Review Industrialization Vocab

Front

Exclusive right to an invention

Back

patent

Front

Production of large quantities of a standardized article (often using assembly line techniques)

Back

mass production

Front

A line of machinery, tools, and workers for manufacturing processes.

Back

assembly line

Front

Natural scientist's theory of evolution applied to business and social relationships; the "fittest" would succeed if unrestricted.

Back

Social Darwinism

Front

A term for consolidating production functions from raw material extraction to finished product marketing under one firm.

Back

vertical integration

Front

Share of ownership in a corporation

Back

stock

Front

Group of businesses managed by one board of directors

Back

trust

Front

Setting up a business for profit

Back

entrepreneurship

Front

Company controlling most businesses in an industry

Back

monopoly

Front

Gov’t non-interference in the economy

Back

laissez-faire