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Unit I Vocab: Industrialization Flashcards | StudBud
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Unit I Vocab: Industrialization
John D. Rockerfeller was...
Vertical Integration is...
Unit I Vocab: Industrialization
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1
Vertical Integration is...
Ownership of businesses involved in each step of the manufacturing process
A business leader who is very kind, caring and donates to charity
Economic system that promotes social classes
Government involvement to stop monolpies
2
John D. Rockerfeller was...
Created standard oil and was the head of the oil industry/monolpy
He was the head of the steel industry and made skycrapers with his steel
He was the head of the banking industry and invested in Thomas Edison
The head of the railroad industry. He connected the east and west coast
3
Horizontal Integration is...
Ownership of all means of production
The creation of multiple businesses to create competition
The failure of small businesses
Ownership of all businesses in a certian field (Rockerfeller)
4
What is a Business Cycle?
A cicrular chart that shows why a business became sucessful
The cycle of businesses
Pattern of good and bad economic times
5
Mass Production is...
A robber baron
Making products very large for people
The creation of the bessmer process
Producing large quantities of goods which results in lower prices
6
Laissez-Faire is...
A monoply of the railway industry
A French entrepreneur who helped fund Rockerfeller's oil business
Government involvement in businesses such as the Anti-Trust Act
"Hands-off" approach where govermnet does not interfere in business
7
What is an industrial pioneer?
Someone who traveled along the Oregon Trail
A leader in their industry because of positive contributions
The failure of men like Rockerfeller
Someone who does not suceed in business
8
Who are the "Men that Built America?"
Morgan, Vanderbilt, Rockerfeller and Carnegie
Rockerfeller, Morgan, Washington, Vanderbilt
Rockerfeller, Richards. Blomquist, Morgan
Rockerfeller, Morgan, Edison, Carnegie
9
Communism is...
Economic system in which the government controls business and is classless
Economic system in which the govnerment practices laissez-faire
Economic system promotes social classes, free enterpries and competition
10
What does survival of the fittest mean?
Everyone survives, even if they are not competitive
A theory created by Rockerfeller
Only the best and strongest businesses survive.
The weak will thrive and survive
11
Captian of Industries are...
business leaders who do not treat others fairly, they do whatever it takes
Wealthy Business leaders who treat others fairly and donates to charity
Someone who helps business leaders suceed
12
What is a Monoply?
The creation of competition to help businesses grow and suceed
Complete control over an entire supply of goods or sercives in a market
That's the guy that represents the monoply games, the one with the top hat
A really intense and competitve board game
13
Who is Andrew Carnegie?
Created the bessmer process
He is the head of the oil business and standard oil
He focused his attention on steelmaking and is head of the steel industry
He created the rail sysetm that connected the east and west coast
14
The Bessemer Process is...
Process dveoloped in the late 1850s that led to faster & cheaper steel
The process of mass producing goods to make the price cheaper
The head of the oil industry
The best possible way to mass produce oil
15
Natural resources are..
Matierals that are manmade and will never run out
An economic system based soley on the use of oil
Patterns of good and bad business times
Matierals such as timber, oil, coal, etc. that come from nature
16
Which Industralist is paired with their correct industry?
Vanderbilt- Railroads
Rockerfeller- Banking
Morgan- Steel
Carnegie: Oil
17
Cornelius Vanderbilt was...
A wealthy man who focused on creating the automobile in the early 1900s
Head of the railroad monolpy. He connected the east & west coast via rail
Head of the oil industry who helped light NYC via kerosene
He was the head of the steel industry
18
What is a patent?
Producing large quantities of goods
The creation of new inventions during the industrial revolution
A business leader who became wealthy through ruthless tatics
A document giving inventors sole rights to make and sell their product
19
J.P Morgan was...
He was a poor man who became wealthy through the oil industry
Head of the banking business. He bailed out the US gov & invested in Edison
Morgan was the head of the railway industry after Vanderbilt died
He used the assembly line to create mass produced goods such as cars
20
What is a Robber Baron?
Someone who does not believe in the creation of monoplies
Someone who is a respectable business leader, often helping others
Someone who works hard and treats others fairly
A business leader who becomes wealthy through unfair business practices
21
An Entreprenur is....
A really good basketball player
Someone who gives money to charity
Someone who keeps their hands out of business
Someone who invests money and time into an idea or product
22
Assembly Line is...
The creation of multple prodcuts at once
The process of having everyon stand in a straight line
Process that greatly reduced cost if building, thus making care afforable
The creation of the company standard oil, by Rockerfeller
23
Capitalism is...
Economic system promotes social classes, free enterpries and competition
The government controls businesses and provide for the people
Creates a classles society in which government controls business
The lack of governemnt and the belief in anarchy
