The Gilded Age- Part 1
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28 Terms
Industrialization
The transformation from producing goods by hand to having them made by a machine
Second Industrial Revolution
A time period in the late 1800s that oversaw massive growth in industry, increased production, and many technological advancements
Standard of living
The level of wealth and material resources available to an individual or society
Wages
Pay
Capitalism
An economic system where individuals own most businesses, rather than the government
Entrepreneurs
Businessmen
Free enterprise
The idea that people should be free to run their businesses for profit with minimal regulation by the government
Regulation
A rule made to control something, especially laws intended to control businesses
Laissez-faire
Let businesses operate with very little government regulation
Innovate
To make changes or do something in a new way
Mechanized farming
Using machinery to perform agricultural work
Rural
Refers to the countryside
Urban
Refers to cities
Agrarian
Refers to farming and agriculture
Mass production
Systems for making large numbers of products quickly and cheaply
Corporation
A form of group ownership in which investors all share ownership of a company
Cartel
An arrangement in which companies that make the same product agree to keep prices high
Monopoly
A company that has complete control of a product or service
Trust
A group of separate companies that are placed under the control of a single managing board to form a monopoly
Consumers
Customers
Robber barons
The leaders of industries who became rich from harmful business practices
Sweatshops
Small, hot, dark, and dirty workhouse
Company town
Isolated communities located near workplaces
Union
A group of workers united to improve working conditions
Collective bargaining
Negotiating as a group with an employer for higher wages or better conditions
Strike
Refusing to work until certain demands are met
Socialism
The idea that the public should control property and income, rather than private individuals
Boycott
Refusing to buy a good or service as an act of protest