TCI Lesson 13 Innovation and Industry

John D. Rockefeller is a philanthropist because he

Method of steelmaking invented in 1855 that enabled steel to be made more cheaply and quickly

Small businesses mainly needed which basic factor of production to expand?

An 1890 federal law that outlawed trusts, monopolies, and other forms of business that restricted trade

Companies managed by a group known as trustees, who can prevent companies in the trust from competing with each other

Risk-takers who establish their own businesses are often referred to as

The term that means "allow to do" and as applied to gov't means don't interfere with business

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

An economic system in which factories and means of production are privately owned

What led to the rise of big business monopolies in the 1900s?

What became the heavy construction material of choice during the late-1800s?

Which of the following was an impact of the Bessemer process?

By purchasing stock, stockholders are the owners of

The principle of laissez-faire promotes what economic policy?

How did access to electricity change American industry?

Expansion strategy that involves controlling each step in the production and distribution of a product

What became the major factor emphasized by factories in the industrial age?

Industrialists who had made great fortunes led glittering lives, but beneath that glitter was social unrest

One who uses their wealth for the benefit of society is a

A company that completely dominates an industry is a

Any financial asset-including money, machines, and buildings-used in production

Expansion strategy that involves joining together as many firms from the same industry as possible

What American inventor was responsible for the creation of the telephone?

What invention by Samuel Morse revolutionized long-distance communication?

This vastly improved time and efficiency in production of automobiles in 1900

Why did the Sherman Antitrust Act initially fail to reduce the influence of big businesses?

Land, labor, and capital are the

How did John D. Rockefeller's Standard Oil grow to become a monopoly?

How did financial backers protect their investments in inventions?

An idea that the best-run businesses led by the most capable people will prosper