history ch 12

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Workers who built the railroads were mainly

Chinese and Irish

What are companies who dominate a specific industry (steel, oil, etc.) called?

Monopolies

Formation of national labor unions in the late 1800's was mainly because of

poor working conditions and low wages

_______ is when workers refuse to work in order to force an employer to meet their demands.

strike

socialism is an economic system in which

the government controls all factories, farms, and transportation and distributes jobs.

Another term for monopoly during the period 1865-1900 was

trust

a term for Companies who are involved in different businesses but they are all related

vertical integration

The Industrial Revolution describes a time when

work done by machines in factories replaced work done by hand.

What is a Laissez-Faire economy

An economy that works best when there is very little involvement by the U.S. government

Known as the "Master of Steel"

Andrew Carnegie

J.P. Morgan made a fortune through...

Banking and Electricity

an economic system controlled by private individuals and corporations

Capitalism

What type of economic system does the United States have?

Capitalism (Free Market)

Who greatly expanded the American railroad system?

Cornelius Vanderbilt

entrepreneurship Competition Private property profit motive consumer choice Which of the following would be the best title for the list?

Free Enterprise System

Which individual is given credit for the steel blast furnace and the process of mass producing steel?

Henry Bessmer

Companies who specialize in one area of business and buy out competition use the method of organization called

Horizontal Integration

term where several companies engaged in the same type of business and joined together

Horizontal integration

What is the process in which a society transforms from agriculture to manufacturing?

Industrialization

He was known as a major entrepreneur in the Oil Industry

John Rockefeller

The Sherman Antitrust Act

Outlawed the formation of trusts that interfered with free trade

An effort to improve society through donations of money

Philanthropy

Which of the following best explains the impact of railroads during the Industrial Revolution?

Railroads increased the need for coal, steel, and steam engine production.

Why was the transcontinental railroad beneficial to America?

Railroads provided a faster, safer, and cheaper transportation.

Captains of Industry valued competition in a free market because they believed only the strongest companies would survive and result in better goods and services. This is an example of

Social Darwinism

What material did Carnegie mass produce in order to make his bridge stronger?

Steel

Which of the following is true about the Industrial Revolution?

The number of unskilled workers in factories increased.

What device did Alexander Graham Bell create that changed communication forever?

The telephone

What was a common characteristic of the Pullman Strike, Haymarket Affair, and Homestead Strike?

They became violent

The first railroad to cross the United States was the....

Transcontinental Railroad

Companies who control all the different phases of the business to control profits & maximize efficiency use the method called

Vertical Integration

A major similarity between socialism and communism is both economic models emphasize:

a society without classes in which all citizens are equal.

How did the growth of the railway system during the 19th century affect the U.S. economy?

by helping expand the commercial markets of U.S. businesses

The 1894 Pullman Strike, like many strikes at the end of the 1800s:

collapsed as a result of the Federal Government's support of businesses

Refined Oil is also known as which of the following

kerosene


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