Factors of Production
Production requires all 3 of these factors.
What are LAND, LABOR, and CAPITAL?
A company with many owners.
What is a corporation?
When one company has total control of an industry.
What is a monopoly?
The company built by Carnegie.
What is Carnegie Steel Company?
Define a philanthropist.
What is someone who donates money to benefit the community?
This factor of production may include secretaries, janitors, assembly line workers, and salesmen.
What is LABOR?
To raise capital, a corporation may offer partial ownership through the sale of this.
What are shares?
A group of companies managed by one board of trustees.
What is a trust?
The company built by John D. Rockefeller.
What is Standard Oil Company of Ohio?
Carnegie gave away this amount.
What is $350 million?
Name 3 things that CAPITAL includes.
What is building, machines, tools, or money?
The shares are called this.
What are stocks?
When two companies join together and form one company.
What is a merger?
Explain how Carnegie built his empire. Provide examples.
What is vertical integration--buying iron ore mines, coal mines, steamships, railroads, and/or port facilities?
Name 2 things Rockefeller helped build.
What is University of Chicago, Rockefeller Center, Rockefeller Institute of Medical Research?
What is the land itself AND all natural resources that come from the land
People who own shares are called this.
This law put an end to trusts and monopolies.
What is the Sherman Antitrust Act?
Explain how Rockefeller built his empire. Include at least 3 methods he used.
What is horizontal integration (buying up competitors), lowering prices, convincing suppliers not to work with competitors, and/or making deals with railroads for discounts?
Carnegie helped build these 2 things.
What is Carnegie Hall, 2000 libraries worldwide, and/or Carnegie Mellon University?
Some history books refer to a 4th factor of production because nothing would be produced without this person.
Who is an entrepreneur?
Shareholders earn a part of the profits called this.
What are dividends?
The industrialist who created a trust.
Who is John D. Rockefeller?
The difference between horizontal and vertical integration.
What is buying up competitors (horizontal integration) vs. buying up companies in the steps of your production process (vertical integration)?
Were Carnegie and Rockefeller Captain of Industry or Robber Barons?
Make a claim and support it with 2 reasons. Include evidence to support each reason.
A clear claim, solid reasons, and factual evidence.