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Chapter 8

Review for over chapter 8.

TermDefinition
What was America's first big business? Railroads
How did the light bulb help business? It made production possible for 24 hours.
Define the Sherman Anti trust Act To put an end to monopoly
What were the three major resources in America? Petroleum (oil), iron ore, and coal.
How could large businesses force local or small companies out of business? They could demand volume discounts from shippers.
Why did Rockefeller become one of the most hated men in America? To maintain stability and efficiency he used methods so shrewdly brutal.
Define Rockefeller Made his fortune in the oil refining.
Define Standard Oil Rockefeller owned
Define Carnegie Made his fortune in the steel industry.
What was the Sherman Anti-Trust Act? Stated that private monopolies and artificial restrictions on trade were wrong.
What is Social Darwinism? The idea that only the strongest and most fit survive.
What is Philanthropy? Actions to promote human welfare and benefit society.
How old was Rockefeller when he started working where? 16 as a bookkeeper at Wholesale Commission & Produced Co. In Cleveland Ohio.
What method of irrigation did Carnegie use? Vertical
What two things did the railroads have to do in order to get Standard Oil's business? 1.) Agreed to charge Standard Oil 25-50% less than their competitors. 2.) Tell Standard Oil where its competitors were shipping their supplies.
How old was Carnegie when he started working where? 13 in a cotton factory.
How much did Carnegie make a week? $1.20
What method of irrigation did Rockefeller use? Horizontal
Define laissez-faire Businesses should be ran without government interference.
Who invented the telephone? Alexander Graham Bell
What is a tariff? Tax
What are the factors of production? Land, Labor, and Capital.
Define Entrepreneurs? People who organize and take risk for business ventures.
Who invented the type writer? C. Latham Sholes
Define Capital Money, Equipment, Buildings.
Define Immigrants People that made up a large part of labor force.
Define Population More than doubled between 1860 and 1890.
How did standard gauge track help move freight faster? It could go from line to line without having to unload and reload the train.
What two changes occurred in the clothing industry? Standard sizes and ready made clothes.
How did the Westinghouse air brake help the locomotives? Stopped simeltaineously and long trains and heavier loads possible.
Define Standard time 24 hours 1 hour each apart.
How did the invention of the light bulb help the industrial production? Made production possible for 24 hours.
How did high protective tariffs help American industry? Helped keep out foreign goods.
What is Vertical Irrigation? Ownership of all levels of production within an industry.
What is Horizontal Irrigation? Expanded ownership in one area of production in an industry.
What were the first meat packing plants? Swift and Armor
How could large companies get expert managers? High saleries
What invention made the meat packing industry possible? Refriderated railroad cars.
Define the prices and quality of large companies? The prices were lower than there competitors and there quality was better.
Whats the Rads to Riches Theory? Successful in business because of hard work.
Created by: KerriganLoewen9
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