| A | B |
|---|
| industrialization | economic transformation of a country marked by development of large industries |
| Industrial Revolution | process by which machines replaced hand tools and steam and other new sources of power replaced human and animal power |
| Gilded Age | phrase used by Mark Twain to describe the extravagant and often corrupt life styles of wealthy U.S. business tycoons in the late 1800s. |
| trade | the act of giving one thing for another |
| capital | money raised for a business venture |
| manufacturing | the making of goods or articles in large amounts using machinery |
| surplus | an extra amount; more than what is needed |
| corporation | a business that sells stock to investors to raise money to expand; a business that is owned by investors |
| investment | the act of giving money to a business in order to gain profit |
| stock | a share in a corporation |
| dividend | a share of a corporation’s profit |
| mass production | making large quantities of a product quickly and cheaply |
| technology | the application of science especially to industrial or commercial objectives |
| skilled workers | a worker who has been trained in a specific skill or has a particular ability |
| unskilled workers | a worker who does not have training in a particular skill |
| laissez-faire | Â idea that government should play as small a role as possible in economic affairs and does not interfere in the operations of business |
| recession | mild depression in which business slows and some workers lose their jobs |
| depression | period when business slows |
| entrepreneur | people who start a business by assuming financial risk in order to profit |
| philanthropist | people who give away money to charities after they have become wealthy |
| robber baron | name given to entrepreneurs who are ruthless in trying to destroy their competitors |
| competition | the rivalry between two or more businesses striving for the same customer or market |
| vertical integration | a company which has control of all phases of an industry from raw materials to finished product |
| trust | a group of corporations run by a single board of directors |
| monopoly | a company that controls all or nearly all the business of an industry |
| free enterprise system | a system where all businesses are owned by private citizens who decide what products to make |
| Sherman Antitrust Act | law passed by Congress which banned the formation of trusts and monopolies |
| consolidate | to combine |
| bribery | when a person gives money in exchange for a political decision (often by a judge or politician) that benefits that person or their business |
| rebate | a discount on services or merchandise |
| pool | when companies agree to divide up areas of control to set high rates; done by railroad companies in the late 1800s |
