Unit 2-2 Quiz (Free Enterprise and Big Business)

This is the social & political commitment & freedom to start their own businesses & compete

• free enterprise system
• free response system
• free travel system
• freedom of choice

An entrepreneur is someone 

• Someone who works for a new business
• Someone who starts a new business
• Someone who takes over an existing business
• Someone who does not want to work

What did the Bessemer process achieve?

• It created electric power to streetcars.
• It allowed meat to be processed and refrigerated.
• It more efficiently converted iron to steel.
• It allowed planes to travel faster and farther distances. 

Belief that the strong will rise to the top of society and the weak are at the bottom of society.

• Laissez-Faire
• Social Darwinism
• Arbitration
• Capital

designed to prevent companies from engaging in unfair practices that eliminated fair competition

• Gospel of Wealth
• Corporation
• Interstate Commerce Act
• Sherman Antitrust Act

Complete control of a product or service; the elimination of fair competition

• Robber Barons

• Bessemer Process

• Monopoly

• Philanthropy

a company chartered by a state and recognized in law as a separate person

• Gospel of Wealth
• Corporation
• Robber Barons
• Philanthropy

theory that government should not interfere in the operation of the free market

• Cul-de-sac
• Laissez-Faire
• Fleur de Lis
• Achtung

Prohibited unfair practices by railroads such as charging higher rates for shorter routes

• Interstate Commerce Act

• Child Labor Laws

• Philanthropy

• Sherman Antitrust Act

Individuals are free to produce and sell whatever products they wish

• Free Enterprise System

• Social Darwinism

• Gospel of Wealth

• National Market