Industrialization2020

The laissez-faire economic policies of the United States during the nineteenth century led to

• a system of protective tariffs

• the creation of a national bank

• a largely unregulated market for industry

• a decline in immigration to western states

This type of monopoly involves buying each step of the production process (Carnegie Steel)

• Vertical Integration
• Horizontal Integration

This is the total value of all goods and services that a country produces.

• Gross National Product
• Grand National Product
• National Gross of Production
• Gross Income

These are people who risk their money to organize and run their business

• bosses

• business owners

• entrepreneurs

• king pins

This was created by the American Railway Association as a result of the widespread use of trains in the US during the Gilded Age

• Time Travel

• Speed Limits

• Airplanes

• Time Zones

What is an operating cost?

• Something a business pays before the company starts

• Something the company receives

• Something the company pays for their day to day running

• Something the company cant afford

Buildings and storage is a type of

• Fixed cost
• Running cost
• Asset

The following were the natural resources that spurred industrialization: Iron, coal, timber, and

• water

• steel

• copper

• gold

What is the definition of Free Enterprise?

• grants of land or money often by the government

• a document giving someone the sole right to make and sell an invention

• a company that controls most or all business in a particular industry

• a group of corporations run by a single board of directors

• the system in which privately owned businesses compete freely

He was known as a major entrepreneur in the Oil Industry

• John Rockefeller
• Andrew Carnegie
• Cornelius Vanderbelt 
• Gustavus Swift