Chapter 14-Industrialization Flashcards
(53 cards)
How did the Civil War effect the economy
US became industrialized making the weapons of war
To leave one to do as they wish economically mean…
Laissez-faire economics
Laissez-faire economics promotes
rising gross national product (GNP)
An entrepreneur of the latter 1800s was often called…
a Captain of Industry or Robber Baron
He manipulated the stock market in the years after the Civil War
Jay Gould
He was the Robber Baron of Steel production
Andrew Canegie
Carnegie’s major steel factory was at…
Pittsburgh, Penn.
Free trade and little government interference is the basis of ___ economics
Laissez-faire economics
This was to protect American business from foreign competition in the post Civil War years.
Morrill Protective Tariff
Businesses formed ____ to control prices in a market.
pools
Another name for a monopoly is…
a trust
Large companies that sold common stock to investors were called…
corporations
A huge business can save money easier than a small business due to the ideas of…
economies of scale
These are companies that only own stocks of other companies rather than producing anything themselves. They are called…
Holding companies
Monopolies own all…
means of production for an industry
What are two types of monopolies?
Horizontal monopolies
Vertical monopolies
List the two types of costs for all businesses.
Fixed costs
Operating costs
____ owns a corporation.
stock holders
What resources did American possess that led to large industrialization following the Civil War?
Natural resources
Human resources
What are examples of human resources
population
immigrants
workers
What are three natural resources in the US following the Civil War
Coal
Oil
iron
Who drilled the first successful oil well in the US?
Drake’s oil well in Penn.
Who developed the steel making process?
Bessemer’s steel
Alexander Graham Bell invented…
telephone
