Key Terms
When a company controls an entire market
Monopoly
The natural resource that built America’s oil industry because it was highly sought after for lanterns and stoves
Petroleum/Kerosene
The number of Chinese workers employed by the railroads because of a labor shortage in California
10,000
Department and chain stores began to send this out to attract more customers
Mail order catelog
The proportion of women that worked as teachers, nurses, sales clerks, and secretaries
1/3
Total value of all goods and services produced by a country
Gross National Product (GNP)
T or F
Natural resources were imported from other countries because they were cheap
False
Union Pacific and Central Pacific gained enough money from the government in the form of these to cover most of the cost of building the rail lines
Land grants
Began to use vertical and horizontal integration in his business
Andrew Carnegie
Workers labored in unhealthy conditions that included
Breathing in dust/toxic fumes/lint
Unions that are limited to people with specific skills
Trade Union
The population almost tripled due to
Large families/Immigrants
Railroads stimulated the economy by spending large amounts of money on these 3 things
Steel, coal and timber
The percentage of the oil refining industry that Rockefeller’s Standard Oil gained control of in 1880
90%
This happened when workers tried to organize a union or go on strike
Fired and blacklisted
Company that does not produce goods itself but holds stock in a company that does produce goods
Holding company
This person invented the telephone
Alexander Bell
Man that merged multiple railroad lines across New York
Cornelius Vanderbuilt
People criticized big companies for doing this
Use their wealth to drive out smaller businesses
Companies required workers to do this in order to prevent unions from forming
Oaths/sign contracts
An impartial third party that helps workers and management reach an agreement
Arbitration
Free enterprise says the government should be limited to
Debt
These three were found guilty of taking stock bribes during the Credit Mobilier scandal
Members of Congress, the vice president and a future president
Big business would not have been possible without
Corporations
This leader helped unions become accepted in society
Samuel Gompers