Key Concept 5B Industrialization

Front

What is the economic philosophy that advocates minimal government intervention in the economy?

Back

Laissez-faire

Front

What type of monopoly involves a company controlling different stages of the production or distribution of a product?

Back

Vertical integration

Front

What type of monopoly involves a company expanding by acquiring or merging with other companies at the same stage of the production process or offering similar products or services?

Back

Horizontal integration

Front

What term is used to describe powerful and wealthy businesspeople who gained their fortune through unethical and ruthless means?

Back

Robber Barons

Front

What term is used to describe influential and successful business leaders who are viewed positively for their contributions to society and the economy?

Back

Captains of Industry

Front

What idea introduced by Andrew Carnegie suggests that wealthy individuals have a moral responsibility to use their wealth for the benefit of society?

Back

Gospel of Wealth

Front

The belief that individuals, businesses, and nations that were the most successful and prosperous were naturally superior, and those less successful were seen as less fit is known as which of the following?

Back

Social Darwinism

Front

What law passed in the United States in 1890 aimed to promote fair competition and prevent monopolies?

Back

Sherman Antitrust Act

Front

What are organizations formed by workers to advocate for better working conditions, higher wages, and improved treatment from employers called?

Back

Labor Unions

Front

What process allows representatives of workers to negotiate with employers to reach agreements on issues such as wages and working conditions?

Back

Collective bargaining