Industrialization Ch. 4

Question 1

Market economy

Answer 1

Buying and selling goods

Question 2

Capitalism

Answer 2

A economic system that certain countries practice

Question 3

Innovation

Answer 3

Create something new for the better

Question 4

Second Industrial Revolution

Answer 4

New birth of economic growth

Question 5

Bessemer process

Answer 5

Making pure steal

Question 6

Telegraph

Answer 6

Used to communicate

Question 7

Alexander Graham bell

Answer 7

Developed the telephone

Question 8

Transatlantic cable

Answer 8

Cable from US to Europe through seas

Question 9

Thomas Edison

Answer 9

Develops general light bulb

Question 10

Wright Bros

Answer 10

Air planes

Question 11

Madame CJ Walker

Answer 11

Cosmetics for African American women

Question 12

Corporation

Answer 12

Group of people who own the company

Question 13

Stock

Answer 13

Little piece of the company you can invest in

Question 14

Entrepreneur

Answer 14

Person who’s going to take risks and innovate something and turn it into a success

Question 15

Andrew Carnegie

Answer 15

Steel

Question 16

John D. Rockefeller

Answer 16

Oil

Question 17

JP Morgan

Answer 17

Famous banker bought by Carnegies company

Question 18

Vertical Integration

Answer 18

Owns everything in its supply chain

Ex: like Andrew gets from the ground
Bessemer blah blah

Question 19

Horizontal Integration

Answer 19

buy out or takes over others in the same industry

Question 20

Trusts

Answer 20

Same as a monopoly, holding companies own a little in all other companies and majority in stock.

Question 21

Monopoly

Answer 21

Owns most of the market

Question 22

Sherman Anti-Trust Act

Answer 22

Prevent Monopolies

Question 23

Henry Flagler

Answer 23

Builds railroads to the keys