Second Industrial Revolution Vocab Section Two

Front

Wealthy, powerful person in business or industry

Back

tycoon

Front

Shipping and railroad tycoon, self-made multi-millionaire, one of the wealthiest Americans of the 19th century.

Back

Cornelius Vanderbilt

Front

Business magnate and philanthropist who expanded the American steel industry.

Back

Carnegie

Front

American oil industry magnate and industrialist

Back

Rockefeller

Front

Economic activity involving processing raw materials and manufacturing goods in factories.

Back

Industry

Front

A group authorized to act as a single entity, recognized in law.

Back

corporation

Front

Policy of non-interference in affairs

Back

laissez-faire

Front

Economic system where trade and industry are privately owned for profit.

Back

capitalism

Front

Combination of multiple production stages in one company.

Back

Vertical integration

Front

Process of a company increasing production at the same supply chain level.

Back

Horizontal Integration