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Assimilation
blending in with the established culture
Dawes Act (1887)
legislation passed by Congress that split up Indian reservation lands among individual Indians and promised them citizenship
Ellis Island
an island in New York harbor that was an entry point for 12 million immigrants to the United States between 1892 and 1954
Immigration
the act of persons settling in a new country
Laissez-faire
in French, meaning "allow to do;" in business, it refers to a system where companies are allowed to conduct business without interference by the government
Monopoly
total control of a type of industry by one person or one company
Nativism
hostility toward immigrants
Philanthropy
providing money to support humanitarian or social goals
Robber Barons
One of the American industrial or financial tycoons of the late 19th century who became wealthy by unethical means, such as the exploitation of labor
Sherman Antitrust Act (1890)
a law that made it illegal to create monopolies or trusts that restrained free trade
Social Darwinism
a view of society based on Charles Darwin's scientific theory of natural selection; stronger people, businesses, and nations would prosper and weaker ones would fail
Tenement
poorly built, multi-family housing where many immigrants lived
Trusts
a combination of firms or corporations formed by a legal agreement, especially to reduce competition
Unions
an organization of workers that band together for the purpose of getting better working conditions pay
Urbanization
process in which an increasing amount of the population lives in cities and the suburbs of cities
Cornelius Vanderbilt
A railroad owner who built a railway connecting Chicago and New York. He popularized the use of steel rails in his railroad, which made railroads safer and more economical.
Andrew Carnegie
A Scottish-born American industrialist and philanthropist who founded the Carnegie Steel Company in 1892. By 1901, his company dominated the American steel industry.
John D. Rockefeller
Was an American industrialist and philanthropist. Revolutionized the petroleum industry and defined the structure of modern philanthropy.
J.P. Morgan
An influential banker and businessman who bought and reorganized companies. He bought Carnegie steel to become the largest businesses in the world in 1901
Bessemer Process
A way to manufacture steel quickly and cheaply by blasting hot air through melted iron to quickly remove impurities.
"The American Dream"
The widespread belief that the United States is a land of opportunity and that individual initiative and hard work can bring economic success.
"Boss" Tweed
Leader of Tammany Hall, NYC's powerful Democratic political machine.
Model T
A cheap and simple car designed by Ford. It allowed for more Americans to own a car.
Henry Ford
American businessman, founder of Ford Motor Company, father of moving assembly lines, and inventor credited with 161 patents. Also, paid his workers much better than his competitors.
Thomas Edison
American inventor best known for inventing the electric light bulb, the phonograph, and motion pictures.
Wright Brothers
First to achieve a sustained, controlled flight in a powered airplane
Alexander Graham Bell
Inventor of the telephone
Herbert Spencer
English philosopher and sociologist who applied the theory of natural selection to human societies. Founder of Social Darwinism.
Transcontinental Railroad
Completed in 1869 at Promontory, Utah, it linked the eastern railroad system with California's railroad system, revolutionizing transportation in the west
Steam Revolution
Steam was used to power early mechanization (e.g. locomotive)
commerce
the activity of buying and selling goods and services, particularly on a large scale.
contributions
the act of giving resources or support
consumers
individuals or entities that purchase goods and services for personal use or consumption.
economic incentive
the desire and willingness of consumers to purchase specific goods and services at various prices.
efficiency
the ability to achieve maximum productivity with minimum wasted effort or expense.
entrepreneurship
the process of starting and running a business to create goods or services, often involving risk-taking and innovation.
gross domestic product
the total monetary value of all final goods and services produced within a country's borders in a specific time period.
human resources
an organization’s workforce
limited resources
the scarcity of available resources such as money, materials, and labor that limits production and affects business decision-making.
monetary policy
the actions taken by a central bank to manage the money supply, control inflation, and stabilize the economy.