nadel quiz

This bright new idea allowed people to stop using Whale Oil

so much.

Edison light bulb

This invention would soon replace the traditional horse and

buggy.

automobile

This invention allowed people to send messages over great

distances using dots and dashes.

Telegraph

This invention by the Wright brothers would allow

transportation and the military to soar to new heights.

The aircraft

This new material was the life blood of Andrew Carnegie’s

success, after new production methods allowed it to be

produced faster and more easily.

steel

This new production strategy allowed workers

to make things faster by doing one job over and

over.

assembly line

These new types of businesses were owned in part by

investors, rather than just by the founders.

coperations

This man was one of the first to use assembly lines in his

factories.

Henry Ford

A company that completely dominates a particular industry.

monopoly

Land, Labor, and Capital

factors of production

Only the best and most profitable businesses should

survive.

Social Darwinism

Acquiring businesses on the same level of production as your

own to create a monopoly.

Horizontal Integration

Keep your hands off of businesses, Government!

Laissez-faire

Purchasing or merging with businesses on different levels of

production to cut costs and create a monopoly.

vertical integration

An ineffective law that restricted monopolies but was not

strongly enforced.

Sherman Antitrust Act

A term used to describe the capitalists of the gilded age in a

negative way.

robber baron

The richest American of all time (adjusted for inflation). He

made a monopoly in the oil refining industry.

John D. Rockefeller

The king of the steel industry. He has a

performance hall and a college named after him.

Andrew Carnegie

This capitalist was the king of the shipping and railroad

industries.

Cornelius Vanderbilt

This capitalist made his millions in the world of transportation,

and later his son expanded into the finance field, and has a

banking company named after him.

J.P Morgan

An economic system where people buy and sell good to each

other for profit, rather than having resources controlled by the

government

capitalism

An old name for Crude Oil. This was used because

previously the most used oil was Whale Oil.

Rock oil

A claim on an invention so others cannot copy your invention

and profit from it.

patent

A phrase used to describe wealthy people as leaders in their

field.

Captains of industry

People who purchase a portion of a company in the hopes

that they will make even more money later as the company

grows.

investors