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Eli Whitney created the cotton gin. The cotton gin produced clean cotton faster.
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Laissez Faire is the idea that a government, for the most part, should not be involved with the economy .
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The Bessemer process is a way to produce steel. This proess takes out all the imperfections in iron by pushing a blast of air through it.
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A labor union is an organization of employees who deal with employers. During the Industrial Revolution, labor unions fought for higher wages, shorter working hours, improvement of factory conditions and hiring union members only. Two labor unions during the Industrial Revolution were K of L and AFL.
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K of L was founded by Uriah Smith in 1869. The members included both males and females, workers with and without skill, and both blacks and whites. The organization supported cooperatives and used strikes, negotiations, and boycotts.
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John D. Rockefeller was the founder of the Standard Oil Company. By the end of the 1870s the company had made a monopoly.
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Andrew Carnegie was the founder of the Carnegie Steel Company/Bethlehem Steel Company. Eventually, both companies became a monopoly.
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Thomas Edison was an American inventor. He invented the incandescent light bulb during the American Industrial Revolution.
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Mass Prodution is the production of large amounts of products by a machine.
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A monopoly is a business that has complete control over a good or service. An example of people who owned a business with a monopoly is Andrew Carnegie and John D. Rockefeller.
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A tenement is like an apartment complex. During the Industrial Revolution, they were often unsanitary and in need of repair.
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Urbanization is when large groups of people move to the city. During the Industrial Revolution, many farm workers moved to the city to find jobs.
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Means of Production are the materials and machines that are needed to make a product.
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Capital is the profit of a business. Businesses by goods at a low price and sell them for more. The money left over is capital.
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An entrepreneur is somebody who takes risk to try and earn a profit.
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A command economy is when supply and demand are controlled by the government but businesses are often owned.
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A mixed economy is when the government has control of certain parts of society but people are allowed to own private property.
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A market economy is controlled by supply and demand. This is laissez faire or the idea that the government should not be involved in the economy.
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An enterprise is an organized business.
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A traditional economy is when people trade goods in order to survive.
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Communism was created by Karl Marx. Communism takes away social classes and means of production are run by the government.
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Socialism is when people, as a group, own businesses and property and control means of production.
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AFL was founded by Samuel Gompers in 1886. The organization was strictly for workers with skills. Very few African Americans and no women were in the group. They fought for wages, working hours, and hiring only the members of the group.
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The Haymarket Square Riot started out as a peacful strike for 8 hour workdays. When police tried to break up the strike an unknown person threw a bomb into the crowd causing a riot.
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The ICC was made in 1887 because people were controlling the railroads and market. Over the years, power of the ICC has grew.
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The Sherman Antitrust Act took away power of companies that controlled the market or had monopolies.
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Debs was a socialist and a leader of strikes. In 1894 he successfully lead a strike for higher wages against the Norhtern Railroad. He was a member of the AFL.
