Industrial Revolution Vocabulary Review

The development of industries for the machine production of goods. Using factories to produce goods.

• Industrialization

• Industrialists

• Capitalism

• Reconstruction

A person whose wealth comes from industrial businesses. A person who controls the production of goods in a factory setting.

• Industrialist

• Capitalist

• Labor

• Andrew Carnegie

In a factory, an arrangement where a product is moved from worker to worker, with each worker performing a single task in the making of the product. The product moves along a conveyer belt or track and each worker specializes in one part of the production.

• Supply and Demand

• Assembly Line

• Bessemer Process

• Monopoly

An economic system based on private property and free enterprise. In capitalism, businesses compete for profits and are mostly free from government control.

• Capitalism

• Trust

• Monopoly

• Stock

An economic concept that states that the price of a good rises and falls depending on how many people want it (demand) and depending on how much of the good is available (supply).

• Vertical Integration

• Homestead Act

• Supply and Demand

• Horizontal Integration

A way to manufacture steel quickly and cheaply by blasting hot air through melted iron to quickly remove impurities.

• Bessemer Process

• Monopoly

• Trust

• Stock

Workers; usually in an industrial setting.

• Labor

• Assembly Line

• Indusrialist

• Capitalist

Linked the eastern railroad system with California's railroad system, revolutionizing transportation in the West.

• Horizontal Integration

• Vertical Integration

• Transcontinental Railroad

• Sherman Anti-Trust Act

A share of ownership in a corporation.

• Trust

• Monopoly

• Stock

• Labor

A business strategy that encourages companies to invest in businesses that produce similar goods and services. A business tries to control one aspect of production in an industry.

• Horizontal Integration

• Vertical Integration

• Sherman Anti-Trust Act

• Homestead Act