Ch. 13 - The Age of Innovation and Industry (1)

A person who gives money to support worthy causes.

What is Social Darwinism?

Connects East & West Coasts; Travel faster from place to place: Demand in steel increased.

Used his wealth to build libraries.

author of The Principles of Scientific Management

Economic system where means of production are privately owned rather than by the government.

Which 2 figures are entrepreneurs known for being robber barons & Captains of Industry?

Rockefeller, J. P. Morgan, and Vanderbilt were referred to as robber barons because they

Which is NOT a factor of production?

Who coined the term "Gilded Age"?

According to the theory of laissez faire, the economy functions best when the government...

Horizontal & Vertical Integration helped businesses

A business organized as a corporation is owned by

Period where things looked golden on outside but had political corruption and social unrest

Ford took Taylor's ideas on efficiency/productivity and used the ________ in the car industry.

How did the lightbulb help industrial growth?

What natural resource took on a rapidly growing role in the industrial age?

Greater access to Capital, Limited Liability, and Perpetual Existence are aspects of a

Which is a drawback (negative) of a trust or a monopoly?

What is NOT one of the key factors that allowed the U.S. to industrialize?

Took Darwin's ideas and applied them to society. Coined phrase, "survival of the fittest."

“The Wizard of Menlo Park”

Developed a technique to cheaply and efficiently turn iron into steel

Capitalism idea that through supply & demand, an economy will not need government interference

Federal law to stop monopolies engaging in unfair practices that prevented fair competition

the telegraph and telephone contributed to the economic expansion of the US by increasing the

How did financial backers protect their investments in inventions?

Which of the following was NOT a significant innovation in the late 1800s / early 1900s?