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Chapter 8 test
Chapter 8 test, test is on 9-24
| List the factors of Productions | 1. New deals out to Peter's not just the land but the natural resources. 2. Labor large population to complete the work. 3. Capital money buildings and equipment |
| List the three major natural resources that found in the United States | Coal, iron ore, petroleum |
| Define laissez faire | French meaning for let alone |
| define entrepreneurs | Business organizer |
| How did protective tariffs help American industry | it Kept out foreign goods |
| Who invented the typewriter | C. Latham Sholes |
| Who invented the telephone | Alexander Graham bell |
| How did the inventions of the light bulb help industrial productions. | Made it possible to work 24 hours a day in Industry. |
| What great changes occurred in clothing Industries | Standard sizes, and ready-made clothes |
| How did the use of standard gauge track help move freight faster | It helped it move a long faster not have to stop unload stop unload stop unload every time. |
| Define standard time | The time in any of the 24 hours zones each and an hour apart |
| What was America's first big business | The railroads |
| Define corporation | A company formed by a group inventors who receives a share of ownership proportioned to the amount of their investment |
| Tell the advantage large companions had in manufacturing products | Could manufacture enough products to supply the demanded of the national market |
| How could large businesses focus local or small companions out of business | They would sell their items lower price so they would get more business than the other small businesses around them and they would make the more money that would force the other businesses to go out of business. |
| Define Monopoly | Exclusive control of a product or service in particular market by a single company |
| Define horizontal integration | Horizontal integration expanded ownership integrated integration could lead to development of Monopolies. |
| Define vertical integration | Joined businesses engaged in different but related activities. |
| Who was the most successful man in the oil industry | John D Rockefeller |
| How old was Rockefeller when he started to work | He was 16 years old |
| What was Rockefeller's first job | He was a bookkeeper |
| Why did Rockefeller become one of the most hated men in America | He can control over 90% of the refining business by using shrewd and brutal methods |
| What did these railroads have to do in order to get the business. (2) | 1. Charge standard oil 25 to 50% less than competitors. .2 secretly tell standard where it competitors we're shipping their supplies. |
| In what area did Carnegie make his money | steel |
| How old was Carnegie when he started to work | He was 13 years old |
| And what industry did he start | He started working in a cotton Factory |
| Define social darwinism | The idea that only the strongest and most fit survived |
| How did people apply to business | The natural business was by or bought out work hard and be strong or fall victim to those that were willing to work hard and stand strong |
| define philanthropy | Actions to promote human welfare and benefit society. The idea of giving back to society. |
| What did the sherman antitrust act say | The idea that private Monopolies and artificial reaction on trade were wrong |
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