| A | B |
|---|
| tariff | tax |
| standard time | time in any of the 24 hour zones, each an hour apart |
| laissez-faire | businesses ran without government interference |
| entrepreneurs | people who invest in business at great risk to make a profit |
| corporation | company formed by a group of investors who receive a share of ownership based on their investment |
| vertical integration | ownership in all levels of production within an industry |
| horizontal integration | expanded ownership of one level of production of a product |
| social darwinism | survival of the fittest |
| factors of production | land, labor, capital |
| philanthropy | to do things to help society |
| capital | money, equipment, machinery, and buildings |
| C. Latham Sholes | invented the typewriter |
| Alexander Graham Bell | invented the telephone |
| 3 major natural resources | coal, iron ore, and petroleum |
| railroad | America's first big business |
| Sherman Anti-Trust Act | idea that private monopolies and artificial restrictions on business were wrong |
| standard gauge track | freight did not have to be unloaded and reloaded |
| high protective tariffs | kept out foreign goods |
| lightbulb | allowed for 24 hour/longer work days |
