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Period: to
american industrial revoultion
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traditional economy
Traditional economy means that there really is no government but the people make their own food and so on. This is what they used to do hundreds of years back when there was no technology. -
command economy
A command economy is when govenment has all the say and people has less power then the govenment. People who are about equal rights would not agree with this. -
mixed econmy
A mixed economy is when both the people and the govenrment have power. People who like govenment to have some power and the people to have the same power then they would most likely like this kind of economy. -
market economy
A market economy has the people who have all the power and the govenrment has no say or power. People who believed government should have no power and people have all the power would like this kind of economy. -
mass production
Mass production was created during the Industrial Revoultion. The mass production allowed many things to be made faster and easier but also led to workers working long time. -
enterprise
Enterprise means a project that is undertaken, espically one that is important and requires hard work. All stores do this when they open up and plan to make profit. -
entrepreneur
Entrepreneur is someone that is willing to take a risk. A entrepreneur could be some that opens up a business and is taking the risk of either winning or losing it all. -
Laissez Faire
The laissez faire is where government doesn't get invovled with the economic affairs. People who favor for the government to have less power and the people have mroe power then they would want to favor laissez faire -
urbanization
Urbanization is the people moving from the rural area to cities. Farm work is not as popular anymore because machine do all the work so the people thought if they move to the city they will find better jobs and have a better life. -
capital
Capital means ready- produced durable goods that are used in production process. A spear or arrow is a capital for a caveman because he uses that for hunting. -
Andrew Carnegie
Scottish- American industrialist who led the enormous expansion of the American steel industry. His first job was a factory worker in a Bobbin factory. -
john D. Rockfeller
Founder of standard oil company. John revolutionized the pertroleum industry and defined the structure of modern philantrophy. -
eli whitney
eli whitney created the cotton gin. The cotton gin produced cottin faster and cleaner. -
means of production
Means of Production means non-human imputs used in production- the factories, machines, and tools used to produce wealth. People operate on the subjects of labour, using instruments of labor, to create a product. -
bessemer process
The Bessemer process made mass production from steel from molten pig-iron. The Inventor of this is named Henry Bessemer. -
bessemer process
Bessemer process allowed mass production to made from molten pig-iron to steel. The Iinventor was named Henry Bessemer -
Knights of Labor
The founder of knights of labor was Uriah Smith. These union accepted people that were men and women, skiiled and unskilled, and also black and white. -
Thomas Edision
Thomas Edision created the light bulb in 1879. Thomas Edision invented other inventions too that make him well known today. -
Labor Union
Labor Union were formed to get more rights for the people. The Labor Union would not go back to work until their needs are meet. -
monoplay
Monoploy is when one company sells a certain product and no other company sells that product. That company can sell the price of that product for whatever price they want because there is no onelse selling that product to determine the price of that product. -
Haymarket Square Riot
In the Haymarket Riot of May,4 1886, the police clashed violently with militant anarahists and labor movement protesters in Chicago. Seven police men were killed and several protesters were also killed which led to 7 convention murders. -
American Federation of Labor
The founder is named Samuel Gompers. This union accepts skilled workers, no women, and limited African Amercians. Also focused on wages and working hours. -
ICC
ICC was established to regulate surface transportation in the U.S as to reponse to the market manpulication and control of railroads during American Industrial Revoultion. ICC was first regulatory commission in the U.S. history from 1887-1906 it had little control over transportation industry. -
Sherman Antitrust Act
Sherman Antitrust Act is a landmark federal statute on competition law. It prohibits certain business activities that reduce competition in the marketplace -
Tenement
Tenement is a substandard multi-family dwelling in the urban core. The People who normally lived this way would be the old and the poor. -
communism
Communism means to have a classless, moneyless, and stateless means of production. This kind of movement made people think about what kind of business power there should be. -
socialism
socialism is characterized by social ownership, control of the menas of production through coopertative management of the ecomomy. People who want things to be done through peoples ability instead of just being able to be picked would want socialism instead of communism. -
Eugene V. Debs
In 1893, Debs was first president to be elected for Ameican Railway Union. A journalist named John Swinton wrote in New York Times, argued as an orator, that Debs was comparable to Abraham Licoin.
