Industrial Revolution
The second Industrial Revolution was marked by these three "Key" resources
Steel, Oil, Electricity
What is the term for a business being owned by multiple people?
Corporation
This man is credited with over 1000 Patents, one of which was...illuminating...
Thomas Edison
What are Entrepreneurs?
People who build and manage businesses by themselves.
This term refers making large numbers of items in a quick and cheap manner using machinery.
Mass Production
Why don't investors lose personal money when a business fails if owned by a corporation?
Investors only lose the money they put in, they can sell the assets to pay off the businesses debt.
This man is responsible for gaining complete control over the oil industry and was a big proponent of Horizontal Integration. (Full Name)
John Rockefeller
This term refers to the exclusive rights to an invention.
Patent
How did railroads support economic development?
Faster transportation of goods, Growth of businesses, Created jobs, increased connectivity across country
What were some of primary reasons for support regarding big business? (List Two)
Created Jobs, lowered prices, boosted economy, innovation, Global power
Laissez-Faire policies refer to what?
Policies allowing businesses to operate under minimal government regulation
This term refers to the complete elimination of all competition and having complete control of an industry
Monopoly
Daily Double!!!!! What was the primary reason why Time Zones were implemented in the U.S.?
Worth x2
To help regulate schedules in response to Railroad issues.
Protective Tariffs helped stimulate the economy...How?
By taxing imported goods more than those made in the United States
Explain the difference between Horizontal and Vertical Integration.
Horizontal: Merging companies and eliminating competition
Vertical: Owning every step of production
This idea, deriving itself from an evolutionary theory, in which the wealthy are proof of being the most "Fit" for society.
Social Darwinism
What happens when companies create cartels?
companies making the same product agreed to limit production, fix prices, and divide markets.
These were the primary reasons why the South struggled to keep up with the North's industrialization.
(List Two)
Dependence on agriculture, Destruction from Civil war, Lack of investment, Poverty/limited Education
What were some of the primary concerns about Big Business, ultimate resulting in the creation of the ICC and the Sherman Antitrust Act? (List Two)
Monopolies, Unfair Competition, Poor Working Conditions, Child Labor
This man was responsible for controlling the steel industry and was a big proponent of Vertical Integration. (Full Name)
Andrew Carnegie
What is a cash crop and how is it different from traditional crops?
Cash crop is a crop grown primarily to be sold for profit rather than consumed by the farmer