u2 test: Glided Age

1. manufacturing of goods on a large scale; allows production of more units per day at lower costs 

• 1. Mass production

• 1. Laissez-faire

• Capitalism

• 1. Monopoly

• 1. Trust 

1. Type of government oversight that combines the principles of limited government and the free market with some of the ideas of Social Darwinism

• 1. Trust 

• 1. Monopoly

• Capitalism

• 1. Laissez-faire

• 1. Mass production

1. an economic system in which a society's means of production are held by private individuals or organizations, not the government, and where products, prices, and the distribution of goods are determined mainly by competition in a free market

• 1. Mass production

• 1. Laissez-faire

• 1. Capitalism

• 1. Monopoly

• 1. Trust 

1. a single company controls of an entire market or specific resource/good

• 1. Trust 

• 1. Monopoly

• 1. Capitalism

• 1. Laissez-faire

• 1. Mass production

1. legal agreement in which one person manages another person’s property

• 1. Mass production

• 1. Laissez-faire

• 1. Trust 

• monopoly

• capitalism

1. Explain the idea of Social Darwinism.

• Social Darwinism is the idea that individuals or groups in society are subject to the same natural selection process as plants and animals in nature.
• Social Darwinism is the theory that individuals or groups are superior to others based on their genetic traits.
• Social Darwinism is the belief that society should be based on survival of the fittest and that the weak should not be helped or supported.
• Social Darwinism is the economic success would come to those that worked hard and were competent.

1. What is the free market system and how does it influence the Gilded Age economy? 

• The free market system is an economic system where prices for goods and services are determined by the government, leading to economic stability and equality.
• The free market system is an economic system where prices for goods and services are determined by individual consumers, leading to chaos and inefficiency.
• The free market system is an economic system where prices for goods and services are determined by monopolies, leading to fair competition and consumer choice.
• The free market system is an A system that allows companies to trade freely, set their own prices, determine workers’ wages, determine workers’ working conditions. Industrial businesses during the Glided Age made enormous profits and contributed to the 2nd Industrial Revolution.

1. Explain the difference between HORIZONTAL and VERTICAL integration.

• Horizontal integration is when a company acquires or merges with another company that operates at a different level of the supply chain. Vertical integration is when a company acquires or merges with another company that operates at the same level of the supply chain.
• Horizontal integration is when a company acquires or merges with another company that operates in a completely different industry. Vertical integration is when a company acquires or merges with another company that operates in the same industry.
• Horizontal-taking over another company that operates at the same level of the value chain. Both companies offer similar (if not the same) goods and services, and deal with a similar customer base.

  Vertical- when a company takes over another company that is a producer, vendor, supplier, or distributor for them.

• Horizontal integration is when a company acquires or merges with another company that operates at the same level of the supply chain. Vertical integration is when a company acquires or merges with another company that operates at a different level of the supply chain.

1. List each of the “Robber Barons” and the industry that they are associated with.

• Henry Ford (automobile industry)
• Vanderbilt-railroads

  Carnegie- steel

  Rockefeller- oil

  JP Morgan- Banking, then bought Carnegie’s company.

• Thomas Edison (electricity industry)
• Henry Flagler (oil industry)

1. What is Americanization? 

• The process of rejecting American customs, culture, and values.
•  The process of when groups from different cultures adapt or assimilate to the culture/values of the United States.

• The process of preserving and promoting American customs, culture, and values.
• The process of eradicating American customs, culture, and values.