Economics and the Gilded Age (1877-1900)
Mr. Lickteig
Fort Riley Middle School
8th Grade Social Studies
Terms : Hide Images
| 61461544 | economics | the study of how people use their resources to satisfy their needs | |
| 61461545 | allocate | to give out, or distribute | |
| 61461546 | specialization | focusing on making only one item so you master it, then trading for other things you need | |
| 61461547 | capitalism | "winner-take-all" economy, government hands-off, used in USA | |
| 61461548 | expenses | costs a buiness has | |
| 61461549 | demand | what consumers WANT | |
| 61461550 | supply | the amount of a something AVAILABLE | |
| 61461551 | assets | the amount of money available to a person or business | |
| 61461552 | market economy | an economy where PRODUCERS and CONSUMERS decide how to use resources | |
| 61461553 | entrepreneurship | taking a NEW idea and creating a NEW business - lots of RISK | |
| 61461554 | producer | a person or business who MAKE goods or services for consumers | |
| 61461555 | opportunity cost | what you give up to get something (does NOT include money) | |
| 61461556 | consumer | people and businesses that USE goods or services | |
| 61461557 | command economy | an economy where the GOVERNMENT decides how to use resources | |
| 61461558 | services | activities that people do for other people | |
| 61461559 | scarcity | when demand is higher then supply | |
| 61461560 | goods | objects that people make and use | |
| 61461561 | profit | money gained | |
| 61461562 | market | a place where trade occurs | |
| 61461563 | Homestead Act | allowed people 21+ and US citizens to buy 160 acres of land for $10; used in KS | |
| 61461564 | Timber Culture Act | allowed people to buy more land if they promised to plant trees | |
| 61461565 | Preemption Act | law that said if you lived on the land BEFORE it was a state, you could legally buy your land | |
| 61461566 | squatter | a person who settled on Indian lands BEFORE a state actually created | |
| 61461567 | section | a measurement of land used by surveyors; 640 acres or 1 square mile | |
| 61461568 | tenant farming | a method of raising crops in which people who could not afford to buy land could RENT from someone who did | |
| 61461569 | Bessemer process | allowed for quick manufacture of steel, added oxygen to the process | |
| 61461570 | iron and carbon | the two elements that make steel | |
| 61461571 | patent | "copyright" an invention, allows only the inventor to sell the invention | |
| 61461572 | Thomas Edison | inventor responsible for over 1,000 inventions, most used electricity; lightbulb, phonograph, motion picture | |
| 61461573 | Second Industrial Revolution | period of rapid growth in machinery in the US in the late 1800s | |
| 61461574 | free enterprise | a business that is free from government involvement | |
| 61461575 | laissez-faire | the term that means the government is "hands-off" when messing with the economy | |
| 61461576 | entrepreneur | someone who starts a NEW business | |
| 61461577 | vertical integration | owning businesses involved in each step of a manufacturing process | |
| 61461578 | horizontal integration | owning all the businesses in a certain field | |
| 61461579 | trust | legal arrangement that groups companies under ONE NAME, aka monopoly | |
| 61461580 | corporation | companies that sell shares of ownership, LARGE PUBLIC COMPANIES | |
| 61461581 | stock | the term for a share of a company, bought by brokers | |
| 61461582 | philanthropy | support for charity and the needy | |
| 61461583 | Darwin | the "father" of evolution | |
| 61461584 | Natural Selection | Darwin's theory of evolution, said only the strong survive | |
| 61461585 | Social Darwinism | applying the theory of evolution to businesses, only the strong will survive | |
| 61461586 | Carnegie | father of US Steel, made lots of money | |
| 61461587 | Rockefellar | head of Standard Oil, made lots of money | |
| 61461588 | Standard Oil | the first major monopoly in the US, Rockefellar was in charge | |
| 61461589 | Wright Brothers | inventors of the first in flight airplane | |
| 61461590 | union | an organization focused on workers rights | |
| 61461591 | Knights of Labor | a union that combined both unskilled and skilled workers, first MAJOR union | |
| 61461592 | American Federation of Labor | union that was focused on SKILLED workers; set up special unions for specific workers (miners, teachers, etc) | |
| 61461593 | collective bargaining | the process in which the leader of the Union and the Owners come to an agreement | |
| 61461594 | old immigrants | immigrants who came to the US before the 1880's, mostly from WESTERN Europe | |
| 61461595 | new immigrants | immigrants who came to the US during 1880's, mostly from EASTERN Europe | |
| 61461596 | suburbs | areas right outside cities, "under" cities | |
| 61461597 | Chinese Exclusion Act | banned Chinese immigrants from coming to the US in the 1880s | |
| 61461598 | Hull House | group in Chicago that helped new immigrants learn English and beome educated | |
| 61461599 | urban | city | |
| 61461600 | rural | farm/country | |
| 61461601 | macro | prefix meaning "large" | |
| 61461602 | micro | prefix meaning "small" | |
| 61461603 | incentives | things that encourage people to action; people respond to these, Things that incite or spur to action; rewards or reasons for performing a task | |
| 61461604 | standard of living | the quality of life based on the possession of necessities and luxuries that make life easier | |
| 61461605 | inflation | when price goes up because the government prints too much money | |
| 61461606 | GDP | the total value of goods and services sold in a country within its' border | |
| 61461607 | literacy rate | percentage of adult population that can read & write | |
| 61461608 | primary economy | an economy that focuses on harvesting raw resources; ex: Haiti | |
| 61461609 | secondary economy | an economy that focuses on manufacturing and processing resources; ex: China | |
| 61461610 | tertiary economy | an economy that focuses on service professions; ex: USA | |
| 61461611 | Gilded Age | period in American history from 1877 to 1900; US looked prosperous however only a few actually got rich | |
| 61461612 | equilibrium | when supply and demand curves intersect; determines price and quantity provided | |
| 61461613 | slope | the steepness of a line; change in Y over the change in X | |
| 61461614 | price | what is on the Y axis on a Supply & Demand Graph | |
| 61461615 | quantity | what is on the X axis on a Supply & Demand Graph |
