Industrialization Review

What is a patent?

• document that gives an individual sole right to own and sell an invention

• making of large quantities of a standardized item

• a line of workers where the product comes to the workers

• survival of the fittest in the business world

What is mass production?

• document that gives an individual sole right to own and sell an invention

• making of large quantities of a standardized item

• a line of workers where the product comes to the workers

• survival of the fittest in the business world

What is the assembly line?

• document that gives an individual sole right to own and sell an invention

• making of large quantities of a standardized item

• a line of workers where the product comes to the workers

• survival of the fittest in the business world

What is Social Darwinism?

• document that gives an individual sole right to own and sell an invention

• making of large quantities of a standardized item

• a line of workers where the product comes to the workers

• survival of the fittest in the business world

What is horizontal integration?

• when companies merge or combine on the same level of production

• a company would own all phases of production from raw materials to finished product

• company in which investors purchase stocks

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

What is vertical integration?

• when companies merge or combine on the same level of production

• a company would own all phases of production from raw materials to finished product

• company in which investors purchase stocks

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

What is a corporation?

• when companies merge or combine on the same level of production

• a company would own all phases of production from raw materials to finished product

• company in which investors purchase stocks

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

What is a trust?

• when companies merge or combine on the same level of production

• a company would own all phases of production from raw materials to finished product

• company in which investors purchase stocks

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

What is a monopoly?

• when a person or group controls all of an industry

• person who establishes a business for profit

• an economic system of private businesses to make a profit

• the business gets to make its own decisions

What is an entrepreneur?

• when a person or group controls all of an industry

• person who establishes a business for profit

• an economic system of private businesses to make a profit

• the business gets to make its own decisions