Capitalism - economic system in which the means of production are privately owned- people have choice, Industry - the way goods are made, Robber Baron - a business leader who uses ruthless business practices to drive out their competition, monopoly - control of a product or service by one company, trust - a group of companies managed by the same board of directors, merger - the combining of companies, sole proprietorship - one owner of a business, partnership - two or three owners of a business, corporation - a company that sells shares (stock) of its business to the public to raise capital ($), competition - the struggle among producers for the dollar of consumers, assembly line - production system with machines and workers arranged so that each person performs an assigned task again and again as the item passes along a conveyor belt, mass production - the production of large quantities of goods more quickly and at a cheaper rate, division of labor - the breaking down of a job into separate, smaller tasks to be performed individually, interchangeable parts - identical components that can be used in place of one another in manufactoring, raw materials - unprocessed natural products used in production, economic - the study of money, political - dealing with government, social - having to do with society, vertical integration - having control of an industry from raw materials to a finished product. Method used to get rid of competition, collective bargaining - the right of workers to sit down with management to discuss terms such as wages and working conditions, American Federal of Labor - a union of skilled workers run by Samuel Gompers, Eugene V. Debs - Union leader for the railroads, laissez-faire - "hands off" the government does not get involved in business, Sherman Anti-Trust Act - an 1890 law that banned the formation of trusts and monopolies in the U.S., Bessemer Process - a process of creating stronger steel at a more affordable price by Henry Bessemer, J.P. Morgan - a leader in the banking industry, Andrew Carnegie - Scottish immigrant who became a giant in the steel industry, John D. Rockefeller - American businessman-founder of Standard Oil Company, Samuel Gompers - He was the creator of the American Federation of Labor for skilled workers, Cornelius Vanderbilt - American business leader who controlled the New York Central Railroad,

Industrialization 8th

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