Term
|
Definition
| Smallness of quantity; scarcity; scantiness: a country with a paucity of resources. |
|
|
Term
| conspiracy of the lash and loom |
|
Definition
| the dependence of the northern and southern economies on each other and slave cotton. |
|
|
Term
| Mass consumption, rising tides lifts all boats, but commercial society = inequality |
|
Definition
|
|
Term
| A commodity is something made for sale |
|
Definition
|
|
Term
| Civil War's Quartermaster Department |
|
Definition
| Precursor to civil service department |
|
|
Term
|
Definition
| The product that is sold, not the resources that go into it. Four kinds: all domestically made consumption goods or services, 2. Domestically produced investment goods, 3. Domestic goods or services that the government buys, fourth the value of all foreign goods and services of all kinds bought by the nation, minus the value of all domestic production sold abroad |
|
|
Term
|
Definition
|
|
Term
| Things households buy such as autos and clothes |
|
Definition
| Things households buy such as autos and clothes |
|
|
Term
|
Definition
| Means that goods are actually manufactured or assembled in the US whether by American or foreign manufacturer |
|
|
Term
|
Definition
| Things that businesses buy, such as new buildings, machines, additions to inventories |
|
|
Term
| Goods and services government buys |
|
Definition
| Roads, public education, police, arms |
|
|
Term
|
Definition
| Eli Whitney invented new way to comb seeds out of sticky upland cotton. Revitalized slave economy in south and allowed it to move inland into the southwest |
|
|
Term
|
Definition
| a class or group ruling, or exercising power or influence, by virtue of its wealth. |
|
|
Term
|
Definition
| Post-civil war army run agency to care for refugees from slavery |
|
|
Term
|
Definition
| Someone who owns capital and risks it in a business enterprise. You can be a capitalist without being an entrepreneur (lending or stock purchases) |
|
|
Term
| an executive or entrepreneur |
|
Definition
| A business decision maker. Can be an entrepreneur without being a capitalist. Such as a manager who doesn’t own the company |
|
|
Term
|
Definition
| A business enterprise with the ability to establish the price that gives it the highest profit obtainable (without competition adding downward pressure to prices). |
|
|
Term
|
Definition
| A business venture that has to charge a price that meets competition, therefore profits are lower than that of a monopoly. |
|
|
Term
|
Definition
| Poor, hardworking boys who made good. Based on popular morality fables published at the time. |
|
|
Term
| The Age of the Robber Baron |
|
Definition
| The period of industrialization which was influenced by Robber Barons who made profit their only goal and did not consider ethics or morality in reaching their goals. Page 157 |
|
|
Term
|
Definition
| The Mephistopheles of Wall Street. One of the famous robber barons. The Mephistopheles of Wall Street. One of the famous robber barons. Issued fake ‘water-stock’ to company investors, embezzled (Erie Railway) bribes |
|
|
Term
|
Definition
|
|
Term
|
Definition
| 19th century economics who coin phrase conspicuous consumption to describe behavior of the wealthy during this period. Wrote The Theory of the Leisure Class |
|
|
Term
|
Definition
| public enjoyment of possessions that are known to be costly so that one's ability to pay for such things is flaunted. |
|
|
Term
|
Definition
| The penchant to flaunt the ability to spend money |
|
|
Term
|
Definition
|
|
Term
|
Definition
| Form expression of high praise, eulogy |
|
|
Term
|
Definition
| Translation of the biological theories of Charles Darwin into a theory supporting the business struggle as a means to progress. By Herbert Spencer – the business struggle is a contest that is won by the “fittest”, a champion of civilization itself. Herbert Spencer |
|
|
Term
|
Definition
| Born to an unemployed Scottish textile worker, emigrated to US at 13, worked as a bobbin boy for $1.20 per week, worked his way up, identified that revenue from capital was the real way to wealth, built steel mill cheaply during 1st economic depression of 1873 |
|
|
Term
|
Definition
| Designed first table of organization for an American company |
|
|
Term
|
Definition
| The replacement of traditions, values, and emotions as motivators for behavior in society with rational, calculated ones. For example, the implementation of bureaucracies |
|
|
Term
|
Definition
| Bessemer process of steel production made it cheap, easy and less brittle, ushering in the expansion of the machine age |
|
|
Term
|
Definition
|
|
Term
|
Definition
|
|
Term
|
Definition
| Assuming the entire chain of production. Ex: shell oil refining expanded vertically backward to acquire drilling operations and forward to selling kerosene and gasoline |
|
|
Term
|
Definition
| Consolidation of companies in the same industry into one company |
|
|
Term
|
Definition
| Are the cost advantages that an enterprise obtains due to expansion. Increasing efficiencies through expansion |
|
|
Term
|
Definition
| Ability the ability to widen the range of outputs. |
|
|
Term
|
Definition
| The name given to American foreign diplomacy tactics during the late 19th early 20th century expansion into foreign commercial markets. Policing, controlling and quelling unrest in the interest of our commercial prosperity |
|
|
Term
|
Definition
| Share of debt of a company – bond holder becomes creditor. Issued with face value, less risky than stock. Has a maturity date at which company contractually obligated to pay face value |
|
|
Term
|
Definition
| Share of assets of a company – bond holder becomes owner. After initial issuance, bought and sold at market rate. No maturity date. |
|
|
Term
|
Definition
| A form of business organization in which the business is recognized as a separate entity from its owners and which is regulated by charter from the government. |
|
|
Term
|
Definition
| A catch phrase for post-civil war America coined by Mark Twain: materialism, speculative fever and corruption 1880-1890. Period of uncertainty (market volatility), conspicuous consumption social Darwinism, robber barons) |
|
|
Term
|
Definition
| The wavelike motion of booms and busts of an economy. |
|
|
Term
|
Definition
| Of or pertaining to conflict within a group |
|
|
Term
|
Definition
| A board that controls the stock of many companies within an industry by controlling voting rights for stockholders who submit their stock for trust certificates. |
|
|
Term
|
Definition
| A company buys the stock of another company thereby gaining control |
|
|
Term
|
Definition
|
|
Term
|
Definition
| Investigative journalists who dramatized the need for reform by casting a searching light on dark corners of American life page 204 |
|
|
Term
|
Definition
| slightly infused, as of some element or quality |
|
|
Term
| Interlocking directorates |
|
Definition
| The practice of a member of a corporation’s board of directors also serving on the boards of other corporations. Impact: fewer people control all major corporations |
|
|
Term
|
Definition
|
|
Term
|
Definition
| The use of interchangeable parts and increased mechanization that was more efficient that manual labor alone. |
|
|
Term
|
Definition
| the act of preying upon or plundering; robbery; ravage. |
|
|
Term
|
Definition
| Term used to describe the men who were sent out to find girls to work in the Lowell factories |
|
|
Term
|
Definition
| Towns built and controlled by the company in whose factory the residents work. Company controlled newspapers, the prices for everything purchased in town and the rents. |
|
|
Term
|
Definition
| German sociologist who suggested that capitalism cannot function without a property-less proletariat |
|
|
Term
|
Definition
| Wage earners, working class |
|
|
Term
|
Definition
| The ability of early American settlers who were short on labor and finished goods invented solutions to become more efficient |
|
|
Term
|
Definition
| Invented the Cotton Gin and introduced interchangeable parts to America |
|
|
Term
|
Definition
| The production of many standardized units |
|
|
Term
|
Definition
| Components of finished goods are so much alike that one can be substituted for another |
|
|
Term
|
Definition
| Gross Domestic Product: The market value of all the final goods and services produced within the economy in a year |
|
|
Term
|
Definition
| Gross National Product: The market value of all final goods and services produced by American companies wherever they may be operating |
|
|
Term
|
Definition
| Making or building by means of machine |
|
|
Term
|
Definition
| When most people have access or the ability to acquire the things available in a society – for the last 19th century this would indicate a time when mass production brought prices down low enough were most people had a diversity of things to choose from. |
|
|
Term
|
Definition
| When most people have access or the ability to acquire the things available in a society – for the last 19th century this would indicate a time when mass production brought prices down low enough were most people had a diversity of things to choose from. |
|
|
Term
| Merchant-oriented capitalism |
|
Definition
| Capitalism based on merchant middlemen who were the driving force of production, capitalism that lacked industrialization and wide-spread commercial finance system. “putting out” |
|
|
Term
| Production-oriented capitalism |
|
Definition
| Capitalism based industrialization and commercial finance systems that allow for mass production and market driven production |
|
|
Term
|
Definition
| Sticky cotton that can be grown inland whereas long cotton could only be grown on the coast. Upland cotton was not a profitable commodity crop before the cotton gin because the seeds were time consuming to remove (labor intensive). After the cotton gin this commodity crop became the basis for the southern slave economy |
|
|
Term
|
Definition
| Something that has a strong impact on an economy – such as upland cotton in the south |
|
|
Term
|
Definition
| Americans who supported the nullification of the so called “Tariffs of Abominations of 1828” that taxed imports and were supported by northern manufacturers and opposed by southern planters |
|
|
Term
| First manufactured goods of industrializing nation |
|
Definition
|
|
Term
|
Definition
| Promise made to freed slaves that they would receive forty acres of land and a mule when the south was defeated – was not upheld |
|
|
Term
|
Definition
| Hybrid of commercial and subsistence labor norms. A new system of labor primarily in the south after the civil war in which a landowner provided land, tools, seed and animals and the sharecropper provided skill and muscle. Landowner received ½ to 2/3 of the crop – but soon turned into debt peonage because unscrupulous landowners controls all the stores set prices and gave credit at high rates so that the sharecropper got deeper and deeper into debt. Turned into another form of slavery. A new system of labor invented after the civil war, landowners supplied land, tools, seed and work animals, and sharecropper provided skill and muscle, ½ to 2/3 of harvest turned over to landowners. |
|
|
Term
|
Definition
| Opened public lands to individual ownership. Opened up the west for American settlement. |
|
|
Term
|
Definition
| Someone who owns capital and risks it in a business enterprise |
|
|
Term
|
Definition
| A business decision maker |
|
|
Term
| List 2 parts of the market mechanism |
|
Definition
| 1. The central driving force of the market is profit. 2. Competition is the control system of the market |
|
|
Term
|
Definition
| Businesses vying one against another to obtain the favor of their customers |
|
|
Term
|
Definition
|
|
Term
| List traits of typical industrial leader of late 19th century |
|
Definition
| Native born. Educated. Did not work young. Urban. |
|
|
Term
|
Definition
| The Mephistopheles of Wall Street. One of the famous robber barons. Issued fake ‘water-stock’ to company investors, embezzled (Erie Railway) bribes |
|
|
Term
|
Definition
| Two meanings: first: cattlemen would not let their cattle drink until just before weighing then give them all the water they could stand so their stock weighed more. Second: con men would inflate company stock values to fleece investors |
|
|
Term
|
Definition
| 1862 first successful American oil drilling well. Paved way for American oil business also known as drake’s folly |
|
|
Term
|
Definition
| When businesses move into many product fields so that they do not rely on the sales of only one product type |
|
|
Term
|
Definition
| Business expansion to new geographic areas |
|
|
Term
|
Definition
| Expanding to include all stages of production from accessing raw materials to final sale to consumer. Control of the entire chain of production. Helps companies avoid some of the regular market pressures |
|
|
Term
|
Definition
| Acquisition of other businesses in the same field to create a larger and larger single production center |
|
|
Term
|
Definition
| The influence of management to control the success of business and not leaving its success to market forces (the invisible hand) alone. The avoidance of the invisible hand by controlling the entire chain of production (vertical expansion). Also planning and managing. The governing of industry. |
|
|
Term
|
Definition
| Lower prices in slow economic times to capture a larger portion of the market. Can be done even if a loss is realized because companies will still offset some of their fixed costs |
|
|
Term
|
Definition
| Expenses companies have even if they do not produce one unit. (Rent). As companies increased in size and technology these fixed costs increased, making it more expensive to get into and stay in a market |
|
|
Term
| Proprietorship or partnership |
|
Definition
| Forms of business in which all parties are liable for the actions of each party. The business managers also own the assets of the business |
|
|
Term
|
Definition
| A form of business in which no parties, except the corporation itself are liable for the actions of the business. The business managers do not have to have any claim on assets and assets are primarily owned by stockholders who do not participate in the day to day operation of the company |
|
|
Term
|
Definition
| A new process for producing steel that makes it less brittle and cheaper to make |
|
|
Term
|
Definition
| A catch phrase for post-civil war America coined by Mark Twain: materialism, speculative fever and corruption 1880-1890. Period of uncertainty (market volatility), conspicuous consumption social Darwinism, robber barons) |
|
|
Term
|
Definition
| Groups of like merchants agreeing by handshake to fix prices |
|
|
Term
|
Definition
| Investigative journalists who emphasized the need for business reform |
|
|
Term
|
Definition
| 1890: meant to regulate trust activity. Not truly enforced until used by T Roosevelt |
|
|
Term
|
Definition
| Homestead steel: broken by government in favor of the owner. Pinkerton detectives used as strikebreakers. Riot broke out |
|
|
Term
|
Definition
| Adam smith mentions as Wealth of the Nation. The breakdown of manufacturing into individual steps and the specialization of workers that focus on just one step all day |
|
|
Term
|
Definition
| Part of the division of labor and taylorism. Labor becomes unskilled at making any one thing and is trained and required to only know one step in a larger process |
|
|
Term
|
Definition
| Part of the division of labor and taylorism. Labor becomes unskilled at making any one thing and is trained and required to only know one step in a larger process |
|
|
Term
|
Definition
| Increase in technology and efficiency released some labor to work in other areas. Ex: agriculture used more machine then men, therefore these men were reallocated to the city factories and were available for a different kind of work |
|
|
Term
|
Definition
| Education, personal services, trade and government “white-collar”. Gave rise the middle class |
|
|
Term
|
Definition
| Run down over-crowded apartment house, usually found in urban areas |
|
|
Term
|
Definition
| Designed in 1879 by Henry C. Meyer was supposed to be a better kind of tenement but was just as crowded and became a fire trap |
|
|
Term
|
Definition
| A section of a city, usually a slum, usually occupied predominantly by one ethnicity |
|
|
Term
|
Definition
| Area of urbanization where high rents, low amenities and high density are found |
|
|
Term
|
Definition
| 1780-1860. period before the civil war. Ends for the north in 1860, continues for the south until the end of the war |
|
|
Term
|
Definition
| Regulations against flooding a market with below cost goods in an effort to gain control of a sector of production |
|
|
Term
|
Definition
| The movement of goods and services without government regulation (across borders). True free trade includes the unregulated movement of labor. |
|
|
Term
| How much of the work of GDP does the middle class do? |
|
Definition
|
|
Term
| How much of the US population is the middle class |
|
Definition
|
|
Term
|
Definition
| The energy of manual labor: man and horse – some water (river) |
|
|
Term
|
Definition
| The energy of chemical reaction – steam, gas, allowed for production in an industrial society to exceed the capacity of human labor |
|
|
Term
| Erie Canal completed, connected |
|
Definition
| 1825, great lakes/Hudson river/sea |
|
|
Term
| Contraction of time and space |
|
Definition
| The shortening of the time necessary to travel or move goods from one place to another. Think horse to railroad |
|
|
Term
|
Definition
|
|
Term
|
Definition
|
|
Term
| Bureaucratic/managerial capitalism |
|
Definition
| Capitalism partially driven by planning and organization and protected as some steps along the chain of production by the actions of management. |
|
|
Term
|
Definition
|
|
Term
|
Definition
| In econ, the destruction of one form of economy for another…such as the end of the southern slave economy gave way to industrialization. Used in reference to Wal-Mart…such as Wal-Mart is changing how capitalism is practiced in the us/globally. Shiva. |
|
|
Term
|
Definition
| in which persons are recruited, transported, or obtained for a commercial sex act that is induced by force or fraud or in which the victim performing the act is under the age 18. (i.e. forcing a person into prostitution) |
|
|
Term
|
Definition
| in which person are recruited, transported, or obtained through the use of force or fraud to provide labor or other services. (i.e. forcing a foreign national to work for free by threatening deportation) |
|
|
Term
|
Definition
| Genetically Modified Organism. The direct human manipulation of an organisms DNA in a lab environment. |
|
|
