Business Test Flashcards
Vertical Integration
when a company owns different parts of its supply chain
Triangle Shirtwaist Fire
A big fire in 1911 at a clothing factory in New York City where many workers died. This event led to better safety rules for workers.
16thAmend (Income tax)
graduated income tax
Monopoly
when a company has practically no competition
Philanthropy
Giving money or help to people in need.
Network
A group or system of interconnected people or things
Stock
A share in the ownership of a company.
Corporation
A business that’s owned by a lot of people
Gospel of Wealth
The idea that rich people should use their money to help society.
Knights of Labor
First Union. President= Terence Powderly. Wanted better work conditions and wanted eight hour work days
Consolidate
merging smaller companies into a bigger one
American Federation of Labor
A group of union workers in the U.S. that joined together to improve working conditions and wages
Samuel Gompers
Homestead Strike
Carnegie steel mill
Union
a group of workers who organize for better working conditions
Sweatshop
A workplace where workers are in bad working conditions
Time Zones
Pacific, Mountain, Central, and Eastern
Sherman Antitrust Act
1890/Bans monopolies and trust
Robber Barons
Successful people who competed with others to grow their company
Social Darwinism
The idea that only the strongest business would succeed.
Supply and Demand
Less supply, more demand= Prices go up
More supply, less demand= Prices go down
Captain of Industry
A business leader who is very successful and helps the economy grow
Standard Oil Company
Huge oil company started by John D. Rockefeller
Collective Bargaining
When workers join together to negotiate with their employers for better pay and working conditions. (teacher example)
Haymarket Riot
A violent clash in Chicago in 1886 between police and workers protesting for eight-hour work days
Bessemer Process
A method for making steel quickly. Carnegie
Assembly Line
A way to make things faster and cheaper. One worker works at one place
1.
How did the Robber Barons, like Carnegie and Rockefeller, make their fortunes?
Carnegie and Rockefeller would buy out competitors and creating monopolies that would hurt other competitors.
2.
What were the goals of the Knights of Labor and the AFL?
Both of their goals were for better working conditions. The Knights of Labors goals were for eight hour work days, and the AFL goals were for shorter work days.
3.
What improvements to the railroads led to growth in businesses?
Some improvements were making railroads longer which helps with people being able to travel farther and getting goods to be shipped.
5.
How did the U.S. govt. attempt to stop Robber Barons like Carnegie and Rockefeller?
The U.S. govt. attempted to stop Robber Barons by creating the Sherman Antitrust Act which is an act that breaks monopolies.
6.
Did the U.S. government respond favorably to worker strikes? Explain your answer.
No, because the government would use force to break up workers strikes.
7.
Why were corporations the preferred types of new businesses for investors?
Corporations were preferred because they could raise lots of money by selling shares.
4.
How did the Triangle Shirtwaist Fire change conditions at work?
It changed the way doors are opened now and created better working conditions.
