Time Zones: Created by railroad companies in order to avoid railroad accidents and ensure passenger safety

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1 UN#1: Industrialization Key Terms Answer Key Directions: Develop a definition to the following key vocabulary terms: Gross National Product (GNP): A measurement of a country s industrial output and wealth Laissez-faire: French phrase meaning, let it be, the American government is letting the market be and not interfering with the country s business affairs, leads to rapid industrial growth Stock: Partial ownership in a company or public corporation, businesses use stock to raise additional capital that they could not raise themselves in order to expand (purchase additional offices, new equipment) Corporation: Large company, often resulting from the combination of several similar businesses into one large business, pools together the resources and wealth of numerous individuals Vertical Integration: A form of business organization in which a business acquires all of the supplies needed to create their final product (ex. Andrew Carnegie s steel company) Horizontal Integration: A form of business organization in which one business buys out their competitors in order to eliminate competition (ex. John D. Rockefeller s Standard Oil Company) Monopoly: A term referring to when one company has complete control over an entire market for their product, a monopoly can charge any price they want since they are the only company who sells the product Pacific Railway Act: A piece of government legislation enacted by Abraham Lincoln, gave railroad companies federal money in an effort to promote railroad construction Time Zones: Created by railroad companies in order to avoid railroad accidents and ensure passenger safety Alexander Graham Bell: Inventor of the telegram, country achieves transcontinental communication, helps spur business growth Thomas Edison: Inventor of the light bulb, factories can now stay open 24 hours a day 7 days a week, increases output Andrew Carnegie: Successful American businessman who founded U.S. Steel, employed vertical integration in the organization of his steel company John D. Rockefeller: Successful American businessman who founded Standard Oil Company, employed horizontal integration in the organization of his oil company J.P. Morgan: Successful American financier, consolidated many companies under his control Answer Key

2 UN#1: Industrialization Key Terms Name: Directions: Write the correct vocabulary term next to each definition using the word bank below. Vocabulary Term Page(s) Definition 182 A measurement of a country s industrial output and wealth 186 French phrase meaning, let it be, the American government is letting the market be and not interfering with the country s business affairs, leads to rapid industrial growth 194 Partial ownership in a company or public corporation, businesses use stock to raise additional capital that they could not raise themselves in order to expand (purchase additional offices, new equipment) 194 Large company, often resulting from the combination of several similar businesses into one large business, pools together the resources and wealth of numerous individuals 197 A form of business organization in which a business acquires all of the supplies needed to create their final product (ex. Andrew Carnegie s steel company) 197 A form of business organization in which one business buys out their competitors in order to eliminate competition (ex. John D. Rockefeller s Standard Oil Company) 197 A term referring to when one company has complete control over an entire market for their product, a monopoly can charge any price they want since they are the only company who sells the product 188 A piece of government legislation enacted by Abraham Lincoln, gave railroad companies federal money in an effort to promote railroad construction 191 Created by railroad companies in order to avoid railroad accidents and ensure passenger safety 184 Inventor of the telegram, country achieves transcontinental communication, helps spur business growth 184 Inventor of the light bulb, factories can now stay open 24 hours a day 7 days a week, increases output 196 Successful American businessman who founded U.S. Steel, employed vertical integration in the organization of his steel company Successful American businessman who founded Standard Oil Company, employed horizontal integration in the organization of his oil company Successful American financier, consolidated many companies under his control Corporation Stock Laissez-faire Vertical Integration Monopoly WORD BANK Alexander Graham Bell Thomas Edison John D. Rockefeller J.P. Morgan Gross National Product (GNP) Andrew Carnegie Pacific Railway Act Time Zones Choice Strategy

3 Directions: Write a definition for each vocabulary term. Vocabulary Term Gross National Product (GNP) Page(s) Definition 182 Laissez-faire 186 UN#1: Industrialization Key Terms Stock 194 Corporation 194 Vertical Integration 197 Horizontal Integration 197 Monopoly 197 Pacific Railway Act 188 Time Zones 191 Alexander Graham Bell 184 Thomas Edison 184 Andrew Carnegie 196 John D. Rockefeller J.P. Morgan Closed Strategy

4 UN#1: Industrialization Key Terms Directions: Develop a definition to the following key vocabulary terms: Gross National Product (GNP): Laissez-faire: Stock: Corporation: Vertical Integration: Horizontal Integration: Monopoly: Pacific Railway Act: Time Zones: Alexander Graham Bell: Thomas Edison: Andrew Carnegie: John D. Rockefeller: J.P. Morgan: Open Ended

5 Directions: Write a definition for each vocabulary term. UN#1: Industrialization Key Terms Vocabulary Term Gross National Product (GNP) Laissez-faire Definition Stock Corporation Vertical Integration Horizontal Integration Monopoly Pacific Railway Act Time Zones Alexander Graham Bell Thomas Edison Andrew Carnegie John D. Rockefeller J.P. Morgan Visual Organization Strategy

6 UN#1: Industrialization Key Terms Directions: Circle if the definition is correct. Circle if the definition is incorrect. Name: Gross National Product (GNP): A measurement of a country s industrial output and wealth Laissez-faire: French phrase meaning, let it be, the American government is letting the market be and not interfering with the country s business affairs, leads to rapid industrial growth Stock: Partial ownership in a company or public corporation, businesses use stock to raise additional capital that they could not raise themselves in order to expand (purchase additional offices, new equipment) Corporation: Small company, often resulting from the combination of several similar businesses into one small business, pools together the resources and wealth of a few individuals Vertical Integration: A form of business organization in which a business acquires all of the supplies needed to create their final product (ex. Andrew Carnegie s steel company) Horizontal Integration: A form of business organization in which one business buys out their competitors in order to eliminate competition (ex. John D. Rockefeller s Standard Oil Company) Monopoly: A term referring to when one company has complete control over an entire market for their product, a monopoly can charge any price they want since they are the only company who sells the product Pacific Railway Act: A piece of government legislation enacted by Abraham Lincoln, gave railroad companies federal money in an effort to promote railroad construction Time Zones: Created by railroad companies in order to avoid railroad accidents and ensure passenger safety Alexander Graham Bell: Inventor of the telegram, country achieves transcontinental communication, helps spur business growth Thomas Edison: Inventor of the light bulb, factories can now stay open 24 hours a day 7 days a week, increases output Andrew Carnegie: Successful American businessman who founded U.S. Steel, employed vertical integration in the organization of his steel company John D. Rockefeller: Successful American financier, consolidated many companies under his control J.P. Morgan: Successful American businessman who founded Standard Oil Company, employed horizontal integration in the organization of his oil company Yes/No Strategy

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