Terms
A monopoly is one company that has complete or near complete control over an industry, market, or trade which results in there being no other competition.
A trust is a method or way to organize several different companies in the same industry, market, or trade into a partnership where they are no longer competing against each other, thereby resulting in less competition.
*DAILY QUADRUPLE*
This invention was an improvement on the Spinning Jenny and allowed thread and textiles to be made quicker and easier.
The Spinning Mule
This person patented the slide valve engine in 1928.
Hint: he has the same last name as me!
George E.A. Hallett
This is the name of the company that was formed when Edison merged his electric company with several other companies with the help of JP Morgan.
Hint: it still exists today and is one of the largest corporations in the world.
General Electric
*DAILY TRIPLE*
Global Industrialization refers to the movement from _______ type societies to ________ type societies.
Farming/agrarian
Factory/manufacturing
This invention was invented by James Watt and was used primarily in mining and welling operations, but would eventually go on to power trains and ships.
Hint: Henry Ford built his first one when he was only 15 years old.
The Steam Engine
This person was responsible for designing one of the first AC hydro-electric power plants at Niagara Falls.
Nikola Tesla
This company was one of the first to be dissolved into 34 smaller companies thanks to the Sherman Antitrust Act.
Standard Oil
*CANNOT READ FROM THE NOTES*
What is Progressivism?
Progressivism is a political philosophy in support of social reform.
*DAILY DOUBLE*
Guglielmo Marconi was responsible for inventing the wireless _______ system which was able to send and receive signals over a distance of 3 miles using radio waves.
Hint: Thomas Edison was taught how to use one as a reward after saving a 3 year old's life.
The Wireless Telegraph
This inventor was responsible for developing over 300 different products using the peanut plant, however, he did not invent peanut butter.
Hint: He shares part of his name with the first president of the U.S.
George Washington Carver
This large company owned by billionaire Bill Gates was broken up by the Sherman Antitrust Act in 1999.
Microsoft.
How did wealthy business owners benefit from the Laissez Faire attitude that the government had during the Industrial Revolution?
Wealthy business owners benefitted from the Laissez Faire attitude of the government because it allowed them to run their businesses using unfair business practices like child labor in order to make more money.
This innovation was the key to Henry Ford's success in the automotive industry. It allowed him to produce cars at a much faster rate than competing automobile companies of the time.
The Moving Assembly Line.
This person believed trusts and monopolies that engaged in unfair business practices and took advantage of workers while putting the national economy at risk should be dissolved.
Theodore Roosevelt
This company was eventually sold to JP Morgan for 480 million dollars.
Carnegie Steel later changed to US Steel
Explain in your own words: What is capitalism?
Capitalism is a political and economic system where businesses and trade are created and controlled by private parties and the profits go to the owners of those businesses, not the state/government.
The Bessemer Process was a process that removed impurities from molten ______ in order to produce stronger _____ that is easier to work with and more cost effective.
Iron
Steel
This person used his writing abilities to expose a series of corrupt business practices that were taking place in the meatpacking industry. His book, The Jungle, helped lead to the creation of the Food and Drug Administration in 1906.
Upton Sinclair
True or False:
The company that Nikola Tesla started, The Tesla Electric Light and Manufacturing Company, still exists today.
False.
Tesla was pushed out of his own company by his investors and left penniless in 1886. The company ceased to exist after only two short years.