FAC Industrialization #2

Front

a method of steelmaking invented in 1855 that enabled steel to be made more cheaply and quickly

Back

Bessemer Process

Front

a corporate expansion strategy that involves joining together as many firms from the same industry as possible; monopoly

Back

horizontal integration

Front

a corporate expansion strategy that involves controlling each step in the production and distribution of a product, from acquiring raw materials to manufacturing, packaging, and shipping

Back

Vertical Integration

Front

the idea that the free market, through supply and demand, will regulate itself if government does not interfere

Back

Laissez-Faire

Front

an idea, based on the theory of evolution, that the best-run businesses led by the most capable people will survive and prosper

Back

Social Darwinism

Front

an 1890 federal law that outlawed trusts, monopolies, and other forms of business that restricted trade

Back

Sherman Antitrust Act

Front

Law granting congress authority to regulate railroad activity.

Back

Interstate Commerce Act

Front

Someone who treats their workers badly and wipes out the competition would be known as a

Back

robber barron

Front

Hands off, means no government intervention in business.

Back

Lassiez Faire

Front

the money a business has left over when all its expenses have been paid

Back

profits