Unit 3 Industrialization

Front

What is the movement of people from farms to cities?

Back

Urbanization

Front

Capitalism is

Back

An economic system in which the means of production are privately owned and money is invested to make profits.

Front

Socialism is

Back

an economic system in which the factors of production are owned by the public and operate for the welfare of all.

Front

What are identical components that can be used in place of each other?

Back

Interchangeable parts

Front

Mass production led to: Products being more superior in quality, goods became less expensive, laborers received higher wages, industries moved to rural areas

Back

goods became less expensive

Front

Why were railroads so important during this time?

Back

They moved goods more quickly and less expensively over greater distances.

Front

John D. Rockefeller practiced horizontal integration by buying

Back

oil refining business

Front

Trusts sought to increase their profits by eliminating

Back

competition

Front

Social Darwinists were against

Back

government regulation of business

Front

The Sherman Antitrust Act was passed to

Back

make monopolies illegal