SS Unit 2 Industrialization

Front

Law of Supply and Demand

Back

As the supply of products increases the cost of products decreases. As the demand for products increases, so does the price of products.

Front

Social Darwinism

Back

The government should not take care of the poor

Front

Laissez-Faire

Back

Economic philosophy where the government cannot regulate the economy or interfere in any business, businesses can sell whatever they want

Front

Bessemer Process

Back

New process of making steel. It allowed producers to make strong steel at a lower cost.

Front

Labor Unions

Back

When workers organize themselves and 'collectively bargain' as one unit to fight for better working conditions and or higher pay

Front

Mass Production

Back

The production of large quantities of goods, first done by Henry Ford with the automobile

Front

Assembly line

Back

Many workers and machines in a line where identical items are assembled for mass production

Front

Corporations

Back

Very large companies that dominate an industry

Front

Rebates

Back

A business practice where railroads gave discounts to their biggest customers. Forced smaller railroads out of business.

Front

Pooling

Back

When railroads divided up business to control an area and set whatever prices they want