Unit 5

Limited liability where stockholders benefit with profits but not responsible for company's debt

American industrialist who made his fortune in the steel industry; major philanthropist

Prohibited the manufacture and sale of alcoholic beverages

System in which manufacturers provide the materials for goods to be produced in a worker's home

Term for the powerful 19th century industrialists who made their fortunes monopolizing their industries

natural selection and "survival of the fittest" apply to people; theory used to justify monopolies, wealth, and poverty

Method that drastically changed how goods were manufactured by increasing efficiency and maximizing output

Scottish born, American scientist who invented the telephone

A work stoppage intended to force and employer to respond to demands

Founder of the Standard Oil Company and one of the world's wealthiest men; found guilty of having a monopoly

The growth of cities due to more people moving into them; lead to overcrowding and unsanitary conditions

A market containing a single firm that has all the control of a sector with no competition

Political and economic ideology based on communal ownership and the absence of class

Economic system in which goods are owned by private individuals or business; production based on supply and demand

Journalism that exposed the corrupt side of business; ie "The Jungle" by Upton Sinclair

Extended the right to vote to women

Supreme court case that upheld "separate but equal" did not violate Constitutional rights

"Wizard of Menlo Park" who invented the incandescent lightbulb

An organization intended to represent the collective interest of workers in terms of wages, hours, benefits, etc

Theory that government is both harmful and unnecessary

A multifamily, urban dwelling that was usually overcrowded and unsanitary

Passed by Congress in 1980 to curb concentrations of power that interfere with trade and reduce economic competition