Midterm Study Set 1

Front

Andrew Carnegie

Back

One of America's wealthiest steel tycoons. He gave away over $350 million of his own fortune because he was a dedicated philanthropist. Wrote 'The Gospel of Wealth'.

Front

Bessemer Process

Back

Injecting air into molten iron to remove impurities to make a softer metal - steel.

Front

Capitalism

Back

An economy based on supply and demand, private ownership of business, individual economic freedom, and a free market. Motivator = Profit.

Front

Cartels

Back

When companies band together to engage in price fixing by purposefully limiting production.

Front

Monopoly

Back

Industry owned/controlled by a single corporation.

Front

Corporation

Back

When a business turns over ownership to a group of investors.

Front

Cornelius Vanderbilt

Back

Railroad tycoon. He offered lower rates to drive his competitors out or they paid him to leave.

Front

Sherman Anti-trust Act

Back

1890. Outlawed any trust that operated in 'restraint of trade or commerce among the several states.'

Front

Railroads

Back

Expanded to meet the needs of growing industries, inspired new technology, transported goods quickly and cheaply, stimulated other industries, and opened the West.

Front

Social Darwinism

Back

Survival of the fittest. Riches = God's approval while poverty signifies inferiority. Individuals must have complete freedom to struggle, succeed, or fail.