| A | B |
|---|
| John D. Rockefeller | Captain of the oil industry |
| James B. Duke | Captain of the tobacco industry |
| Andrew Carnegie | Captain of the steel industry |
| J.P. Morgan | Captain of the banking industry |
| Cornelius Vanderbilt | Captain of the transportation (steamships and railroads) industry |
| monopoly | when one party maintains total control over a type of industry |
| trust | a giant industrial monopoly |
| Interstate Commerce Act | The first piece of regulatory legislation, it forced railroads to publish their rates and forbade them from changing rates without notifying the public |
| Sherman Act | Made it illegal for companies to create monopolies |
| Frederick W. Taylor | Father of Scientific Management |
| Scientific Management | seeks to increase productivity and make work easier by carefully studying work procedures and determining the best methods for performing a task |
| Hawthorne Studies of Productivity | conducted over a period of years at the Western Electric plant in Illinois |
| Hawthorne effect | change (attention) of any kind increase worker productivity |
| Abraham H. Maslow | Father of the Hierarchy of Needs |
| Hierarchy of Needs | the grouping and ordering of physical, security, social, status, and self-fulfillment needs |
| Theory X | assumes that people are basically lazy and will avoid working if they can |
| Theory Y | assumes that people find satisfaction in their work and will be productive if put in the right environment |
| centralization | concentration of power among a few key decision makers |
| decentralization | the process by which decisions are made by managers at various levels within an organization |
| Total Quality Management (TQM) | a system of management based on involving all employees in a constant process of improving quality and productivity by improving how they work |
| W. Edwards Deming | Father of TQM |
| William Ouchi | Father of Theory Z |
| Theory Z | a business management practice that integrates Japanese and American business practices |
