Big Business and Labor Vocabulary Quiz

An organization of workers that aims to improve working conditions and wages.

The theory that individuals or groups succeed based on their natural abilities, with no room for government intervention.

Someone who gives away large amounts of money or resources to help a cause or community.

A law passed in 1890 to prevent monopolies and protect competition in the marketplace.

The movement of people from rural areas to cities, leading to significant changes in population distribution and society.

The act of moving from one country to another to live permanently.

An American inventor and businessman who developed many innovations like the incandescent light bulb and the phonograph.

An American business magnate who built his wealth through railroads and shipping.

A situation where a single company controls the entire supply of a good or service, giving them complete dominance and potentially leading to higher prices and reduced consumer choice.

A strategy where a company owns and controls different stages of the production process, from raw materials to the final product. This helps reduce costs and ensures better control of quality.

A strategy where a company acquires or merges with its competitors, expanding its market share and control within the same industry. This can increase profits and dominance in a particular market.

Andrew Carnegie was a Scottish-American industrialist who revolutionized the steel industry in the late 19th century. He was known for his innovative production methods, which led to the creation of massive steel mills and his role in shaping the American economy.

John D. Rockefeller was an American industrialist and philanthropist who dominated the oil industry during the late 19th and early 20th centuries. He built Standard Oil, a powerful company that controlled a large portion of the oil market. Rockefeller is considered one of the richest individuals in history.

J.P. Morgan was a powerful American financier who played a major role in the development of major companies and industries in the late 19th and early 20th centuries. He was known for his financial influence, strategic investments, and role in shaping the American financial system.

Henry Ford was an American industrialist who revolutionized automobile production in the early 20th century. His innovation of the assembly line and mass production made cars more affordable and accessible to the average American, changing the way people lived and traveled.

Fordism refers to the manufacturing system pioneered by Henry Ford, involving the use of assembly lines, standardized components, and mass production to create affordable cars. This system resulted in increased production efficiency and lower costs, making cars accessible to a wider population.