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VocabularyI

Vocabulary II

Inventors andInventions

Industry and Industrialists

Labor UnionsAnd

Labor Conflicts

The doctrine that government should not interfere in economic affairs

Laissez-faire

The practice of combining separate companies into one

Consolidation

Discount or return of part of a payment

Rebate

A group sharing in some activity, for example among railroad

barons who made secret agreements and set rates among

themselves

Pool

Define mass production

• The production of large quantities of goods using machinery and often an assembly line

A system with machines and workers arranged so that each

person performs an assigned task again and again as items pass

before him or her

Assembly Line

A business in which investors own shares

Corporation

Shares of ownership a company sells in its business which often

carry voting power

Stock

Organization of workers with the same trade or skill

Trade Union

Define collective bargaining

• Discussion between an employer and union representatives of workers over wages, hours and working conditions

Operators sent messages in morse code

Offers instant communicationConnects United States and

Europe

Telegraph

Invented by Alexander Graham Bell – offers instant

communication

Telephone

The electric light bulb was invented by this man

Thomas Edison

“Broke the bonds of Earth and see the world in a new way”Attracted attention of United

States military in 1911What is it and who invented it?

• The Engine Powered Aircraft• The Wright Brothers

Between 1860 and 1890, the government granted over 400,000 of

these for new inventions.

Patents

These stimulate steel, lumber and coal industries

Railroads

This Captain of Industry made his fortune in the steel business, was a philanthropist and used vertical integration.

Andrew Carnegie

Owner of Standard Oil Company, used horizontal

integration, philanthropist?

John D. Rockefeller

Who was Henry Ford?

Famous for the introduction of the first mass produced

automobile and the use of the assembly line

What is horizontal integration?

Combining competing companies into one corporation

When collective bargaining failed, labor unions often used these to

achieve their aims

Strikes

strike at Carnegie Steel plant to protest a wage cut

Homestead Strike

What was the Sherman Antitrust Act

An ineffective and rarely enforced piece of legislation

that prohibited monopolies and pools

What is a strike breaker?

• Person hired to replace a striking worker in order to break up a strike

The International Ladies Garment Workers Union was formed as a

result of this incident

Triangle Shirtwaist Factory Fire

Final Jeopardy Answer

Final Jeopardy

Question