Directions:Check + add to your HW assignment (which was due Wed/Thurs. Aug. 13-14)

Unit #1 Gilded Age Vocabulary Review

Andrew Carnegie John R. Rockefeller (JROCK)

Next! Puck Magazine, September 1904

Unit #1 Vocabulary- THE GILDED AGE

1. monopoly- complete control of a market/industry

2. Laissez-faire- NO government regulation or interference of the economy (hands-off)

3. Vertical integration- form of a monopoly-a business has complete control of the entire production process (from the resources to the production and trade- (steel)

4. Horizontal integration- a form of a monopoly-Combining several competing companies in the same industry (Oil)

5. Bessemer Process- Henry Bessemer invented this- made STEEL at a cheaper & faster rate. Steel built this country! (railroads, skyscrapers, industrial expansion)

6. capitalism- economic system in which trade, industry, and the means of production are largely or entirely privately owned and operated for profit.

7. division of labor- work is divided up (leads to assembly lines & creating products more efficently)

8. Robber Baron- wealthy Gilded Age industrialist who got wealthy from their workers, exploited natural resources, or possessed unfair government influence.

9. Captains of Industry- mega- wealthy business industrialist/leader, but implies they are doing good for society (by giving back, practicing philanthropy).

10. John R Rockefeller- wealthy industrialist who gained his wealth from the OIL industry (Standard Oil)

11. Andrew Carnegie- wealthy industrialist who gained his fortune from the STEEL industry (Carnegie Steel)-Pittsburgh, PA

12. Social Darwinism- economic belief- “survival of the fittest” in business; meaning you were successful b/c only the strongest become successful as everyone else is eliminated.

13. Gospel of Wealth- written by Andrew Carnegie during the Gilded Age; described his beliefs that it is the DUTY of a wealthy man to give back to society.

14. trust-monopolistic corporation, prior to the enactment of antitrust laws.15. business cycle- a natural cycle of periods of economic growth & recession (“BOOM” and “BUST” in the economy)

16. economy- the way a nation or people earn their living.

17. mass production- producing things in large quantities (usually through the assembly line technology)

18. The Gilded Age- period in America’s history between 1870-1910 , where everything seemed “golden” but there were serious problems underneath.

19. patent- license conferring a right or title for a set period on an invention

20. urban- city21. infrastructure- basic things needed for cities, towns, or businesses to run (sewage, communications, railroad lines, electric grid etc.)

22. pools/cartels Informal agreements among competitors to set prices or limit competition by assigning each business a specific geographic or % of freight to control.

23. holding company-When a one corporation owns a controlling percentage of another corporation’s stock

24. merger movement- large businesses taking over businesses that have similar products or resources that are needed to make their product (all to LIMIT competition)

25. efficiency- completed in a timely & effective manner.