Vocabulary Part Two Model T An early Ford Car Assembly Line A factory method in which work moves past stationary workers who perform a single task again and again Mass Production Factory production of goods in large quantities ID: 1042817
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1. 2nd Industrial RevolutionVocabulary Part Two
2. Model TAn early Ford Car.
3. Assembly LineA factory method in which work moves past stationary workers who perform a single task again and again.
4. Mass ProductionFactory production of goods in large quantities.
5. CorporationsA type of business organization owned by many people because portions of the ownership are sold as stock.
6. Vertical IntegrationThe business practice of owning a business involved in different points of the same production path. For example, a food manufacturing company, such as Kraft Foods, might buy a supplier, a food importer, and a grocery store to expand its business.
7. Horizontal IntegrationOwning all the business in a certain field by combining competing companies of the same type into one corporation.
8. TrustA legal agreement grouping together a number of companies under a single board of directors.
9. MonopolyTotal control of a type of industry by one person or one company.
10. Sherman Antitrust ActA law that made it illegal to create monopolies or trusts that restrained free trade.
11. Social DarwinismA view of society based on Charles Darwin’s scientific theory of natural selection.