The Rise of Industry Chapter 25 Vocabulary
industrialization Factories Carnegie steel
industrialization coal
industrialization 1863 Steel factory Water powered
industrialization Ford motors
industrialization Factory workers
industrialization Child labor
industrialization The process in which a society or country transforms itself from an agricultural society into one based on manufacturing To build and operate factories and businesses in a city or country The growth of businesses that make products through machinery
entrepreneur
entrepreneur John D Rockefeller Oil Andrew Carnegie Steel John D. Rockefeller: Standard Oil Andrew Carnegie: U.S. Steel Cornelius Vanderbilt: Railroad J.P. Morgan: Banker John D Rockefeller Oil Andrew Carnegie Steel Cornelius Vanderbilt Shipping & Railroads JP Morgan Finance & Banking
entrepreneur
entrepreneur A person who organizes and operates a business in order to make money This usually involves financial risks
laissez-faire
laissez-faire A policy that allows businesses to operate with very little interference from the government A policy or attitude of letting things take their own course, without interfering
mass production
mass production
mass production
mass production The production of large amounts of standardized products, usually involving assembly lines The use of machinery to make large amounts of the exact same product Sesame Street: How are crayons made?
corporation
corporation
corporation A large business that is owned by many investors A large business that under law has the rights and duties of an individual and follows a specific purpose A big company
trust
trust A group of corporations that unite in order to reduce competition and control prices in an industry This can be considered an abuse of power Anti-trust laws attempt to protect American consumers from this kind of corruption
monopoly
monopoly
monopoly
monopoly
monopoly
monopoly If a company has a monopoly of a business, it has complete control so that no other organizations can compete with it The school cafeteria has a monopoly over the sale of food on campus
urbanization
urbanization
urbanization The growth of cities The process by which towns and cities are formed and become larger as more and more people begin living and working in central areas An urbanized society has lots of people living and working in cities
trade unions
trade unions
trade unions
trade unions
trade unions
trade unions An organized association of workers, often in a trade or profession, formed to protect and further their rights and interests An organization of workers formed to protect the rights and interests of its members
collective bargaining
collective bargaining The discussions between employers and a union in order to reach agreement on wages, working conditions, etc. Talks between an employer & the leaders of a union about how much a group of workers will be paid, how many hours they will work, etc. The process by which wages, hours, rules, & working conditions