Unions
List 3 items that unions pushed for in the second industrial revolution
Higher pay
Less working hours
No child labor
What's the difference between a Robber Baron and a Captain of Industry?
Same person, just different perspective
RB - ruthless, unfair, dangerous
CI - generous, fair, leader of community
What factors are used to describe reasons people may leave their country of origin to go somewhere else?
What about reasons to come to or travel to a specific country?
Push Factors
Pull Factors
What is the difference between common and craft workers? What issues did they face in work?
Common - low skilled workers
Craft - Specialized workers
Low wages, long hours, unsafe
Name what are used in foreign trade to regulate how much we trade with foreign countries.
Allies would have what?
Opponents would have what?
Tariffs
What problems did women and minorities have when forming or joining unions?
Sexism, racism, usually had to join their own local unions
Briefly explain the difference between operating costs and fixed costs
Operating - expenses that occur due to a business being in operation
Fixed - expenses that occur whether or not the business is open or closed
For what 2 reasons were the workforce numbers so high during the 2nd industrial revolution?
Large Families and Immigration
What problems did the Union Pacific and Central Pacific Railroad workers face?
Union - Extreme temperatures, Native Americans, Labor shortages
Central - Mountains and terrain, transport of materials
What is a Pool in terms of business/economics and how does it affect the market?
Multiple companies set prices at the same level
Makes items more expensive due to less serious competition
How did business owners fight back against unions and strikers?
Yellow dog contracts
Lockouts
Blacklisting
What industry/job was created due to the mass surplus the country experienced at this time to try to sell all their products?
Advertising
What major impact on the economy did the transcontinental railroad have?
Allowed for much quicker transport of people and materials across the country
Answers may vary
How did Congress and Railroad companies promote people to move out to the land the railroads were being constructed on?
Promises of high returns on investment
Free land from grants from the government
What was a unique request from the WTUL? Why?
No evening work for women. Still had to cook for family
Explain or depict the differences between a horizontally integrated monopoly and a vertically integrated monopoly.
Vertical controls all aspects of production
Horizontal controls a single aspect of the production process
List the 4 factors of mass industrialization AND answer what mass industrialization did to the countries products.
Natural Resources, Workforce, Inventions, and Free Enterprise
It made items cheaper and led to a consumer market
What was the key result of the Great Railroad Strike that caused so much damage across the country?
The people began demanding a smoother solution to business/union arguments
What is it called when a company produces nothing but owns stocks of other companies for profit?
Holding Company
What caused the failure of the Knights of Labor? Why?
Anarchists setting off a bomb that killed officers
They became associated with violence
How did the Second Industrial Revolution lead to the development of malls, mail-order catalogs and department stores?
Lots of supply means needing a place to sell it all
Define investment banking and how JP Morgan made his fortune from this.
Buying stock at discount and selling for full price. He owned multiple companies doing this.
How does the government regulate relations with employers and unions today?
Passed a law that restricted employers from reacting against unions as punishment
Compare the difference of money's worth with inflation and deflation.
What causes each?
Inflation - more money, worth less
Deflation - less money, worth more
Caused from economic increase or decrease at varying levels