| A | B |
|---|
| corporation | companies that sell shares of ownership |
| entrepreneur | someone who starts a NEW business |
| laissez-faire | the term that means the government is "hands-off" when messing with the economy |
| Thomas Edison | inventor responsible for over 1,000 inventions, most used electricity; light bulb, phonograph, motion picture |
| patent | "copyright" an invention, allows only the inventor to sell the invention |
| Bessemer process | allowed for quick manufacture of steel, added oxygen to the process |
| means of production | the resources (lands, tools, equipment, factories, transportation, and labor) essential to the production and distribution of goods and services |
| anesthetic | drug that prevents pain during surgery |
| telegraph | Machine invented by Samuel Morse in 1837 that uses pulses of electric current to send messages across long distances through wires. |
| trade union | Workers' organizations that try to improve pay and working conditions. |
| interchangeable parts | Process developed by Eli Whitney in the 1790s that called for making each vital part of a machine exactly the same |
| Cartel | An association to fix prices, set production quotas or control markets |
| Monopoly | Total control of production or sale of a group or service. |
| Henry Ford | Known as the father of mass production, he was the first to use the assembly line to produce his cars, thus dropping the price but still maintaining quality and rate of production. |
| Assembly Line | A manufacturing process in which each worker does one specialized task in the construction of the final product, first implemented by Henry Ford. |
| Mass Production | Efficient production of large numbers of identical goods |
| Middle Class | At the time of the Industrial Revolution, these were the bankers, lawyers, professors, etc. They had average income and average places in society. |
| Samuel Morse | Inventor of Morse code and the telegraph |
| Henry Bessemer | Implemented the process named after him, in which cold air is blown over metal to burn off impurities. In this way, this man inadvertently invented stainless steel. |
| Factors Of Production | Anything that affects the production of a certain good. They include land and natural resources (how abundant are the raw materials), labor (how much manpower, animal power, or machine power do you have to produce the good), and money (how much money do you have to pay the workers or get better machines to produce the good faster and more efficiently). |
| trust | legal arrangement that groups companies under ONE NAME, aka monopoly |
| stock | the term for a share of a company, bought by brokers |
| Wright Brothers | inventors of the first in flight airplane |
| urban | city |
| rural | farm/country |
| Louis Pasteur | Vaccines, germ theory, pasteurization |
| dynamo | machine that generates electricity |
| germ theory | some microbes might cause specific diseases |
| urban renewal | rebuilding poor areas of the city |
| mutual-aid-societies | self-help groups to aid sick or injured workers |
| Florence Nightengale | Nurse that introduced sanitary measures in British hospitals |
| Joseph Lister | discovered how antiseptics prevented infection |
| Robert Koch | identified the bacteria that caused tuberculosis |
| Wright Brothers | inventors of the first in flight airplane |
| Gugliemo Marconi | invented the radio |
| Alexander graham Bell | invented the telephone |
| Nikolaus Otto | invented gas powered internal combustion engine |
| Karl Benz | received a patent for the first 3-wheeled automobile |
| Gottlieb Daimler | introduced the first four-wheeled automobile |
| Alfred Nobel | invented dynamite |
