The Rise of Industry
This is the value of all goods and services produced by a country
Gross National Product (GNP)
In 1862, President Abraham Lincoln approved the construction of the transcontinental railroad by passing this act
Pacific Railway Act
This is an organization that is authorized by law to carry on an activity but treated as though it were a single person
Corporations
Workers for the Baltimore and Ohio Railroad struck to protest wage cuts in an event known as
Great Railroad Strike of 1877
This was the 1st National Union
Knights of Labor
A larger worker force in the United States was a result of TWO major factors
1. U.S. immigration
2. Larger family size
The transcontinental railroad was completed by two companies. What were the names of these companies
1. The Union Pacific
2. The Central Pacific
These were used to attract customers to both products and to retail stores
Advertisements
Mail in catalogs
This is a company tool to fight union demands by refusing to allow employees to enter its facilities to work
Lockout
These were workers with few skills and low wages that could easily be replaced by owners
Common laborers
Communication improved during this time thanks to this invention by Alexander Bell
The Telephone
People who'd built fortunes by swindling investors and taxpayers, and bribing officials are known as
Robber Barons
This is when the cost of manufacturing is decreased by producing goods quickly in large quantities
Economies of scale
Samuel Gompers lead this organization and their push for an 8 hour work day, closed shops, and union recognition by companies
American Federation of Labor
(AFL)
This entrepreneur gained almost 90% of the total oil production in the United States by using horizontal integration
John D. Rockefeller
An economic system with little or no government regulation is called a
free enterprise system
Laissez-faire economy
Large scale use of the railroad lead to the United States creating times zones. How many zones are there in the continental United States?
4
Andrew Carnegie used this method of consolidation to build his steel empire
Vertical Integration
These were hired replacement workers that companies hired if workers went on strikes
Strikebreakers
This is a way to manufacture steel quickly and cheaply by blasting hot air through melted iron to quickly remove impurities.
Bessemer Process
There are 4 main factors that allowed America to industrialize. What are they
1. Natural resources
2. The railroads
3. Inventions
4. A large workforce
This is the only railroad company that did not use government land grants
The Great Northern
When a single company achieves control of an entire market for a particular product or service, this is known as
Monopoly
Homestead Strike
This is a large retail store organized into departments offering a variety of merchandise
Department Store