People
He was the founder of the Standard Oil Company.
Who is John D. Rockefeller?
Price maker or Price taker: A type of company that has few competing companies and can dictate the price of is product.
Price maker
Large companies that work together to control an industry.
What is a trust?
The production of this type of metal allowed for the rapid growth of railroads.
What is steel?
This person was responsible for introducing the assembly line and standardizing it as a method of production.
Who is Henry Ford?
He was the founder of US Steel
Who is Andrew Carnegie?
What is oligopoly?
A name for a wealthy business person who uses unfair business practices for their own advantage, such as eliminating their competitors and paying their workers low wages.
What is a Robber Baron?
Who are Chinese immigrants?
This term is used to describe wealthy, powerful business leaders.
What is a tycoon?
This person was the founder of Ford Motors.
Who is Henry Ford?
A type of industry where a single company is dominant.
What is a monopoly?
A term that describes the growing population of cities.
What is urbanization?
Both the construction and protection of the Transcontinental Railroad caused the near extinction of this type of animal.
What are bison or buffalo?
What was a cause of the industrial era?
1. New inventions and technology.
2. Business owners willing to take risks and try new things.
3. The end of the Civil War meant industry would expand instead of slavery.
He invented the electric light bulb.
Who is Thomas Edison?
A name for typically large companies which investors own a piece of the company by buying stock. Examples: Amazon, Walmart, Google.
What is a corporation?
A term that describes the transformation of a nation from a focus on agriculture (farming) to manufacturing (industry).
What is industrialization?
What was the importance of the Transcontinental Railroad?
It connected the eastern and western coasts of the United States.
The Pacific Railroad Bill was passed by the US Congress which enabled the construction of the:
Transcontinental Railroad.
This person invented the telephone?
Who is Alexander Graham Bell?
Refers to a type of industry which there are many companies that sell similar products. Example: grocery stores, farmers markets.
What is pure competition?
The invention of the assembly line allowed for this type of production of goods in large quantities and lower prices.
What is Mass Production?
What was a social impact of building the Transcontinental Railroad?
1. Encouraged Western Migration
2. Increased urbanization/new cities and towns sprang up
3. Harmed Native American culture and traditions and sped up the loss of Native lands.
Most sources agree that this industrial tycoon was over 4x wealthier than Elon Musk.
Who is John D. Rockefeller?