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Chapter 8
Review for over chapter 8.
| Term | Definition |
|---|---|
| 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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