10. FAC Industrialization #2

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

• Bessemer Process

• Commerce Process

• Liberty Process

• Emergency Process

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

• horizontal integration

• verticle integration

• corporation

• cartel

• 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

• Bessemer Process

• Verticle Integration

• Dimensional Process

• Horizontal Integration

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

• Social Darwinism

• Sherman Antitrust Act

• Laissez-Faire

• Conglomerate

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

• Social Darwinism

• Bessemer Process

• Trust

• Laissez-Faire

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

• Social Darwinism

• Laissez-Faire

• Sherman Antitrust Act

• Dawes Act

Law granting congress authority to regulate railroad activity.

• Interstate Commerce Act
• Sherman Anti-trust act
• Railroad commission act
• Laissez Faire

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

• captain of industry

• robber barron

• inventor

• immigrant

Hands off, means no government intervention in business.

• Market Economy
• Command Economy
• Capitalism
• Lassiez Faire

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

• stock

• capitalist

• profits

• dividends