Steel
Is made from melting iron and adding carbon
What was known as black gold?
Oil
What is a corporation?
A business owned by investors
Who recognized the huge market for steel and began producing steel in Pittsburg, PA?
Andrew Carnegie
Affordable
cheap, available at a lower cost
Why is still such a good building material?
It is stronger, holds more weight, and bends without breaking
JD Rockefeller
What do corporations sell to make money?
Shares
What was Andrew Carnegie's goal?
To produce steel at the lowest possible cost
What does produce mean?
To make
Who invented the Bessemer process?
Henry Bessemer
What was the name of Rockefellers company?
Standard Oil
A corporation uses money from selling stocks to buy what?
Equipment to operate
How did Andrew Carnegie keep costs down while manufacturing and selling steel?
He bought his own ships, railroads, iron mines, and coal mines. He controlled the cost of all areas.
What are stocks in a company?
Shares or pieces of the business that are sold to an investor
What did the Bessemer process do for the production of steel?
Made it more affordable
What is a monoply?
A company that controls all business in an industry
Railroad companies became one of the nation's first large ____________.
Coporations
Name a famous entrepreneur.
Carnegie, Morgan, Rockefeller
What are Capital resources?
Money, tools, and machines a company uses to produce goods and services.
What was steel used for?
The oil industry became a big ___________ in the Nation after the discovery of black gold.
business
Who are investors in a company?
People who buy shares/stock and give money to the company
JP Morgan
What are human resources?
The people within a company