Industrialization and Economic Terms Flashcards

Vocabulary flashcards defining key historical terms, business concepts, and influential historical figures during the era of industrialization.

Entrepreneur

A person who organizes, operates, and assumes the risk for a business venture

Laissez-faire

The theory that the economy works best with as few regulations as possible "Hands-off"

Bessemer Process

A process developed in the 1850s that led to faster, cheaper steel production

Monopoly

A complete control over the entire supply of goods or a service in a particular market

John D. Rockefeller

Made a fortune in the oil business, created a monopoly

Vertical Integration

The business practice of owning all of the businesses involved in each step of a manufacturing process

Horizontal Integration

Combining many businesses in the same industry

Andrew Carnegie

Made a fortune in the steel business

Cornelius Vanderbilt

Made a fortune in the railroad business

Social Darwinism

A view of society based on Charles Darwin's theory of natural selection. "Survival of the fittest"

Capitalism

An economic system in which private businesses, not the government run most industries.

Communism

An economic system in which all economic and social activity is controlled by the government

Industrialization

The process in which a society transforms itself from farming into one based on the manufacturing of goods and services

Robber baron

A person who has become rich through ruthless and corrupt business practices

Captain of Industry

A business leader whose means of amassing a personal fortune contributed positively to the country in some way

Mass Production

Producing large quantities of goods which results in lower prices

Equity

a share in a company; to own part of a company. It is discussed in percentages.

Trust

a number of companies legally grouped under a single board of directors.

Pioneer

someone who paves the way for the future. First to do something.

Philanthropist

a person who seeks to promote the welfare of others, especially by the generous donation of money to good causes.

Competitor

a person, team, or company that is competing against others: