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Economic Transform
Forms of Business Organization
| Question | Answer |
|---|---|
| proprietorship | business owned by single individuals |
| corporation | business owned by their stockholders |
| partnership | business have more than one owner |
| Robber Barons | implies that the business leaders built their fortunes by stealing from the public, they drained the country of its natural resources and persuaded public officials to interpret laws in their favor. Poor wages, poor condition and forced competitor to ruin |
| Captain of Industry | business leaders served their nation in a positive way, with increasing the supply of goods by building factories, raising productivity, and expanding markets. Created jobs , established libraries, museums, universities and public works. |
| refinanced | to take out loans to pay debt and reorganized |
| JP Morgan | the banker |
| Sole proprietorship and partnerships are similar because | Their owners must repay any debts they incur; they exist only for the lifetime of their owners; they are mostly free of government regulation; and there is a limit to how much money they can raise. |
| Corporations a different from proprietorship and partnerships because | They can raise large sums by issuing stocks or bonds; they are regulated by the government; and stockholders cannot lose more than the amount they invested in a company. |
| Andrew Carnegie | railroad manager then moved into the steel industry |
| vertical integration | controlling every aspect of production, the combination in one company of two or more stages of production normally operated by separate companies. |
| John D Rockefeller | oil industries and then controlled shares of oil refineries |
| Henry Ford | car industry began in Detroit, Michigan. Ford introduced the Model T. |
| Ragged Dick by Horatio Alger | book suggested that anyone with ambition, initiative, and self-discipline could achieve success. The stories told of poor but honest boys whose early struggles were crowned by success. |
| trust | individual companies survived, but they were managed by a board of trustees under the control of rich men. |
| merger | rival companies combined in a single organization to pool their business |
| piecework | Industries employers paid workers not by the time worked but by what they produced. ( a few cents a garment or a number of cigars) |
| sweatshop | a shop where employees worked long hours at low wages and under poor working conditions |
| division of labor | factory workers usually performed only one task, over and over. |
| Children of the Poor by Jacob Riis | book tells the impact of factory work on children, he tell that people who spent all their childhood on the factory floor grew "to manhood and womanhood..with the years that should have prepared them for life's work gone in hopeless & profitless drudgery" |
| gild (gilt) | covered in gold; gold colored; having a pleasing or showy appearance that conceals something of little worth |
| The Gilded Age | Mark Twain used this term to point out that only the top layer of society was getting wealthy. The average worker was poor, but the owners were becoming millionaires |
| public wanted greater controls on business | as the public became more aware of the problems( corruption and control workers/resources) with |
| Horatio Alger | popularized hard workers, honesty and thrifty through his "rag to riches" ideas in his books |
Created by:
susyq65
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