People & Resources
What were some of the natural resources that America had?
Gold, silver, copper, iron, and timber
What was the main form of transportation for people that wanted to get across the U.S.?
Railroads
What is the difference between sole proprietorship and partnership?
Sole proprietorship is a business that is owned by one person whereas a partnership is a business that is owned by two or more people
Did America's trade increase or decrease during the industrial expansion?
It increased
What year was the Interstate Commerce Act passed?
1887
What was the main reason why the country grew so much population wise during the industrial revolution?
Immigrants
What were some of the technological advancements that were invented during the industrial revolution?
Telephone, light bulb, air brakes for trains
What was the disadvantage of having a partnership?
Any loss had to be shared across all partners even if it was only one person's mistake
What is capitalism?
An economic system in which people are free to invest and make profits on their investments.
What was the Sherman Antitrust Act?
A law that prohibits anti-competitive business practices by making it illegal to form conspiracies in restraint of trade and to engage in monopolization
What was the main port of entry into the U.S. during this time?
Ellis Island
How did the railroad companies have the money to build railroads?
Government bonds
What is a corporation?
When a business gained legal charter and sold stock to many individual investors
What is Social Darwinism? How does it affect capitalism?
Survival of the fittest. It affects capitalism because big businesses would do whatever it takes to stay in business even if it meant running small businesses out of business.
What were the two main labor unions formed?
The Knights of Labor and the American Federation of Labor
What were some of the nationalities of the immigrants coming into America at this time?
Irish, Chinese, and Northern Europeans
What were some of the dangers that the railroads faced when being built? (Dangers that either main railroad company faced works)
Did banks invest in corporations? True or False
True
What is Laissez-Faire economics?
Hands off economics
Which of the labor unions had stricter rules of who could be a part of them?
The American Federation of Labor
What were some of the other ports of entry into the U.S.?
Boston and New Orleans
What were the two main railroads that Congress charted in 1864?
Union Pacific and Central Pacific
What is a trust? Who created the first one?
What was the Interstate Commerce Act?
It was a law passed to make sure that railroads provided reasonable and just rates
What is Materialism?
It is putting a higher value on things rather than God