Business in America
The economy depends on which 3 factors?
1. Available resources
2. Production of goods and services
3. Met the needs of consumers
How does a business become a monopoly?
Gains ownership of all resources.
At 13, Andrew Carnegie immigrated to America from which country?
Scotland!
Rockefeller was a small-business owner in which state?
Ohio!
What is philanthropy?
The act of giving money to worthy causes. An action that involves large sums of money for sustaining an effort over time
What is a labor force?
People who work to create goods and services.
What is a monopoly? What is ONE downfall it has?
When one proprietor controls an entire industry and its resources.
Pick one: No competition to improve; No need to improve products or keep them affordable; Consumers have no other options for products
His observant and adaptable personality led to what moment in Carnegie's life?
He taught himself to be a telegraph operator.
After becoming wealthy, what did Rockefeller do?
He got into philanthropy; many of his foundations exist today.
The Gilded Age represented what?
The wide gap between proprietor and employee.
What is a proprietor? What is profit?
Creator(s) of a business
The money gained from a finished product.
How would Carnegie Steel prevent the growth of competition?
Increase the prices of materials to competitors.
After becoming a mogul, what did Carnegie become?
A philanthropist!
With his experiments, what did Henry Ford create?
A gasoline-powered engine. His engine was smaller and more powerful.
How did moguls view their labor force?
The labor force was seen as a cheap resource for efficiency purposes.
What is a mogul? What is another name for a mogul? Name a mogul that we learned about.
An individual who dominates an entire industry.
Pick one: Business magnates; barons; tycoons; captains of industry
Pick one: Andrew Carnegie in the U.S. (steel); John D. Rockefeller (oil)
What 4 resources did Carnegie Steel control to become a monopoly?
Iron, Coal, Limestone, and Railroad
Who did Carnegie sell his company to?
J.P. Morgan!
How would Rockefeller treat small drilling companies that wouldn't refine their oil at his company?
Rockefeller would restrict the transportation of their oil on his railroads and not refine it. Rockefeller would then offer to buy their company.
What are at least 3 conditions of the Carnegie Homestead Steel Mill?
Large, deafening saw cutting through iron
Pick 3:
Molten metal
Steamy room
Wild shouts of workmen
Scorching heat
Long working hours (12 hours a day)
What is interdependence? What led to a large web of economic interdependence? What was its other major contribution?
Resources and industries rely on one another to produce a product.
The American Transcontinental Railroad
Faster, cheaper transportation of resources
What are at least 3 differences between a captain of industry and a robber baron?
Captain of industry (positive - said mainly by monopoly proprietors, their peers, and governments).
Robber baron (negative - said mainly by competitors; factory workers)
Name at least two conditions Carnegie's labor force endured (went through)?
Long 12-hour days
Low wages
Prevented unionizing.
What revolutionary invention did Ford create? What were some contributions?
The assembly line.
- Reduced the time to assemble a car
- Workers didn't need an education to work
- Could sell more cars at lower prices
What did each of the 3 moguls value in philanthropy?
Carnegie (music), Rockefeller (institutions), J.P. Morgan (fine arts, natural sciences, and church).