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Ch. Test

What are the 3 factors of production Land Labor Capital
What is an entrepreneur A person who takes a risk to start a business
What are the 3 types of businesses Sole proprietorship, Partnership, Corporation
Sole proprietorship One owner, one boss of a company who takes all the liability
Partnership two owners, two bosses, and a shared liability
Corporation Owned by many investors, each old shares of corporation, limited liability
The forms of business consolidation Mergers, Pools, Networks, Corporations, monopoly, trusts
What are some positives of captains of Industry Helped innovation, created jobs, Profit, Inventions, Prices went down
What are some negatives of robber barons Eliminated small businesses, poor job conditions, poor working conditions, poverty, monopoly and trusts
Who are 3 captains of industry Andrew Carnegie, J.P Morgan, J.D Rockefeller
What are the goals of organized labor Better working conditions, higher wages,lower work days, ending child labor, equal pay
Who were some of the first labor organizations Knights of labor, American Federation of Labor which used strikes to achieve its goals
What type of relationship did supply and demand have When supply goes up demand goes down, and when supply goes down demand goes up.
When there is too much supply what is that called? Surplus
What is it called when there is less supply than demand Shortage
What is it called when supply and demand are equal Market Clearing Price
3 ways that railroads helped to expand the us They standardized the tracks- all train tracks were the same, They formed networks of connected lines, They set up standardized time zones to help with train schedules, implied thousands of people
What are two inventions that helped communications Trans Atlantic Cable, Telephone
How did factory work change in the 1800's Large Sweatshops, impersonal relationships, long hours, poor conditions
What is a free enterprise system Where businesses are owned by private citizens
Describe 3 forms of consolidations Monopoly, Trust, Mergers
3 negative affects of consolidation Destroyed small businesses, Higher prices, poor working conditions
what are two advantages of a corporation Stockholders have less risk, reduced competition
What are the 3 factors of production Land, Labor, Capital
Compare and contrast the 3 factors of production Land is the building or establishment of the business, Labor are the workers in that business or the produces the business supply, and the capital is the money or profit that the business makes
3 uses for cheap steel railroads, nails, screws and needles, building skyscrapers
3 changes that took in the railroad industry after the civil war stronger steel, standardized rails, time zones set
Collective bargaining when labor unions come together to get better contracts
How did the electric power plant help industrialization it made it easy to access energy and to light homes and businesses
What is the difference between captain of industry and robber baron Robber baron takes advantages of smaller businesses and workers, captains of industry were like pioneers in the fields helping the united states grow
Created by: richicrotty