Vocab
Producing large quantities of goods quickly
What is mass production?
Inventor of the telephone
Who is Alexander Graham Bell?
The combining of companies
What is a merger?
Nonunion workers hired to replace striking workers
What are strikebreakers?
What is a sweatshop?
Inventor of the Assembly Line in 1908
Who is Henry Ford?
This 19th-century titan of industry built his monopoly up through oil companies
Who is John D. Rockefeller?
Many workers formed these to fight back against their boss
What are labor unions?
Total control of an industry by a single producer
What is a monopoly?
The expansion of the railroad systems led to the creation of these
What are time zones?
This belief was used by Rockefeller to explain his reasons for purchasing several weaker oil companies
What is Social Darwinism?
Two examples of working conditions for average Americans during the Industrial Revolution
What is Little Pay, Long Hours, Unsafe Conditions, or Child Labor?
A company that sells shares of its business to the public
What is a corporation?
The phonograph, motions picture projector, and storage battery are all inventions from this late 18th-century man
Who is Thomas Edison?
This 19th-century titan of industry mastered vertical integration to build their monopoly
Who is Andrew Carnegie?
Name one labor union that formed during the Industrial Revolution
What is the American Federation of Labor (AFL), Knights of Labor, or American Railway Union?
A secret discount offered by railroad companies
What is a rebate?
1886 invention that allowed America to instantly communicate with Europe
What is the Trans-Atlantic Cable?
What is Andrew Carnegie famous for doing with his money
What is investing for the public good? (libraries, concert halls, etc.)
What is the hiring of strikebreakers?
and
What is American's dislike of union violence?
Define the following terms and give an example of each helps you build a monopoly: Horizontal Integration and Vertical Integration
Horizontal Integration
- Definition: purchasing and combining competing businesses of a specific product into one company
- Example: Eliminates competition and allows you to raise prices
Vertical Integration
- Definition: purchasing companies that provide the services or equipment needed to create the final product
Example: Every part of the process passes through the companies hands = mo' money