Industrialization Quiz 10/30

Social Studies

Scarcity

A lack of resources to meet every human want

Traditional Economy

Characterized by customs and traditions, often with little government intervention

U.S. Free-Market System

Driven by the profit motive, allowing for competition and innovation

Market Economy

Competition leads to innovation and improved products, benefiting consumers

Laissez-faire

A hands-off approach where the government has minimal involvement in business

Gospel of Wealth

Advocated by Andrew Carnegie, promoting the idea that the wealthy have a responsibility to use their riches for the greater good

Corporation

A large business entity that sells stock to raise money

Trusts

Aimed to eliminate competition and control markets by consolidating power among a few companies

Key Industrialists of the Late 1800s

Figures like Cornelius Vanderbilt played significant roles in shaping industry

Social Darwinism

The belief that only the "fittest" individuals will succeed in society, often used to justify economic inequality

Knights of Labor

A labor organization that represented all workers and sought broad social reforms

American Federation of Labor

Focused on basic issues like wages and workplace safety for workers

Haymarket Incident

A pivotal event that led to a reduction in support for labor movements due to its association with violence

Homestead and Pullman Strikes

examples of government siding with businesses against labor

Farmers' Demands in the Late 1800s

Lower railroad fees and inflationary monetary policies to alleviate financial burdens

Political Representation for Farmers

The Populist Party represented their interests, advocating for inflationary monetary policies

Muckrakers

Journalists who exposed corruption in business and government, raising public awareness

Nineteenth Amendment

Granted women the right to vote, marking a significant milestone in women's rights

Progressive Era Reforms

Led by Theodore Roosevelt, focused on breaking up monopolies and trusts

Interstate Commerce Act

Regulated unfair practices in the railroad industry to protect consumers

Sherman Antitrust Act

An early attempt to break up large trusts and monopolies, promoting fair competition

Creation of National Parks

Theodore Roosevelt is known for his efforts in environmental conservation

Direct Election of Senators

The Seventeenth Amendment allowed for the direct election of U.S. senators

Federal Reserve Act

Established a more efficient banking system, crucial for economic stability