People
Owned steel mills in Pittsburgh; his mills produced more steel than the entire country of England.
Who is Andrew Carnegie?
People who take risks to start new ventures.
What is entrepreneur?
This allowed factories to operate 24 hours a day.
What is the lightbulb?
When a company controls an industry market/industry.
What is a monopoly?
Had a monopoly over the oil industry.
Who is John D. Rockefeller?
Business leader who earned their fortune through unethical business practices.
What is a robber baron?
Created by Samuel Morse, this allowed people to send messages over long distances.
What is the telegraph?
This area had the natural resources to produce steel, which Carnegie capitalized on.
What is Pittsburgh/Western Pennsylvania?
Had a monopoly of the railroad industry.
Who is Cornelius Vanderbilt?
Business owner who used strengthened the economy and improved society.
What is a Captain of Industry?
Alexander Graham Bell invented this in 1875 which increased communication.
What is the telephone?
Before the discovery of this, people used the fat from whales to create light.
What is oil?
Invented the lightbulb.
A company controls all the different businesses it needs to operate.
What is vertical integration?
This revolutionized the steel industry by reducing the cost of making steel by 80% and allowed for the mass production of steel.
What is the Bessemer Process?
A new way to merge businesses without breaking the law.
What is a trust?
Invented a way to mass produce steel.
Who is Henry Bessemer?
Combining many businesses in the same industry into one large company.
What is horizontal integration?
This entrepreneur helped Thomas Edison form the Edison Electric Company but then pushed him out and renamed it General Electric, which created the electric fan.
Who is J.P. Morgan?
General Manager of the Homestead Works.
Who was Frick?