Gov't & Business
A system of distributing scarce resources towards their best use.
If you get this right, there is a bonus question in the answer box
What is Economy.
What type of Economy do we have in the U.S.?
During the Gilded Age, this form of transportation helped connect the East Coast of the United States to the Pacific Ocean, allowing for faster travel and shipping times.
What is the railroad
He was the owner of the factory in Homestead, Pennsylvania where workers and strikebreakers (the Pinkertons) were killed.
Who is Andrew Carnegie, - owned Carnegie Steel?
Workers at the McCormick Harvester Comany in Chicago were killed by police. The next day, in Haymarket Square, there was a rally to protest the killings. It got violent. What is the name of this event?
What is the Haymarket Riot?
Period from late 1800's - early 1900's where factories bygan mass producing goods, quicker and cheaper.
What is Industrialization?
What is it called when one company owns ALL or almost all of a type of business? (ex. Standard Oil)
What is a Monopoly?
Each worker worked on a line, performing an assigned task over and over, producing many products faster and cheaper. What were they working on?
What is an Assembly Line?
He said, "Public be Damned!" because he did NOT believe that his railroads needed to be for the public interest.
Who is Vanderbilt?
This union was different from the AFL, because this union included UNskilled workers as well as skilled workers, and is older than the AFL
What is the Knights of Labor?
This is a nickname for any factory where there are dangerous conditions, cramped work spaces, and often employ children. What is the nickname?
What is a "Sweatshop"?
These are shares that the public can buy to become owners in a corporation
What is STOCK?
Rockefeller lowered prices so low that he drove out nearly all competition. He created a monopoly with this company..._______________
What is Standard Oil?
He did not invent the automobile but he drastically improved its production by using the assembly line. The price of his Model-T dropped from about $900 to less than $300 with his business practices.
Who is Henry Ford?
What is a "Scab"?
This is where over 100 young women died in a factory fire.
This is what is needed to start a new business or expand an existing business
What is Capital?
"Factors of Production" are the resources used to create all goods and services in an economy. They include LAND, Capital, and ____________.
What is "Labor"?
This term refers to men like Andrew Carnegie and John D. Rockefeller, who monopolized their industries at the expense of their workers and smaller companies.
What is a Robber Baron?
What is "Collective Bargaining"?
Collective Bargaining is when all the workers use ONE voice to bargain with the management for better working conditions, ex. wages or hours.
People under the age of 18 were often used in factories because they could be paid less, were less likely to strike, and had smaller hands and bodies to get into smaller machines or spaces. It is now against the law. What do we call this?
What is Child Labor?
The ability to make products faster and cheaper is called ________________
What is "Mass Production"?
This was the process for making steel quicker and cheaper. This involves oxidation into the iron ore, making the steel stronger.
What is the Bessemer Process?
Millionaires like Carnegie, Vanderbilt an Rockefeller used their fortunes to fund shools, libraries, hospitals, etc. They would be called _________________
What is a Philanthropist?
Name the union leader who worked to improve workers' conditions during the period of Industrialization. His union was the American Federation of Labor (AFL)
Who is Samuel Gompers?
This term refers to the government NOT telling businesses what to do. This was often at the expense of workers - like low pay, dangerous working conditions.
What is "Laissez-faire"?