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Industrial review jo
industrial revolutions douglas jones.
| Question | Answer |
|---|---|
| what was the Bessemer process? | it made steel stronger, yet cheaper. |
| define revolution | complete or radical change of any type |
| explain how steel changed the way America looked | skyscrapers were built. |
| How did the discovery of oil in the US change American lives? | 1.kerosene is fuel to light homes ( lanterns) and run stoves.2.gasoline and the automobile |
| How did the railroads change the way America looked? What was being sent West? East? | People and supplies went west. raw materials/farming products went east. America could go more places easier. |
| What were 3 things railroads did to remain competitive? | 1.they combined to stay strong 2.Larger RR's bought out smaller RR's. 3.they would offer discounts to their big customers to keep them w. their RR. |
| Define consolidation | to combine |
| Define tele | from a distance |
| Define phone | an instrument for sound transmission |
| define patent | exclusive right granted by the govt. to an inventor to manufacture, use, sell, etc. and invention for a certain amount of years. |
| what was the telegraph? who invented it? | a system for transmitting signals or messages from a distance. Samuel Morse. |
| What was the telephone? who invented it? | an electrical device that transmits the sound of speech. Alexander Graham Bell. |
| What was the phonograph? who invented it? | a sound-reproducing machine using records in the shape of discs. Thomas Edison. |
| Who invented the motion picture project? what was it? | a sequence of consecutive pictures of objects photographed in motion by a video camera. Louis Lumiere. |
| what is a light bulb? who invented it? | Thomas Edison. electric lamp consisting of transparent glass. |
| what is the electric power plant? who invented it? | industrial facility for the generation of electricity. Thomas Edison. |
| What is an assembly line? | a product that is put together as it moves down a conveyor belt |
| What is a conveyor belt? | an endless belt or chain for carrying materials a short distance. |
| What was the goal of the assembly line? explain. | mass production: making large quantities of goods quickly and cheaply. |
| who was Henry Ford and why was he important? | Henry Ford improved/perfected the assembly line. |
| List and explain two advantages/two disadvantages of assembly lines for factory owners | advantages: produce more, keep an eye on workers disadvantages:workers might hate assembly lines, mistakes/low quality |
| List and explain two advantages/two disadvantages of assembly lines for factory workers | advantages:don't need much skill/education disadvantages:boring, repetitive motion |
| List and explain two advantages/two disadvantages of assembly lines for customers | advantages:lower prices, more products available disadvantages:low quality/mistakes, no variety of products. |
| What are the three different ways an individual can start a business? What are the advantages and disadvantages of each? | 1.individually:need to independently wealthy or take loans from bank. advantages: total control,keep all profit. disadvantages:if it goes under, you lose everything. 2.attract private investors:go out and find several individuals to fund the company. |
| advantages:not your money to lose, risk goes down, still in control of company. disadvantages: profits are split by the investors. 3.incorporate:become a corporation by selling stock to public. advantages:can raise huge amounts of money quickly. | |
| disadvantages:profits are split amongst investors.you are not totally in charge. | |
| Explain how a corporation works defining the words stock, corporation, capital and investor/stockholder. | corporation: company you can buy stock in. stock:a supply of goods kept on hand for sale to customers by a merchant, distributor, manufacturer, etc.; inventory. capital: money stockholder:owner of stock in corporation. |
| explain the difference between a bull and bear market. | a bull market is when the stock appears to be moving up. a bear market is when the stock appears to be going down. |
| 27. Explain the difference between a company which makes products and a company which provides services. Give two examples for each. | the difference between a company that makes products and a company which provides service is that the one that makes products actually gives you something. for example: apple, microsoft. services: mcdonalds, worlds of fun. |
| explain 2 ways you can make money with stock. | 1.Buy for a low price, sell for a high price. 2.Dividends:profits earned by the corporation which are given back to the stockholders. |
| what is the difference between a private and public company? | the difference is that a public company can sell stock. for example:Google. a private company: Facebook. |
| When a person sells stock, who are they selling it to? What happens if they cannot sell it? | they are selling it to somebody who wants to buy it. if there aren't buyers then tough luck. you have to keep it. |
| Explain this statement:there is risk and reward when buying and selling stocks | can make lots of $ but you can also lose $. NO GUARANTEE. |
| Explain this statement: When buying stock, do not put all your eggs in one basket. | It means don't put all your money into one company, because if it fails then all your money is lost and there's nothing you can do about it. |
| What are mutual funds? Why do people choose to invest in these? | an investment company that issues shares continuously and is obligated to repurchase them on demand. People choose these because you don't have to worry about it because the shareholder buys and sells for you. |
| What is a labor union? | group of common workers who attempt to get better working conditions. |
| What are 3 things a labor union might attempt to improve? | 1. higher wages 2. better working conditions 3. # of hours worked |
| What are 2 requirements to join unions? | 1. Money or dues 2. Have to have a job in that union. |
| Define dues. | you pay dues every month to belong to that union. |
| What is collective bargaining? | negotiate: sit down with boss and talk it out. compromise. |
| What is the other option unions can get what they want without collective bargaining? | Strike:refusing to work until demands are met |
| Explain 3 reasons why this doesn't always work or isn't the best option | 1.The boss will sometimes just replace the workers 2.Workers don't get paid during this time. 3.In some states, it's illegal. |
| Overall, were labor unions effective during late 1800's/late 1900's effective? Explain giving at least 2 reasons. | 1. Early on, unions really only succeeded in getting higher pay. 2. They didn't get better working conditions until 1930's-1940's. Overall they were effective in a way. |
| Explain the differences between a monopoly and a trust. | a monopoly controls a certain industry while a trust is a group of corporations run by a single board of directors. |
| Give two examples of monopolies from the late 1800s and one example from today. Who headed those companies? | Standard Oil: Rockefeller. Tobacco: Duke Microsoft: Bill Gates |
| 44. What is a robber baron? Who were three robber barons of the late 1800s/early 1900s? What industry were they each in? | robber baron: industrialist of the late 19th century considered to have become wealthy by exploiting natural resources, corrupting legislators, or other unethical means. 1. Vanderbilt-railroads 2.Rockefeller-standard oil 3.J.P. Morgan-banker |
| What are 2 advantages of monopolies? | 1.Can offer cheap, quality products 2.Offer numerous, stable jobs. |
| What are 3 disadvantages? | 1.Keep prices high, quality low 2.Hard for new companies to start up 3.Get away with illegal things, bribing |
| Define refinery | a factory for the purification of some crude material, such as ore, sugar, oil, etc. |
| Define philanthropy | the practice of performing charitable or benevolent actions. |
Created by:
pedroybob
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