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Ch. Test
| Question | Answer |
|---|---|
| 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
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