Industrial Revolution
The shift from handmade goods in homes to machine made goods in factories
Assembly line
A line of workers and equipment that puts a product together piece by piece
Mass production
Process of making large quantities of a product quickly and cheaply
Samuel Morse
inventor that developed a way to send telegraph messages using a code called Morse code
Alexander Graham Bell
Invented the telephone
Thomas Edison
American inventor who invented the phonograph, motion picture projector, the telephone transmitter, storage battery, and "the light bulb
Henry Ford
Inventor of Model T automobile and one of the first businessmen to use assembly line
Consolidation
the practice of buying out smaller companies or forcing them out of business
Corporation
a business the sells stocks to investors to raise capital
Capital
money and equipment used by corporations to make a profit
Stock
parts ownership or shares of a business
Shareholder
some who buys shares, or stocks from a business
Trust
a group of companies managed by a board of directors
Dividend
cash payments made to investors after they sell their stock at higher prices
Monopoly
Complete control of a product or business by one person or group
Merger
when two or more companies combine to form a single, larger company
integration
when a corporation buys smaller companies that make parts for its product, so the corporation can control prices
Trade union
Organization of workers with the same trade or skill
Collective bargaining
negotiation of wages and other conditions of employment between the workers and the ownership of the company, usually organized by unions
injunction
Court order that forbids a party or group from performing a certain action, such as stopping violent strikes
capitalism
economic system in which business can make, buy, sell, or trade their product with little government interference
Risks of the Stock Market
if stock prices decrease, investors either sell their stock for less than they paid for or wait for the stock price to increase
Negative effects of Corporations control of the economy
workers pay decreases, quality of product doesn't improve, little competition for the product
Working Conditions during Industrialization
long hours, little pay, dangerous machines with no safety measures