Big Business
Someone who starts their own business and assumes the risks that come with it.
What is an entrepreneur?
An invention that revolutionized factory production because now workers could see and work at night.
What is the light bulb?
When the government does not interfere with business/economy
What is laissez-faire?
The railroad that connected the West Coast with the eastern part of the U.S.
What is the Transcontinental Railroad?
When workers join together to fight for better treatment
What is a labor union?
The ultimate goal of Gilded Age businessmen was to make what?
What is money/profit?
When a country experiences rapid growth of new factories and technology.
What is industrialization?
The main reason why prices go down when there is more than one company in the same business.
What is competition?
The name of Andrew Carnegie’s company that made him a mega-millionaire.
What is Carnegie Steel or US Steel?
This is when workers refuse to work in order to force the owner to treat them better
What is a strike?
This was the monopoly that John D. Rockefeller operated
What is Standard Oil?
The most famous and accomplished inventor of the Gilded Age. He had over 1,000 patents.
Who is Thomas Edison?
When a single company has total control over a specific market (or product)
What is a monopoly?
What is the name of the era we are talking about in class?
What is the Gilded Age?
3 changes that labor unions demanded.
What is an
8 hour workday
higher wages
ending child labor
equal pay for women
safer working conditions?
When a business buys or merges with another business.
What is consolidation?
The inventor of the telephone, Alexander Graham Bell, was also the founder of this early telephone company, which still exists today. What is the name of this company?
What is American Telephone and Telegraph or AT&T?
Two benefits of competition in business
What is lower prices and better products?
An economic theory that would result in a society without classes.
Eventually all property and wealth would be equally distributed between all the people.
Who opposed unions the most?
What is business owners/bosses?
When corporations made agreements to keep prices high.
What are cartels?
The nickname for a corrupt businessman or company.
What is a robber baron?
Many Americans believed ________ would protect American industries by charging more for products from other countries.
What are tariffs?
Two strategies that business owners used to “break” labor unions
What is blacklist, lockout, or fire everyone?
Name one labor union
What is American Federation of Labor, Knights of Labor, United Auto Workers?