US History Chapter 13 Notes

Corporation

Definition: A corporation is an organization—usually a group of people or a company—authorized by the state to act as a single entity and recognized as such in law for certain purposes. Sentence: Massive corporations take over the US. Connections: Coca-Cola Black Rock

Monopoly

Definition: A monopoly is defined as a single seller or producer that excludes competition from providing the same product. Sentence: Coca-Cola has a large monopoly on soda and snacks. Connections: Coca-Cola McDonalds

Trusts

Definition: A trust is a fiduciary1 relationship in which one party (the Grantor) gives a second party2 (the Trustee) the right to hold title to property or assets for the benefit of a third party (the Beneficiary). Sentence: Trusts were used a lot in the government in this time period. Connections: government Monopoly

Thomas Alva Edison

Definition: American inventor and business man, most famous for the invention of the lightbulb Sentence: Thomas Edison was an excellent inventor and a brilliant man. Connections: The Light Bulb Sound recording

Entrepreneurs

Definition: An entrepreneur is an individual who creates a new business, bearing most of the risks and enjoying most of the rewards. Sentence: Famous entrepreneurs could be Steve Jobs and Bill Gates. Connections: Apple Google

Capitalism

Definition: Economic system where trade and industry is controlled privately for profit Sentence: Capitalism is the most successful economic system in the world. Connections: Communism Monopoly's

Horizontal Integration

Definition: Horizontal integration is a business strategy in which one company grows its operations at the same level in an industry. Sentence: Horizontal integration is very useful in growing your business. Connections: Large Companies Coca-cola

Gilded Age

Definition: In United States history, the Gilded Age is roughly the period from about the 1870s to the late 1890s, which occurred between the Reconstruction Era and the Progressive Era. Sentence: The gilded age was the economic prosperity of the US. Connections: Capitalism Industrial Revolution

Alexander Graham Bell

Definition: Inventor who is mostly know for the creation of the telephone. Sentence: Alexander created the telephone. Connections: Telephone Inventor

laissez-faire

Definition: Laissez-faire is a type of economic system in which transactions between private groups of people are free from any form of economic interventionism. Sentence: Laissez-faire is an economic system that free market supporters want. Connections: Communism Government Interference

philanthropists

Definition: Philanthropy is a form of altruism that consists of "private initiatives for the public good, focusing on quality of life". Sentence: Massive philanthropists could be the Red Cross. Connections: Donations Good will

Sherman Anti-Trust Act

Definition: Sherman Antitrust Act of 1890 is a federal statute which prohibits activities that restrict interstate commerce and competition in the marketplace. Sentence: Sherman Antitrust Act helped prohibit interstate commerce. Connections: Government Capitalism

Socialism

Definition: Socialism is an economic and political philosophy encompassing diverse economic and social systems characterized by social ownership of the means of production, as opposed to private ownership. Sentence: Socialism is a economic system that has failed poor countries around the world many times. Connections: Capitalism Communism

Bessemer Process

Definition: The Bessemer process was the first inexpensive industrial process for the mass production of steel from molten pig iron. Sentence: The Bessemer Process made it easier for the mass production of steel. Connections: Industrial Revolution Steel

Frederick Taylor and The Principles of Scientific Management

Definition: The Principles of Scientific Management is a monograph published by Frederick Winslow Taylor. Sentence: Basically this book explained how to get as much work out of your worker productively. Connections: Industrial Revolution Worker rights

Vertical Integration

Definition: Vertical integration is the business arrangement in which a company controls different stages along the supply chain. Sentence: Vertical integration is very useful in producing goods. Connections: Coca-Cola Large Companies

factors of production

Definition: factors of production, resources, or inputs are what is used in the production process to produce output—that is, goods and services. Sentence: Factors of production are used to produce output. Connections: Companies Profit

Capital

Definition: the physical or financial resources used to produce value in an economy. Sentence: Some capital is the gold standard. Connections: Gold standard Food

Social Darwinism

Definition: the theory that individuals, groups, and peoples are subject to the same Darwinian laws of natural selection as plants and animals Sentence: Social Darwinism is a mostly discredited philosophy. Connections: Racism Philosophy