history ch 12
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
