vocabulary
a company that completely dominates a particular industry
What is monopoly
a set of companies managed by a small group known as trustees, who can prevent companies in the trust from competing with each other
what is a trust
What does "gilded" mean?
Gold covered- golden on the outside, not the inside
What is the ammendment? Income Tax-Pres. Taft proposed 2% income tax on big businesses. This tax allowed Congress the power to tax earnings and income of individuals
16th ammendment
is the following a union or owner goal?
shorter work days
worker / union goal
land, labor, and capital
What is factors of production
an economic system in which factories, equipment, and other means of production are privately owned rather than controlled by government
What is capitalism
What is a benefit for the creation of a business trust?
reduce competition
reduce quality
What is the amendment?
Prohibition-Movement to make illegal, “harmful to society”. Culmination of a decades-long reform effort called the Temperance Movement to end the problems associated with alcohol abuse. Also reinforced by the Women's Rights movement.
Amendment 18
Is the following an owner goal or union goal:
maximize corporate profits
owner goal
negotiations between employers and employees concerning wages, working conditions, and other terms of employment
What is collective bargaining
an organized association of workers formed to protect and further their rights and interests
What is union
Describe a problem created by urbanization
answers may vary
- sanitation
- tenement housing
What is the amendment?
Voting rights for Women-Movement for women’s right, change in women’s roles. Part of a movement that was active since 1848.Susan B Anthony leading the charge.
Amendment 19
List two union tactics
strike
boycott
collective bargaining and negotiation
picket and protest
a corporate expansion strategy that involves controlling each step in the production and distribution of a product, from acquiring raw materials to manufacturing, packaging, and shipping
What is vertical integration
the growth of cities
urbanization
Describe one difference of life before and after industrialization
(where did people live / work / get goods?)
Before options:
lived in rural areas, most americans work on farms, goods homemade, skilled labor needed to make things by hand
After options:
factory / machine made, unskilled labor, most live in cities
What is the following Amendment?
Direct Election of Senators-New election system for the Senate. Previously senators were elected by state legislatures, but deadlocked votes in state legislatures resulted in many Senate seats remaining vacant for long periods. Public demand for direct senatorial elections forced congress to pass this amendment.
17th amendment
List two corportation tactics
hire replacement workers (scabs)
blacklisting
use of Pinkerton Agents, US army and police
yellow dog contracts
a corporate expansion strategy that involves joining together as many firms from the same industry as possible
What is horizontal integration
the idea that the free market, through supply and demand, will regulate itself if government does not interfere
What is laissez-faire
Explain ONE way trusts hurt the US Economy
answers may vary
Name one progressive or gilded age era president
answers may vary
Summarize one of the following
Haymarket Riot
Homestead Strike
Pullman Strike
answers may vary