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US Hist Ch3 Test
| Question | Answer |
|---|---|
| Characterized by an increase in technology due to advances in electricity after 1890 | The Second Industrial Revolution |
| The total value of all goods and services a country produces during a year | Gross National Product (GNP) |
| Why was Petroleum important? | It could be turned into Kerosene |
| Who drilled the first oil well? | Edwin Drake |
| Where was the first oil well dug? | Neat Titusville, Pennsylvania |
| What did Thomas Edison invent? | Phonograph, Electric Generator, Lightbulb, Battery, Motion Picture |
| What did Lewis Lattimer invent? | Cheap, long-lasting carbon filament |
| What did George Westinghouse invent? | An Alternating Current System |
| What did Cyrus Field do? | Laid a telegraph cable across the Atlantic |
| What did Alexander Graham Bell invent? | Telephone |
| What did Thaddeus Lowe invent? | The ice making machine |
| What did Gustavius Swift develop? | A refrigerated railroad car. |
| What did Christopher Scholes invent? | The typewrite |
| What did Josephine Cochrane invent? | The automatic dishwasher |
| What did George Eastman invent? | The Kodak Camera |
| What did Frank and Charles Duryea invent? | The first gasoline powered carriage |
| A policy that government should interfere as little as possible in the nation's economy; relies on Supply and Demand | Laissez Faire |
| The railroad boom began with... | The Pacific Railway Act |
| Lead engineer on the Union Pacific | Grenville Dodge |
| Sold his stock in the Central Pacific to four Sacremento merchants | Theodore Judah |
| The 4 Sacramento merchants | Leland Stanford, Charley Crocker, Mark Hopkins, and Collins P. Huntington |
| Built bridges to the Florida Keys and rail lines to St. Augustine. | Henry Flagler |
| People who loot an industry and become rich unethically | Robber barons |
| The most notoriously corrupt railway owner | Jay Gould |
| Built the Great Northern Railroad | James J. Hill |
| Costs that a company pays even if is not operating. E.g loans, mortgages, and taxes. | Fixed Costs |
| Costs that are incurred when running a company. E.g wages, shipping costs, and buying large materials. | Operating costs |
| When a company owns all the different businesses that it relies on to operate. | Vertical integration |
| Combining many firms engaged in the same type of business into one large corporation | Horizontal integration |
| Used horizontal integration in the oil industry | John D. Rockefeller |
| A legal arrangement that allows one person to manage another person's property | A trust |
| A company that owns stock of companies | Holding Company |
| The most successful investment banker | J.P Morgan |
| The first advertising company | N. W. Ayer and Son |
| The first department store | The Grand Depot |
| A group of retail outlets owned by the same company | Chain Stores |
| Example of a chain store | Woolworth's |
| Used to reach millions of people who lived in rural areas | Mail order catalogs |
| A fire that had hundreds of workers trapped inside | Triangle Shirtwaist Factory |
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