History Study: Industrialization Vocabulary
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Vocabulary flashcards covering key business terms, economic theories, and industrialization concepts from the history study list.
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12 Terms
Captain of Industry
A business leader whose means of amassing a fortune contributed positively to the country through philanthropy, job creation, or technological innovation.
Monopoly
Complete control of a product or service in a market by a single company, allowing it to dictate prices and eliminate competition.
Assembly Line
A manufacturing process in which interchangeable parts are added sequentially to create a finished product faster and more efficiently.
Laissez-Faire
An economic policy or philosophy advocating minimal government intervention or regulation in business and economic affairs.
Free Market
An economic system based on supply and demand with little to no government control over prices, goods, and competition.
Robber Baron
A term used to criticize wealthy 19th-century industrialists who built fortunes using ruthless, unfair, or unethical business practices.
Patent
A government grant giving an inventor the exclusive legal right to make, use, or sell an invention for a specified period.
Gospel of Wealth
An essay by Andrew Carnegie arguing that extremely wealthy individuals have a moral obligation to use their fortunes philanthropically to benefit society.
Horizontal Integration
A business strategy involving the acquisition or merging of competing companies producing similar goods within the same industry.
Vertical Integration
A business strategy in which a company owns and controls all stages of production, from raw materials to final distribution.
Social Darwinism
A 19th-century application of Charles Darwin's theories of natural selection to society, arguing that human groups and business success are governed by 'survival of the fittest.'
Industrial Revolution
A period of rapid economic and social change characterized by the transition from handmade, agrarian production to machine- and factory-based manufacturing.