Industrialization Flashcards
(5 cards)
1
Q
What does it mean to make many copies of a product in a short amount of time?
A
It refers to mass production.
2
Q
What is the economic doctrine of the US government that involves minimal government intervention?
A
It is known as laissez-faire economics.
This doctrine is characterized by a ‘hands off’ approach to businesses.
3
Q
What legislation made monopolies and trusts illegal?
A
The Sherman Antitrust Act.
4
Q
What is it called when one business controls everything in an industry?
A
It is called a monopoly.
Monopolies eliminate competition.
5
Q
What is a product that moves from station to station while you stay at the spot?
A
It is known as an assembly line product.
