Carnegie
Rockefeller
Vanderbilt
Chance
Econ 101
100
When Carnegie borrowed money from the bank, he had to pay back the principal plus this.
What is interest.
100
Rockefeller and Andrews started an oil refinery together. They formed this type of business firm.
What is a partnership.
100
During the time when Vanderbilt made his fortune, the relationship between the government and business can correctly be described by this French term.
What is laissez faire.
100
One of the biggest advantages of a proprietorship over a corporation is that it avoids paying this.
What is corporate taxes.
100
The condition that exists when there is not enough of something for everyone in wants it.
What is scarcity or shortage.
200
Carnegie & Bessemer made this product a viable substitute for iron.
What is steel.
200
Rockefeller, as a boy, set up a curbside candy store. It was an example of this type of business firm.
What is a sole proprietorship.
200
Vanderbilt and Scott formed a cartel (oligopoly) for the purpose of causing Rockefeller to pay higher prices. Conspiring to fix prices is called this.
What is collusion.
200
When Rockefeller shutdown his Pittsburgh refineries in order to deprive Tom Scott of business, the money that Rockefeller missed out on earning in Pittsburgh was this.
What is his opportunity cost.
200
The condition that exist when people are not able to earn enough to meet their needs.
What is poverty.
300
Tom Scott told Carnegie how he used his foreknowledge of a secret contract to make a million dollars on the stock market. Trading on information that is not public knowledge is now known as this crime.
What is insider trading. daily triple
300
Rockefeller went public with Standard Oil, selling this 'fractional ownership' to raise the capital needed for expansion.
What is stock or shares.
300
Vanderbilt gained control of a railroad by buying most of its stock share. This is an example of this way of gaining control of a corporation.
What is a hostile takeover.
300
Edison expected to expand his business with J. P. Morgan's help. Morgan was expected to bring in this.
What is investment capital.
300
This term refers to work performed for someone that has value
What is service.
400
When Carnegie moved some of his assets from railroads to steel and bridges, it was an example of this, referring to being invested in multiple markets.
What is diversification.
400
The documentary described flammable waste as being produced in the process of refining kerosene. When this waste was dumped in the Ohio River, it became an example of this economic term.
What is 'negative externality' or simply 'externality'. daily double.
400
Fisk and Gould printed an extra 100.000 share of Erie Railroad stock without making their action public information. Today, this would be considered the crime known by this term.
What is Watering Down Stock. Daily Double.
400
This is the largest labor union in the U. S.
What is the AFL-CIO (American Federation of Labor- Congress of Industrial Organizations)
400
These are the 4 factors of production.
What is land, capital, labor and entrepreneur.
500
When Carnegie first started using the Bessemer Process to mass produce large pieces of steel, he had this type of monopoly. (geographic, government or technological)
What is technological)
500
When Rockefeller applied to the government and received a charter, Standard Oil became this type of business firm.
What is a corporation.
500
Vanderbilt had this kind of monopoly on railroads in the Northeast. (geographic, technological or government)
What is geographic.
500
Upton Sinclair's novel The Jungle led to T. Roosevelt signing this bill into law.
What is the Pure Food and Drug Act (of 1905)
500
This is the term for the total amount of goods and services produced by a country in a twelve month period. You must say the entire term, not just the acronym.
What is Gross Domestic Product.
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