| A | B |
|---|
| trust | companies united to destroy competition and create monopolies; now illegal (Rockefeller's Standard Oil the first) |
| monopoly | a market in where there is only 1 supplier of a product and no competition |
| Gilded Age | a time (Industrialization of America) when it appeared a thin layer of prosperity was covering the poverty and corruption that existed (coined by Mark Twain) |
| tenement | city housing marked by overcrowding, run-down buildings with poor lighting a circulation (slums) |
| Effects of industry....What are some? | urbanization, immigration, poor working conditions, low pay, tenement housing, monopolies, available factory jobs, child labor, mass production..... |
| Example of innovations | electricity, Bessemer process, car production on assembly lines, pipelines,.... |
| Labor Unions | organizations to protest bad working conditions, low pay, usually used strikes |
| laissez faire | limited gov. interference in business; led to trusts and monopolies and poor working conditions, etc.... |
| Homestead Steel Strike 1892 | turned violent which led to loss in support for organized labor |
| Industrial Revolution Characteristics?: | more people working in factories, more people living in cities, more people leaving country side, mass production,..... |
| Positive Result of Industrialization for consumers?: | more products were produced at a cheaper price making them available to more people |
| How did industrial growth affect the distribution of wealth?: | wealth ($) concentrated in the hands of a few industrialists/gap between the rich and the poor widened |
| What is Social Darwinism? | economic theory based on the "survival of the fittest"; businesses that are fit will survive, those that arent, won't |
| Effects of the Homestead Act: | increase in U.S. farms, increase in railway lines, decrease in American Indian lands,..... |
| Chinese Immigrants..... | group MOST responsible for the completion of the Transcontinental RR |
| Land Subsidies........ | government gave land to RR companies for each mile of track laid to get them to complete the job |
| Long Drives | movement of cattle on the Plains to RR lines |
| Sod | used to build homes by Homesteaders on the Great Plains |
| Indian Removal Act of 1830 promised Indians what... | reservation lands in the West |
| Battle of Little Big Horn | the last major battle between the U.S. Army and American Indians.....Custer and his men decimated |
| Purpose of tariffs..... | taxes on imported goods from other countries to protect American industry |
| entrepreneur | organizes resources to produce goods or services...willing to take risks (successful business owners) |
| Industries benefit to farming | new machinery to provide greater crops |
| Thomas Edison | electricity distribution centers....providing homes with electicity |
| Benefits of mass production..... | more factories, more jobs, more affordable products,... |
| Monopolies...good or bad? | eliminated competition....raised prices |
| Homestead Strike..... | led to loss of support to labor unions due to violent outbreak |
| Trust and Politics.... | Industrialist used their wealth to influence politicians and legislation |
| John D. Rockefeller | Oil Industry |
| Thomas Edison | Electricity |
| Andrew Carnegie | Steel Industry |
| Samuel Gompers | Labor Unions....AFL |
| Cornelius Vanderbilt | Railroad Industry |
| Henry Ford | Automobile Industry |
| Wright Brothers | Airplanes |
| A.G. Bell | Telephone |
| Henry Bessemer | Method of producing steel |
| Mark Twain | Author....Gilded Age |
| corporation | a business owned by many investors |
| urbanization | growth of cities and things associated with that growth |
