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20 Cards in this Set
- Front
- Back
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Patent |
The licence to make, sell, or use an invention. |
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Mass Production |
To make, in large amounts, a single product or type of product. |
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Social Darwinism |
This is the belief that only the fittest survive in political and economic matters. This theory discouraged government interference in economic matters. |
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Oligopoly |
The business structure in which only a few large firms dominate the entire market. |
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Monopoly |
When a company has complete control of any product or service. |
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Economies of Scale |
The idea that as production increases the cost of the item will decrease. |
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Sweatshop |
A factory or shop where people work long hours for little money, and in unhealthy conditions. |
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Socialism |
This is the philosophy that believes that all property should be public instead of private. (NO private property) |
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Industrial Union |
This is an association of all workers in the same industry, regardless of the job each of them performed. |
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Bessemer Process |
A way to create steel quickly and cheaply by blasting hot air through melted iron to quickly remove impurities. |
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Thomas Edison |
The great American inventor who developed the idea of electric lighting, and a central electronic power station. |
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Edwin Drake |
He was the inventor who developed the use of steam engines for drilling for oil. |
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Brooklyn Bridge |
This was the first suspension bridge to be made of steel. Completed in 1883, in New York. |
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Jacob Riis |
He was the social reformer who helped bring attention the problem of child labor bringing many States to start restricting the practice. |
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Transcontinental Railroad |
Completed in 1869, it connected the Eastern Railroad system with the California railroad system. This revolutionized transportation in the West. |
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Standard Oil |
This was the company created by John D. Rockefeller and a number of associates. Through deals he was able to create a virtual monopoly on oil. |
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Haymarket Riot |
The labor strike that turned violent causing many now see labor unions as violent organizations. (Chicago, 1886) |
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Sherman Antitrust Act |
This was a law that banned any trust that interfered with interstate trade or commerce. |
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Homestead Strike |
This was one of the most violent strikes in U.S. history. It started when the Homestead steel workers went on strike because of wage cuts, and ended with the Pinkerton police and state militia putting it down. |
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The "Gospel of Wealth" |
The idea preached by the Steel tycoon Andrew Carnegie, in which he said people should be free to make as much money as they can. But also that they should give the money away. |
