Business Organizations and the Industrial Revolution (warnup friday 8/28/26)

Vocabulary flashcards created from lecture notes covering business organizations, key inventors, mass production concepts, and economic systems.

Partnership

Two people combine their money to form a business.

Corporation

Company owned by stockholders who buy shares in a company.

Business cycle

Alternating periods of business expansion and decline.

Depression

The lowest point of a business cycle.

Samuel morse

Invented the telegraph, which used morse code.

Alexander grahmbell

Invented telephones.

Thomas Edison

Invented the lightbulb and phone@graph (record player).

Wright Brothers

Invented the first motorized airplane.

Samuel Slater

Smuggled industrial ideas from Great Britain to the United States.

Capitalism

Economic system where individuals owns the means of production.

Mass production

Producing a lot of an identical good.

Eli Whitney

Associated with inerchangable Parts, which are man made parts that were exactly alike and easy to assemble.

Frederick Taylor

Associated with scientific management, leading to division of labor and the assembly line.

Division of labor

Work setup where each person has specific job to do.

Assembly line

Line of factory workers that stand in front of a conveyor belt and make a product as it goes by.

Henry Ford

Developed the assembly line for making cars.

Socialism

Economic system where workers owns the mean of production.

Communism

Economic system where the government owns the mean of Production.