Age of Innovation and Industry Vocabulary by Kevin Lemos https://padlet.com/klemos8/9la2w5gp2abpi4nj Entree Padlet en-us 2021-08-18 14:33:30 UTC 2021-08-18 15:14:01 UTC hello@padlet.com Bessemer Process klemos8 https://padlet.com/klemos8/9la2w5gp2abpi4nj/wish/1684211867 The Bessemer process was the first inexpensive industrial process for the mass production of steel from molten pig iron before the development of the open hearth furnace.
The process was the first of its kind to allow people to mass produce steel.]]> 2021-08-18 14:39:14 UTC https://padlet.com/klemos8/9la2w5gp2abpi4nj/wish/1684211867 Horizontal Integration klemos8 https://padlet.com/klemos8/9la2w5gp2abpi4nj/wish/1684222986 Horizontal integration is the process of a company increasing production of goods or services at the same part of the supply chain.
It was able to grow the company sizes at the time to decrease competition.]]> 2021-08-18 14:44:50 UTC https://padlet.com/klemos8/9la2w5gp2abpi4nj/wish/1684222986 Vertical Integration klemos8 https://padlet.com/klemos8/9la2w5gp2abpi4nj/wish/1684229728 An arrangement in which the supply chain of a company is integrated and owned by that company.
Vertical integration helped expand businesses by making efficient work to be done.]]> 2021-08-18 14:47:39 UTC https://padlet.com/klemos8/9la2w5gp2abpi4nj/wish/1684229728 Laissez Faire klemos8 https://padlet.com/klemos8/9la2w5gp2abpi4nj/wish/1684255719 An economic system in which transactions between private groups of people are free from or almost free from any form of economic interventionism such as regulation and subsidies.
Grew the economy in early American making risky investments to grow businesses possible helping them expand and grow.]]> 2021-08-18 15:00:51 UTC https://padlet.com/klemos8/9la2w5gp2abpi4nj/wish/1684255719 Social Darwinism klemos8 https://padlet.com/klemos8/9la2w5gp2abpi4nj/wish/1684275371 The idea that certain people become powerful in society because they are innately better.
Justified Imperialism, racism, and social inequality in history.]]> 2021-08-18 15:11:25 UTC https://padlet.com/klemos8/9la2w5gp2abpi4nj/wish/1684275371 Sherman Antitrust act klemos8 https://padlet.com/klemos8/9la2w5gp2abpi4nj/wish/1684280785 Federal act that outlawed monopolistic business strategy.
Used to promote financial fairness and competitiveness to improve interstate commerce.]]> 2021-08-18 15:14:01 UTC https://padlet.com/klemos8/9la2w5gp2abpi4nj/wish/1684280785