The Rise of Industry
What is the total value of all goods and services produced by a country in a given year?
Gross National Product (GNP)
Which act, approved by President Abraham Lincoln in 1862, authorized the construction of the transcontinental railroad?
The Pacific Railway Act
What is the term for an organization that is legally recognized as a single entity, separate from its owners, and authorized to conduct business?
Corporations
Which strike involved Baltimore and Ohio Railroad workers protesting against wage cuts?
Great Railroad Strike of 1877
Wages and utilities are examples of what type of business expenses?
Operating cost
How did the workforce in the United States grow following the Civil War?
1. Millions of immigrants coming to the United States
2. Larger family sizes in the United States
Which two companies were responsible for completing the transcontinental railroad?
1. The Union Pacific
2. The Central Pacific
What methods were used to attract customers to new products and retail stores?
1. Advertisements
2. Mail in catalogs
What is the company tactic called when employers prevent workers from entering the workplace to oppose union demands?
Lockout
What did the federal government provide to help finance the construction of the railroad?
Land Grants
Which invention by Alexander Graham Bell significantly improved communication?
The Telephone
What term was used to describe entrepreneurs who amassed wealth through dishonest means, such as swindling investors, exploiting workers, and bribing public officials?
Robber Barons
What is the term for reducing manufacturing costs by producing large quantities of goods quickly?
Economies of scale
Samuel Gompers was the leader of which organization that advocated for union recognition and an eight-hour workday?
American Federation of Labor
(AFL)
Which entrepreneur controlled nearly 90% of the U.S. oil production through horizontal integration?
John D. Rockefeller
What is the term for an economic system with minimal or no government interference?
1. Free enterprise system
2. Laissez-faire economy
The widespread use of railroads led to the creation of time zones in the United States. How many time zones are there in the continental U.S.?
4
Which method of consolidation did Andrew Carnegie use to build his steel empire?
Vertical Integration
What term describes replacement workers hired by companies during strikes?
1. Strikebreakers
2. "Scabs"
What process involves blowing hot air through molten iron to remove impurities and produce steel quickly and cheaply?
Bessemer Process
What four key factors contributed to the rapid industrialization of the United States after the Civil War?
1. Natural resources
2. The railroads
3. Inventions
4. A large workforce
Which industries benefited the most from the development of railroads?
1. steel
2. coal
3. timber
4. manufacturing
5. farmers
What is it called when one company gains complete control over the market for a specific product or service?
Monopoly
Which strike took place at Andrew Carnegie’s steel plant in Pennsylvania over low wages and poor working conditions?
Homestead Strike
"What were large retail stores called that were divided into multiple departments and offered a wide range of products?
Department Store