American History topic 12 pt 2 Flashcards
What are the factors of production?
Land, Labor, and Capital
Explain Land,Labor, and Capital
Land refers not just to the land but all the natural resources in it, labor refers to the large number of workers to turn raw materials into goods, Capital refers to the physical items used to make goods and services.
define entrepreneur
People who start businesses
define corporation
A type of business that can have many owners
define stock
partner ownership in a corporation
the people who buy stocks are called what?
Shareholders
Who was John D. Rockefeller?
He was the most famous figure in the oil industry, he organized the Standard Oil Company
Andrew Carnegie
dominated the steel industry by 1900 Carnegie Steel Company was making 1/3 of the nations steel
What were the conditions that factory workers worked in?
they worked 12 hours a day 6 days a week. They worked in unsafe, unhealthy, and sometimes dangerous conditions, Many children under 16 worked 10 or more hours a day in factories.
What did workers organize into and why?
Labor Unions, to demand better pay and working conditions.
Unions began to do what when conditions or pay were not improved.
They began to strike
Why did immigrants come to the US?
Economic Hardship, Poverty, or it was hard to find a job.
Where did most immigrants from Europe land?
They landed in NYC, after 1886 they were greeted by the statue of liberty- a gift from France
What did immigrants work as?
Ditch diggers, Unloaded Cargo, Farming Jobs, Worked in steel mills, and many women and children worked in sweatshops making clothing.
Define Urban Area
A thickly populated city or town
What did the poorest people live in?
They lived in Tenements, an apartment building in a slum.
Define Middle Class
People who enjoyed a comfortable life but did not have great wealth
What were considered professionals?
Professionals included doctors, Lawyers, ministers, and teachers
Define Suburbs
Residential areas outside the city or town.
The American Red Cross
Was started by Clara Barton provided aid to the Urban Poor.
Chicago’s Hull House
Founded by Jane Addams was a settlement house to assist those who needed help.
Elisha Otis
Invented the elevator which made taller buildings possible. In 1884 the world’s first skyscraper 10 stories high was built in Chicago.
To help the transportation in cities several modes were developed, what were they?
Cable car lines, trolley cars, and the nations first subway or underground railway in Boston.
