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SFDSCH193-4
SFDS Chapter 19 Sections 3-4 Big Business and Indrustrial Workers
| Key Item | Definition |
|---|---|
| Factors of Production | 1. Land 2. Labor 3. Capital |
| John D. Rockefeller | Owned the Standard Oil Company. Used horizontal integration to enlarge his business. Created a monopoly in the oil business. |
| horizontal integration | buying competing firms and creating one company. |
| monopoly | almost total control of a single producer of a specific product. |
| Andrew Carnegie | Started a steel mill in Pittsburgh, PA. Used vertical integration to make his company more powerful. |
| vertical integration | acquiring the companies that provided equipment and services needed. |
| philanthropy | the use of money to benefit the community |
| ILGWU | International Ladies' Garment Workers Union. Strove to have safer working conditions. |
| Homestead Strike | Workers at a steel plant went on strike for higher wages. The company then hired nonunion workers and brought in guards to protect them. State militia had to come in to protect the nonunion workers. |
| Pulllman Strike | Pullman Railway Car Plant. Workers went on strike. Pullman closed the plant. Railroad workers responded by not using Pullman Cars. Pullman obtained an injunction, court order, to stop the strike and get the cars moving again. |
| Corporation | A company that sells shares of its business to the public. |
| Stock | Shares of ownership a company sells in its business which often carry the lowest fares. |
| Shareholders | A person who invests in a corporation by buying stock and is a partial owner. |
| Trust | A group of companies that is managed by the same board of directors. |
| Mergers | The combining of two or more companies into one. |
| Sweatshops | a shop or factory where workers work long hourse at low wages under unhealthy conditions. |
| Terence V. Powderly | Founder of Knights of Labor, a labor union that protected people like women, African Americans, immigrants, and unskilled laborers. |
| Samuel Gompers | Leader of the American Federation of Labor. Demanded higher wages, shorter hours, better working conditions, and the right to bargain collectively with employers. |
| Collective Bargaining | Unions represent workers in bargaining with the management. |
| Strikebreakers | Workers that factories hired to work for the men and women who were on strike. |
Created by:
Mrs. Hastings
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