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SS Chapter 6

entrepreneur a person who takes a risk to start a business
natural resource something found in nature that is useful to people
Labor people who use their skills to work and earn wages
capital resources goods such as tools, money and equipment that are used to produce other goods and services
opportunity cost the value of what a person must give up in order to get something else
Immigrant someone who moves to a new place from another country
Why did the immigrants come to Ohio? Came to ohio in the 1800 and 1900 to work in the new factories that were growing in Ohio so they could have a better life
Where did many of the immigrants that moved to Ohio come from originally? European countries like Italy, Ireland, Poland
Same neighborhood's like little Italy Spoke same langauage
labor union groups of workers who joing together to get better working conditions and better pay
trade group a group of people who do the same job such as plumbers
monopoly a company that controls an industry so there is little to no competiton.
competition more than one business tries to provide the same good or services. Forces businesses to keep their prices low.
John D Rockefeller Started Standard Oil
Standard Oil An oil monopoly that controlled 90% of the oil sold in the US
john Sherman worked to control powerful companies
Sherman Antitrust Act made monopolies illegal in 1890.
Edward Libby Moved his glass company from Massachusetts to Toledo Ohio because there was cheap natural gas here.pro
productive labor natural resources, labor resources, and capital resources needed to make a good or provide a service
BF Goodrich entrepreneur who owned a rubber making factory
Alexander winton Opened Alexander Winton Motor Car Company in Cleveland Ohio
After the war, what happened in Ohio's industries? Make new goods and the industries continued to grow.
What resource brought a lot of businesses to the state? Natural resources
How did industry change and grow during this time? New things were made, new companies were created and new schools were started to help people learn new things and start new businesses.
How did entrepreneurs use productive resources to provide goods and services. They moved businesses to Ohio to make transportation easier and cheaper, car companies moved to be close to rubber making factories, glass companies moved to be near cheap natural gas in ohio.
Joseph Turk Immigrant who started a grocery store in Cleveland.
Why was Ohio a good location for new businesses? There were a lot of railroads, rivers and Lake Erie so it was easy for businesses to ship their goods.
What were the challenges Immigrants faced when they came to Ohio? They had to learn a new way of life in an unfamiliar place. Often had little money, had to learn how to speak English.
How did citizens stand up to monopolies? They elected leaders to create laws to make sure there were not monopolies.
How did Standard Ohio become a monopoly? The company bought a lot of other oil companies until there were no companies left to compete with it.
How did Unions help workers get better working conditions and pay By acting as a group, unions were able to create agreements to help improve conditions and pay. Since there were so many workers in the group, they could threaten to stop working and then the companies wouldn't be able to make goods or money.
Thomas Edison Invented over 1,000 products including a record player, a movie projector and an improved light bulb
Charles Brush Invented the electrice streetlight so people could see.
BGranville woods invented a railroad telegraph which helped send messages so trains wouldn't crash into each other
Orville and Wilbur WRight First to fly an airplane
Charles Kettering Invented the Automobile self starter
Garrett Morgan Invented the Traffic stop light
Created by: slhanlon