The Rise of Big Business

These flashcards cover key vocabulary terms related to the rise of big business during the industrial period in the United States.

Industrialization

The process of developing industries in a country or region on a wide scale.

Technological Innovation

The introduction of new technologies that improve processes and products.

Incorporation

The process of forming a corporation, allowing for limited liability of owners.

Organizational Strategies

Methods employed by businesses to structure their operations efficiently.

Legal Environment

The framework of laws and regulations affecting business operations.

Capitalism

An economic system based on private ownership and free markets.

Abundant Resources

A plentiful supply of natural materials available for production.

Cheap Labor Supply

An availability of workers who can be hired at low wages.

Bessemer Process

A method for producing steel efficiently by blowing air through molten iron.

Vertical Integration

A business strategy where a company controls multiple stages of production.

Horizontal Integration

A business strategy involving the acquisition of similar companies to increase market share.

Trust

A combination of firms or corporations for the purpose of reducing competition.

Mass Production

The process of producing goods in large quantities at reduced cost.

Social Darwinism

The theory that individuals or groups achieve advantage over others due to genetic or biological superiority.

Gilded Age

A term used to describe the late 19th century, highlighting a facade of prosperity masking significant social problems.

Boom and Bust Cycle

Economic cycles of rapid growth followed by sudden downturns.

Steel Production

The process of producing steel, a crucial material for industrialization.

Federal Patent System

A system that grants exclusive rights to inventors for their inventions.

Economic Monopolies

A market structure where a single seller dominates the market.

Philanthropy

The desire to promote the welfare of others, often expressed through donations.

Patents

Legal rights granted to inventors to exclude others from making, using, or selling their inventions.

Factory System

A method of manufacturing utilizing machinery and assembly lines.

Labor Force

The pool of individuals who are capable and available to work.

Predatory Pricing

Setting prices low to drive competitors out of the market.

Oligopoly

A market structure dominated by a small number of firms.

Gross National Product (GNP)

The total value of all finished goods and services produced by a country's residents.

Iron and Steel

Key materials that fueled the industrial revolution in the United States.

Entrepreneurship

The process of starting and operating one's own business.

Cleveland Oil Refinery

An example of John D. Rockefeller's Standard Oil's dominance in the oil industry.

Assembly Line

A production method that breaks down manufacturing into simple tasks.

Economic Inequality

The unequal distribution of income and opportunity between different groups in society.

Stock Certificate

A document that certifies ownership of a certain number of shares in a corporation.

Market Competition

The rivalry among businesses to attract customers and increase sales.

Consolidation

The process of combining various companies or assets into a single entity.