The Rise of Industry (3.1)
This innovator is most famous for the creation of the incandescent light bulb.
Who is Thomas Edison
This American industry had the effect of connecting the east and west and stimulating the economy?
What is the railroad industry?
This term is used to describe a company that owns 90% or more of a given industry.
What is a monopoly?
Workers formed these organizations when they grew tired of low wages, long hours and an unequal distribution of wealth.
What are unions
These are the three factors necessary for a country to industrialize.
What are land (resources) labor (people) and capital (money)?
Railroad owners earned this nickname because they engaged in corrupt activity.
What are Robber Barons
This is the term for an organization owned by a group of people, usually through the selling of stock.
What is a corporation?
This union allowed African Americans and women into their ranks
A free enterprise system allowed for the success of these people, who assume risk by investing in a business.
What is an entrepreneur?
The federal government helped fund the railroad system by giving these out to businesses.
What are land grants?
This type of monopoly is when a business owner owns every step of an industrial process.
What is vertical integration
This group was hired by Henry Frick to help resolve the Homestead Strike
Who are the Pinkerton detectives?
This system of economics helped business owners profit by making no effort to control business decisions like wages and prices.
What is laissez-faire economics
The Union Pacific and Central Pacific railroads met in Utah to create this.
Economies of Scale benefited big business owners and consumers. It did NOT benefit this group.
What are small business owners?
In the late 1800s this is what was happening to wages and standard of living for the working class.
Big business owners would benefit from protective tariffs but this group would not.
Who are consumers?
This is the most famous example of corruption between railroad tycoons and the US Congress.
What is the Credit Mobilier scandal?
Andrew Carnegie benefited from this innovative process created in the late 1800s.
What is the Bessemer Process?
This man was the leader of the most dominant labor union in the late 1800s.
Who is Samuel Gompers?