Social Studies Test 1 S2 Flashcards
(30 cards)
define patent
license issued by the government that gives someone the right to make, use, and sell an invention without others copying it
3 inventions from thomas edison’s “invention business” in Menlo Park
phonograph
motion picture projector
storage battery
why was henry ford so popular in the auto industry if he didn’t invent the automobile
he made a cheap and good quality car
he was the first to invent an assembly line
what did the wright brothers accomplish in 1903
they made an airplane that could fly further distances
how did the telegraph change the way people lived
allowed people to send messages to far away places
how did the telephone change the way people lived
allowed people to talk not in person
how did the lightbulb change the way people lived
allowed people to work during the night or in places with no natural light
define consolidation
the practice of combining different companies into one
what are some possible advantages and disadvantages of consolidation
its an advantage to the larger companies because they become more successful and its a disadvantage to small companies because they were driven out of business
who was cornelius vanderbilt
a business leader who controlled a major railroad
how did other industries benefit from the expansion of the railroad system
there was more demand for products and so the certain industries grew
what were some new technologies that improved railroad travel in the late 1800s
refrigerated rail cars
sleeping cars
air brakes
define rebate
a discount or return of a part of a payment
define pool
a group sharing in activity
define subsidies
government money or financial aid given to companies that serve the public
define factors of production
land, labor, and capital used to make goods and services
define corporation
legally defines organizations of people and resources with the purpose of doing business
define stock
shares of ownership a company sells in its business
define shareholder
a person who invests in a company by buying stock
define dividend
a stockholder’s share of a company’s profits, usually as a cash payment
define trust
a combination of firms or corporations formed by a legal agreement especially to reduce competition
define monopoly
total control of a type of industry by one person or one company
who was john d. rockefeller
he was a famous figure of the oil industry
he also used horizontal integration which combined companies into a single company to bring in more money
who was andrew carnegie
he was a leading figure in steelmaking and was becoming the manager of the pennsylvania railroad
he used vertical integration to bring in more money and dominate the industry
