Big Business Knowledge Check

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Bessemer Process

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A cheap and efficient process for making steel, developed around 1850

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Thomas Edison

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American inventor best known for inventing the electric light bulb

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Menlo Park

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A research laboratory set-up by Thomas Edison in New Jersey where a team of experts refined Edison's ideas and translated them into practical inventions.

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Andrew Carnegie

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A Scottish-born American industrialist and philanthropist who founded the Carnegie Steel Company in 1892. Had monopoly power in Steel.

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John D. Rockefeller

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Established the Standard Oil Company, the biggest oil monopoly.

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Cornelius Vanderbilt

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United States financier who accumulated great wealth from railroad and shipping businesses (1794-1877). Had monopoly power in Railroads.

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J.P. Morgan

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A highly successful banker who bought out Carnegie. With Carnegie's holdings and some others, he launched U.S Steel and made it the first billion dollar corporation.

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Monopoly

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Complete control of a product or business by one person or group

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Social Darwinism

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The belief that the best and the fittest survive in the economy. Used to justify wealth inequality.

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Laissez-faire

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Policy that government should interfere as little as possible in the nation's economy. 'Hands-Off'