Monoplies
Define a monopoly.
A monopoly is a market structure where a single seller controls the entire supply of a product or service, limiting competition.
Who was the robber baron steel magnate who led the expansion of the American steel industry in the late 19th century.
Andrew Carnegie
What did Thomas Edison invent?
The electric light bulb.
Nationwide railroad strike that occurred in 1894 due to wage cuts and high rents.
Pullman Strike
What is a labor Union
A labor union is an organization of workers formed to protect and advance their rights and interests.
Name one famous Monopoly
Carnegie Steel Company, Standard Oil
What industry did John D. Rockefeller dominate?
The oil industry.
Who invented the automobile?
Karl Benz is credited with inventing the first practical automobile
Was a labor dispute at a Carnegie steel plant in 1892 that turned violent when workers protested wage cuts.
Describe the Homestead Strike.
First major labor unions in the U.S., advocating for broad social reforms.
Knights of Labor
Define Horizontal Intergration
Horizontal integration is the process of acquiring or merging with competitors to increase market share.
Name one thing J.P. Morgan controlled
J.P. Morgan controlled banking and finance, notably forming General Electric and U.S. Steel
Describe the assembly line.
The assembly line is a manufacturing process in which parts are added in a sequential manner to create a finished product efficiently.
was a labor protest in Chicago in 1886 that turned violent with a bombing, resulting in deaths and a backlash against labor movements.
Haymarket Affair?
Name the Labor union aimed for specific improvements in working conditions, wages, and hours.
The Federation of Labor
Define Vertical Integration
Vertical integration is the process of controlling multiple stages of production or distribution within an industry.
Define the term "robber baron."
Robber baron" refers to a wealthy and powerful businessman who uses exploitative practices to amass wealth.
What was the purpose of the telegraph?
The telegraph allowed for long-distance communication using electrical signals.
First major strike triggered by wage cuts and poor working conditions, leading to widespread violence and unrest.
Great Railroad Strike of 1877.
Describe the working conditions in factories. 3 things at least
Working conditions were often poor, with long hours, low wages, and unsafe environments.
Describe the impact of monopolies on consumers
Monopolies can lead to higher prices, lower quality products, and less innovation due to the lack of competition.
How did robber barons affect the economy?
They concentrated wealth and power in the hands of a few, often leading to economic inequality and influencing government policies.
Name the inventor of the airplane. Where were they from?
The Wright brothers, Orville and Wilbur Wright. Dayton
What was the outcome of these strikes?
Many strikes led to increased awareness of labor issues but also resulted in violent repression and setbacks for labor unions.
Define muckrakers and their role in society.
Muckrakers were journalists who exposed corruption and social injustices, helping to raise public awareness and promote reform.