New American Industry
This was created in order to standardize time of train travel all across the country
Time Zones
What is a monopoly?
When one company has exclusive control over production and sale of a product
This organization brings workers together to give them a louder voice in collective bargaining
Labor Unions
This is a method used by Unions to withhold the work from their members in order to get a company to make changes
A Strike
Who opposed the Sherman Anti-Trust Act?
Big Businesses
What new industry allowed for America to more easily move and sell goods from coast to coast?
The Railroad Industry
Are monopolies good or bad for the consumer?
Bad. They dont allow for competition in a market which benefits the consumer
Why might a teacher want to join the teacher union?
Make sure they receive fair pay, safe working conditions and are not being taken advantage of by the school district
This strike by Industrial workers became violent when the company hired a private security company (Pinkertons) to intimidate the strikes and get them back to work
Homestead Strike
How did competitive businesses protect consumers?
It allowed for companies to compete against each other to create a better product and sell it at a lower price instead of one company deciding everything
How did the expansion of industry and of farming in the west lead to a relationship between cities on the East Coast and the farms on the Great Plains?
People would move from eastern cities to farms in the great plains and send their products back to the eastern cities to sell
Please describe a vertical integrated company
Control ALL aspects of production for a product
What are three things labor unions attempt to do for the worker?
-Workplace Safety
- Higher Pay
- Fewer Hours
What was the name of the strike the United States government decided to step in on to help bring to an end because the industry was so important to the country?
The Great Railroad Strike of 1877
What was the name of the Act that was the first attempt to break up trusts and other big businesses in the United States?
Sherman Antitrust Act
What is the name of John D. Rockefeller's oil company that he used vertical integration to gain control of all aspects of production?
Standard Oil
Please describe horizontal integration
When a company controls all of the final production and sale of a product
The American Federation of Labor was created to do what?
Focus on issues important to all workers not just workers in a certain industry
As a result of the Pullman Strike, these workers were blacklisted (prevented) from getting other jobs because the bosses found them to be out of control workers.
Which President became known as the trust buster for the way he used the Sherman Antitrust Act to break up large companies?
Theodore Roosevelt
Who benefited from the growth of the steel industry because of the expansion of railroads being built?
Andrew Carnegie
How do monopolies limit competition within a market?
They dont allow for other companies to come in and sell a product at a competitive price so the company itself can control all the prices and not create better products
They include workers in various industries not just certain areas like a local teacher union or a local electricians union would
This strike resulted in the loss of millions of dollars for the company because of damage to company goods and lack of production due to striking workers
Great Railroad Strike of 1877
Why was the Sherman Antitrust Act so difficult to use and break up the large businesses?
It was hard to define interstate trade and commence so it was challenging to be able to use any act to break them up because trade practices were not clearly defined