Studied by 2 people
summative review spin-off
Market Economy
Economic decisions are made by individuals (suppliers and consumers)
Traditional Economy
Economic decisions are guided by customs, culture, and tradition
Command Economy
Economic decisions are made by the government
Scarcity
Occurs due to limited resources but unlimited wants
Tradeoffs
Choices
Opportunity Cost
A sacrifice
Interdependence
Depending on one another for resources and products.
Captain of Industry
Business leader who has a positive impact on society
Robber Baron
A business leader who became wealthy through dishonest methods
Homestead Strike
Strike at Andrew Carnegie's steel plant in which Pinkerton detectives clashed with steel workers
Pullman Strike
Railroad workers went on strike, walked off the job, demanding higher wages and better working conditions; Government supported Pullman and no changes made
Triangle Shirtwaist Factory
Fire breaks out in the factory in New York; Death of 150 workers displays the need for greater safety standards in the work place
HayMarket Riot
Workers in Chicago go on strike
Violence occurs and police kill 4 strikers
Next day workers gather in Haymarket Square to protest & a bomb explodes killing 7 police officers
Andrew Carnegie
Steel Tycoon
Cornelius Vanderbilt
Railroad Tycoon
JP Morgan
Banking and Investment Tycoon
John D. Rockefeller
Oil Tycoon
Reasons for Unions
Unsafe working conditions, low wages, long hours, child labor
Anarchists
People who oppose organized government
Mixed Economy
Economic decisions are made in a variety of ways including by tradition, the government, and the people
Gospel of Wealth
Belief by some that if you are fortunate enough to be rich, you have a responsibility to give back to society (charity, schools, libraries, etc)
Gilded Age
Time period between 1870-1890s that looked like society was prospering and healthy (covered in gold), when in reality there was a lot of poverty, greed, and corruption
Progressive Era
Time period from the late 1890s-1914 that displayed a lot of change and reform to increase democracy and economic opportunities for all
Muckrakers
Media; individuals who created awareness about the negative aspects of society in hopes of creating change
Booker T. Washington
Promoted a gradual increase in equality for African Americans that was earned through academic success
W.E.B. Dubois
Promoted immediate increase in equality for African Americans earned through the creation of NAACP to fight for justice when racism and inequalities were evident
Ida Tarbell
Wrote a book about the negative and unfair business tactics utilized by Rockefeller and Standard Oil
Thomas Nast
Political cartoonist who displayed corruption (particularly of Boss Tweed) through illustrations; Even the illiterate could understand
Jacob Riis
Used photojournalism to display the hardships and inequities of the average laborer living in the tenements of NYC
Upton Sinclair
Wrote The Jungle to display poor working conditions in meat packing plants but instead inspired the government to create the Pure Food and Drug Act
Pure Food and Drug Act
Forced businesses to properly label and advertise the materials in the food and medicine they were purchasing and consuming
William Tweed
Political Boss in NYC who used bribery and other illegal means to achieve political and financial success
Trustbuster
Nickname for TR due to the fact that he broke the worst and largest trusts
Square Deal
Roosevelt's promise to provide an equal opportunity for success for all individuals in society
Conservation
Preservation of nature
William Taft
8 hour work day, more competition, end child labor, most importantly from Ohio!
Bull Moose Party
Political party formed for the 1912 election by TR since the Republicans were represented by Taft
New Freedom
Wilson's promise to increase competition by breaking all trusts and lowering tariffs
Consumerism
Innovation, advertising, installment buying
Run on Bank
occurs when many depositors withdraw cash from their accounts all at once
Dust Bowl
High Winds, drought, and over farming in the Great Plains during the Great Depression
Note 
Flashcard (22)