Vocab Flashcards
A method by which you can make steel more efficiently and cheaper.
Bessemer Process
An organizer of big business
Entrepreneur
An economic system divided by Adam Smith in his book Wealth of Nations and based on private ownership of resources.
Capitalism
Commercial operations organized and financed on a large scale.
Big business
One of the American industrial or financial magnates of the late 19th century who became wealthy by unethical means.
Robber baron
One of the original robber barons who eventually took over every railroad in New York, which he expanded. He created four lines of track, quadrupling profit. His speed of transportation lead to time zones. He created the blueprint for robber barons.
Cornelius Vanderbilt
He was a robber baron who created the blueprint for company towns. He accidentally created tourism. He invented a method where people could travel in comfort: Pullman Dining Car and Pullman Sleeping Car
George Pullman
Discounts for the seller that are forced upon others. Given to large companies to ensure the continuance of business. These are now illegal
Rebate
Where several companies agree to divide up business in a given area. These are legal.
Pool
He is not a robber baron. He develops a system to study workers.
Frederick W. Taylor
The ultimate dream of big business but they are illegal now. It is a company that has complete control or a product of service.
Monopoly
A company formed by a group of investors who each receive a share of the ownership in proportion to the amount they invested. Entirely American. They offer protection of limited liability.
Corporation
Shares in the business or percent of ownership of the company
Stock
Kickstarter funds. Loan to be paid back + interest= paid back from profit
Bonds
Investment in money (like cash or resources )
Capital
