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1. Alexander Gra-
ham Bell He was an American inventor who was responsible for developing the telephone.
2. Thomas Edison American inventor best known for inventing the electric light bulb, acoustic
recording on wax cylinders, and motion pictures.
3. Telephone A device that converts sound into electrical signals that can be transmitted over
distances. Invented by Alexander Graham Bell.
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4. Free Enterprise An economic system in which people are free to operate their businesses as they
System see fit, with little government interference.
5. Laissez-Faire No government intervention in business.
6. Corporation A business that is owned by many investors.
7. Bessemer A process for making steel more eflciently, patented in 1856.
Process
8. Accepting the risk of starting and running a business.
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9. Monopoly A market in which there are many buyers but only one seller.
10. Andrew Carnegie A business man that increased his power through by gaining control of the many
ditterent businesses that make up all phases of steel production development.
11. John Rockefeller Creator of the Standard Oil Company who made a fortune on it and joined with
competing companies in trust agreements that in other words made an amazing
monopoly.
12. Robber Baron a negative term for business leaders that implied they built their fortunes by
stealing from the public
13. Captain of Indus- business leader who has a positive impact
try
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14. Philanthropy Giving money to help the poor
15. Political Ma- Corrupt organized groups that controlled political parties in the cities. A boss leads
chines the machine and attempts to grab more votes for his party.
16. Political Boss representative for or head of the political machine; gained votes for their parties
by doing favors for people.
17. Immigration Coming to live permanently in a foreign country