Industrial Revolution and Economic Terms

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Industrial Revolution

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A period of rapid industrial growth marked by advancements in manufacturing, technology, and urbanization.

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Monopoly

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A business that completely controls a market, eliminating competition.

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Laissez-Faire

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An economic policy where the government does not interfere in business activities.

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Social Darwinism

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The belief that only the strongest businesses and individuals survive in a competitive society.

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Trust

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A group of companies controlled by a single board to eliminate competition and control prices.

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Robber Baron

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A term used for business leaders who gained wealth through ruthless and unethical means.

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Sherman Antitrust Act

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A law passed in 1890 to prevent the formation of monopolies and promote fair competition.

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Labor Union

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An organization formed by workers to fight for better wages, hours, and working conditions.

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Strike

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A work stoppage by employees as a protest against unfair treatment or conditions.

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Tenement Housing

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Overcrowded apartment buildings in urban areas where poor workers and immigrants lived.