people's big businesses
who was in charge of the oil industry?
John D. Rockefeller
What 2 people would become the most successful businessmen in the world?
John D. Rockefeller , Andrew Carnegie
Why did the rich men use these methods?
to make them wealthier.
why is monopoly illegal?
You own all the businesses and there is no competition
who was in charge of the steel and what was his company later named?
Andrew Carnegie. U.S. Steel.
How much were Rockefeller and Carnegie worth?
rockefeller -$400 Billion , Carnegie - $350 billion
Whats horizontal integration?
A company buys out all other companies until they own the industry.
what inventions were made that later led to growth of big business?
inventions: telegraph , telephone , lightbulb.
What invention was produced in the early 1800's that was led by Cornelius Vanderbilt, and what was it used for?
The railroads, it was used for transporting goods.
How much percent of the company did rockefeller own and what was the oil separated into?
he owned 90% of all American oil . oil was separated into gasoline and kerosene.
whats a monopoly?
one company own whole industry.
definition of trust
a business practice that owners come together and make an oath.
What companies did John pierpont Morgan (J.P. Morgan) buy/lead?
Banking industry-U.S. Steel , AT&T , Edison company.
Carnegie spent over 350 million dollars on what and who does he sell his company the U.S. steel too?
He spent 350 million dollars over 3,000 libraries.
Sold his company to ( J.J. Morgan).
When a company controls all phase of production from start to finish?
Vertical integration.
The oil company splits and names become what?
Exxon , Mobile , Chevron.
NAME OF THIS DEFINITION:Government does not have control over businesses and let them regular themselves.
Laissez-Faire
What book was written by Carnegie and what was it meant to do?
Book called "Gospel of wealth" , was meant for rich people to help poor people.
rockefeller and cornegie used vertical and horizontal integration to create what?
monopoly or trusts.
who is richer Rockefeller or carnegie?
rockefeller.