Unit 2 Week 6 5.5-5.6

Front

What was the Gilded Age?

Back

A period in U.S. history from the 1870s to about 1900 characterized by rapid economic growth, industrialization, and the rise of big businesses.

Front

What is a monopoly?

Back

A market structure where a single seller dominates the market, controlling prices and supply.

Front

Who was John D. Rockefeller?

Back

An American industrialist who founded the Standard Oil Company and led the oil industry during the Gilded Age.

Front

What is the impact of big business on the economy?

Back

Big businesses can lead to economic growth but may also increase the wealth gap between the rich and the poor.

Front

What is the moving assembly line?

Back

An innovation by Henry Ford that revolutionized manufacturing by allowing products to be assembled more efficiently.

Front

Why do businesses create monopolies?

Back

To reduce competition and increase profits.

Front

What is the significance of the Standard Oil Company?

Back

It was a major player in the oil industry and exemplified the monopolistic practices of the Gilded Age.

Front

What does 'the gap between the wealthy and the poor' refer to?

Back

The increasing disparity in income and wealth distribution between the richest and the poorest members of society.

Front

What role did the federal government play during the Gilded Age?

Back

The government often supported big businesses and did not regulate them effectively, leading to monopolies.

Front

What is industrialization?

Back

The process of developing industries in a country or region on a wide scale.