Topic 02 Industry and Labor Flashcards (US)

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Cornelius Vanderbilt

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United States entrepreneur who accumulated great wealth from railroad and shipping businesses (1794-1877)

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John D. Rockefeller

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Ohio oil tycoon who built up Standard Oil

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Andrew Carnegie

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Steel tycoon who owned the coal mines, ships, and railroads that brought steel to the mills

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Entrepreneur

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A person who takes risks and invests money in a product or business with the goal of making a profit

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Protective tariff

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Tax on imported goods making the price high enough to protect domestic goods from foreign competition

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Capitalism (Laissez-Faire)

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An economic and political system in which a country's trade and industry are controlled by private owners for profit, rather than by the state.

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Bessemer process

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Method developed in the mid-1800s for making steel more efficient

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Monopoly

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Complete control of a type of industry by one person or one company

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Vertical integration

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A system used by large firms of consolidating smaller firms involved in the process of a product's manufacture to control all steps of the process.

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Horizontal integration

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A system used by large firms of consolidating or joining many smaller firms in the same or similar business to decrease competition.