Business Test Flashcards

1
Q

Vertical Integration

A

when a company owns different parts of its supply chain

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2
Q

Triangle Shirtwaist Fire

A

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.

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3
Q

16thAmend (Income tax)

A

graduated income tax

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4
Q

Monopoly

A

when a company has practically no competition

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5
Q

Philanthropy

A

Giving money or help to people in need.

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6
Q

Network

A

A group or system of interconnected people or things

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7
Q

Stock

A

A share in the ownership of a company.

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8
Q

Corporation

A

A business that’s owned by a lot of people

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9
Q

Gospel of Wealth

A

The idea that rich people should use their money to help society.

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10
Q

Knights of Labor

A

First Union. President= Terence Powderly. Wanted better work conditions and wanted eight hour work days

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11
Q

Consolidate

A

merging smaller companies into a bigger one

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12
Q

American Federation of Labor

A

A group of union workers in the U.S. that joined together to improve working conditions and wages

Samuel Gompers

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13
Q

Homestead Strike

A

Carnegie steel mill

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14
Q

Union

A

a group of workers who organize for better working conditions

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15
Q

Sweatshop

A

A workplace where workers are in bad working conditions

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16
Q

Time Zones

A

Pacific, Mountain, Central, and Eastern

17
Q

Sherman Antitrust Act

A

1890/Bans monopolies and trust

18
Q

Robber Barons

A

Successful people who competed with others to grow their company

19
Q

Social Darwinism

A

The idea that only the strongest business would succeed.

20
Q

Supply and Demand

A

Less supply, more demand= Prices go up
More supply, less demand= Prices go down

21
Q

Captain of Industry

A

A business leader who is very successful and helps the economy grow

22
Q

Standard Oil Company

A

Huge oil company started by John D. Rockefeller

23
Q

Collective Bargaining

A

When workers join together to negotiate with their employers for better pay and working conditions. (teacher example)

24
Q

Haymarket Riot

A

A violent clash in Chicago in 1886 between police and workers protesting for eight-hour work days

25
Q

Bessemer Process

A

A method for making steel quickly. Carnegie

26
Q

Assembly Line

A

A way to make things faster and cheaper. One worker works at one place

27
Q

1.

How did the Robber Barons, like Carnegie and Rockefeller, make their fortunes?

A

Carnegie and Rockefeller would buy out competitors and creating monopolies that would hurt other competitors.

28
Q

2.

What were the goals of the Knights of Labor and the AFL?

A

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.

29
Q

3.

What improvements to the railroads led to growth in businesses?

A

Some improvements were making railroads longer which helps with people being able to travel farther and getting goods to be shipped.

30
Q

5.

How did the U.S. govt. attempt to stop Robber Barons like Carnegie and Rockefeller?

A

The U.S. govt. attempted to stop Robber Barons by creating the Sherman Antitrust Act which is an act that breaks monopolies.

31
Q

6.

Did the U.S. government respond favorably to worker strikes? Explain your answer.

A

No, because the government would use force to break up workers strikes.

32
Q

7.

Why were corporations the preferred types of new businesses for investors?

A

Corporations were preferred because they could raise lots of money by selling shares.

33
Q

4.

How did the Triangle Shirtwaist Fire change conditions at work?

A

It changed the way doors are opened now and created better working conditions.