The Gilded Age
Why was the late 19th century called the "Gilded Age"?
It seemed great on the outside, but there were big problems underneath.
What are TWO major reasons workers went on strike during the Gilded Age?
Low wages, long hours, or unsafe working conditions.
What happens to prices when demand for a product decreases, but supply stays the same?
prices go down
What is the purpose of a budget?
To track how much money you have and where you spend it.
What do you call a piece of ownership in a company?
Stock or Share
How did rich business owners influence the government during the Gilded Age?
They got family/friends into governent (nepotism) and used their money to get laws made that helped their businesses.
Give me two reasons factory owners hired children?
They could pay them very little, less likely to go on strike, and they could fit in small spaces.
The next best thing you give up when making a choice.
opportunity cost
What does the 50/30/20 budgeting rule recommend?
50% for needs, 30% for wants, 20% for savings.
What is the extra money paid when borrowing money, or earned when saving money, called?
Interest
A company that controls an entire industry and has no competition.
What is a monopoly
What is the purpose of a labor union?
To help workers get better pay and working conditions.
What is the term to describe when you give up one thing to get something else.
Trade-Off
Why is it important to have a savings fund?
To be prepared for unexpected expenses like car repairs or medical bills.
What type of card takes money directly from your checking account?
Debit card
What happened to prices when companies have no competition?
Prices went up because there was no reason to lower them.
What is the term to describe a person that is fired and then prevented from being hired by other companies.
Blacklisted
What is supply?
The amount of a product or service available for sale.
Why is having a good credit score important?
It helps you get approved for loans at lower interest rates.
The lowest amount of money you are legally allowed to be paid per hour is called?
Minimum Wage
Name one of the wealthy industrialists from the Gilded Age.
Andrew Carnegie (Steel Industry)
John D. Rockefeller (Oil Industry)
J.P. Morgan (Banking & Finance)
Cornelius Vanderbilt (Railroads & Shipping)
Jay Gould (Railroads & Speculation)
An economic system with little to no government interference in business. During the Gilded Age, it allowed big businesses to grow without regulation, leading to monopolies, poor working conditions, and low wages for workers.
laissez-faire capitalism
What is the economic idea that prices change based on how much of a product is available and how many people want to buy it?
Supply and demand.
What does it mean to "pay yourself first"?
Put some of your income into savings before spending on other things.
Why is it bad for consumers when one company controls an entire industry?
It can lead to higher prices and lower product quality because there is no competition.