather than compete |
| Laissez Faire | "hands off", government policy not interferring with big business |
| Populist Party | 3rd political party that wanted gov't regulation of big business, appeals to lower class |
| Gilded Age | phrase to describe the US in the late 1800's, things look good only on the surface |
| Henry Ford | used the assembly line to make the automobile affordable |
| assembly line | used to mass produce goods which lowered prices |
| refinery | turned crude oil into useable products (kerosene and gas) |
| Social Darwinism | belief that survival of the fittest determines success in human and animal societies. Used by tycoons to justify their position in the upper class of society |
