Download Unit 2 - Sec. 2 - Vocabulary FIB Notes PLC PDF

Name: ______________________ Class: _____________ Chapter 3 ‐ The 2nd Industrial Revolution Timeline ‐ 1865 – 1905 Thomas Alva Edison •
One of the most successful ________________________________ in United States history •
Inventions include the ________________________________, ________________________________, ____________________________________ camera, ____________________________________ George Westinghouse •
Developed an ________________________________________ system that helped deliver electricity over long distances •
Also designed the compressed _________________________ that increased the safety of trains •
Allowed all cars to stop at the same time Telegraph •
Developed by ________________________________ •
Allowed for communicating ________________________________ with electricity within minutes •
Used a dot‐dash code called ________________________________ Alexander Graham Bell •
Invented the talking telegraph, or ________________________________ •
Quickly became the most favored communication device by business Laissez‐faire •
A doctrine opposing __________________________________ in economic affairs beyond the minimum necessary for the maintenance of peace and property rights Free enterprise •
Business is left free from __________________________________________________________ •
This causes business to prosper •
This increases the prosperity of ________________________________ Entrepreneur •
Someone who organizes, manages, and _________________________________________ of a business or enterprise Capitalism •
Private business runs ________________________________ •
____________________________ determines how much goods cost and what workers are paid Corporation •
Business raised money for their company by selling ______________________, which are certificates of ownership •
The stock holders would receive a portion of the profits called ______________________ Pacific Railway Act •
Gave land to the railroads to develop a railroad line linking ______________________ Transcontinental railroad •
The __________________________________________ that connected the east to the west •
Was built from the east and west ________________________________ •
Connected in Promontory, Utah Cornelius Vanderbilt •
Pioneer in the ________________________________________________________________ •
Gained control over the New York Central lines and two lines that connected the Central to New York •
Extended his railroad system by ________________________________ smaller lines Patent •
A guarantee to protect an inventors rights to __________, ___________, or ___________ their invention Bessemer process •
New method for ________________________________ that used a blast of air to burn off impurities •
Was able to produce as much steel in ______________________ as in a week the old way Andrew Carnegie •
Made ______________________ in his first job •
Quickly raised through the ranks into management •
Entered the steel business •
Became one of the ____________________________________________________________ •
Later began donating much to charity Vertical integration •
Owning companies that helped each other out •
Allowed one owner to hold control of production from “________________________________” •
Controlled prices at ______________________________________________________________ John D. Rockefeller •
Founder of ________________________________ •
Grew his business from a small company to one of the largest in the United States Horizontal integration •
Buys businesses that are in ________________________________________________ with you •
Once you own most of the companies, you can ____________________________ and run everyone else out of business Monopoly •
When there is little to no ________________________________ for a company •
Holds _________________________________________ over the price and quality of goods Trust •
A group of _____________________________________ that turn the control of their stocks to a common board of trustees •
Trustees run the trust as a ________________________________________________________ •
Limited ________________________________________________________________ and ________________________________________________________________ JP Morgan •
An American _______________, _______________, ____________________, and art collector who dominated corporate finance and industrial consolidation •
He and his partners had financial investments in many large corporations and were accused by critics of controlling the ________________________________ Labor unions •
An organization of _____________________________________ and craft workers in a particular industry •
Businesses often tried to ________________________________________ from forming unions Knights of Labor •
Founded by ______________________________________________ and led by Uriah Stephens •
One of the most successful of the early ______________________________________________ Haymarket Riots •
Supporters of an ________________________________ called for a nationwide strike in Chicago •
The police intervened in a ________________________________ and opened fire on the protesters •
On May 4, 1886, about 3,000 people gathered to protest the shootings –
Someone threw a bomb and rioting began –
10 policemen were killed and 170 people were injured The Homestead Strike •
Workers were angered by a proposed ________________________________ •
When management attempted to replace the striking workers, fighting broke out –
The clash lasted 14 hours, resulting in several deaths and injuries George Pullman •
Designed and manufactured ________________________________ that made traveling long distances more comfortable •
Built sleeping cars, dining cars, and ________________________________________________ The Pullman Strike and Boycott •
The Pullman Palace Car Company slashed ________________________________ without lowering prices for customers •
American Railway Union (ARU) workers refused to handle Pullman cars •
A federal court issued an ________________________________, preventing the workers from continuing their boycott American Federation of Labor •
A labor union that organized ________________________________ •
Organized independent craft unions to advance the interests of skilled labors •
________________________________ was the first president of the AFL