Question Answer
Thomas Edison Inventor of the first lightbulb (1879)
Gospel of Wealth People in the world who were destined to become rich and help society
Interstate Commerce Act of 1887 1887..began gov't regulation of the railroads…gov'ts policy switched from land subsidies to forbidding rebates to favored customers…required publication of rates, established ICC, prohibited rebates, outlawed short haul surchage.
Alexander Graham Bell American inventor of the telephone
Child Labor the employment of children at regular and sustained labor
Monopoly The only market seller of a product without substitutes
Trans-Continental Rail Road the first railroad built that crossed the nation from the Atlantic to the Pacific and was finished in 1869 after being built for 6 years
Sherman Anti-Trust Act The first law to limit monopolies in the United States. This wanted to create a fairer competition in the workforce and to limit any take-over's of departments of merchandise.
Bessemer Process allowed for the price of steel to drop dramatically and for its production to be done with relative ease. The process involved blowing cold air on red-hot iron in order to ignite the carbon and eliminate impurities
John D. Rockefeller formed Standard Oil Trust and controlled ninety-five percent of the all the oil refineries in the nation
Labor Union Group of workers who seek to improve the economic and social well-being of its members through group action
Philanthropy Voluntary promotion of human welfare; love of humanity; charitable donations and causes
ch. 5 flashcards

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