| A | B |
|---|
| corporation | providing limited liability for investors to pool money to start a company |
| monopoly | when an individual or small group controls the market of a product or service |
| Bessemer Process | the newer and cheaper way to make steel |
| Thomas Edison | inventor who developed the light bulb and developed electricity |
| Alexander Bell | inventor of the telephone |
| Wright Brothers | invented the airplane |
| Henry Ford | developed assembly line manufacturing |
| assembly line | helped increase production by moving product along conveyor belts |
| Model T Automobile | first major product developed by Ford for assembly line |
| Robber Barons | negative term used for the industrial captains of industry |
| Andrew Carnegie | industrial leader who dominated the steel industry |
| railroads | the industry which consumed the most steel before 1900 |
| JP Morgan | industrial leader who dominated finance and banking |
| John Rockeffeller | industrial leader who dominated the oil industry |
| Cornelius Vanderbilt | industrial leader who dominated railroads |
| free enterprise | laissez-faire capitalism, believing the government should encourage business |
| immigrants | supplied most of the cheap labor needed during industrialism |
| land grants | these were given to railroad builders to encourage development |
| trust | developed so industrialists could control large corporations |
| horizontal integration | gaining a monopoly by purchasing a level of the marketplace |
| vertical integration | increasing profit by owning all levels of production and distribution |
| supply and demand | this rule of commerce controls price and production of goods |
