Chap. 20 Flashcards
Define Consolidation
The practice of combining different companies into one
What are some advantages and disadvantages of consolidation.
It made some companies more efficient, but it also allowed others to control the entire industry.
Who was Cornelius Vanderbilt
He was one of the first railroad barons.
How did other businesses benefit from railroad expansion.
It gave them profit from sales some of the inovations that improved railroad travel including air breaks, car couplers and the pullman sleeping car, the refrigerated railroad car also helped keep meats from spoiling
Define Rebate
A discount or return of a payment
Define Pool
A group sharing in some activity
Define Patent
A government authority or license conferring a right or title for set period, especially the sole right to exclude others from making, using, or selling an inovation.
Henry Ford didn’t invent the automobile, so what makes him so famous?
Henry Ford invented the assembly line, which is a much more organized way of making the automobiles, it also created more job openings
What did the Wright brothers accomplish in 1903
They successfully flew the first plane, the task was to take off fly for a little then to land all without crashing.
Define factors of production
Land, labor, and capital used to make goods and services.
Define entrepreneur
A person who starts their own buisnesses
Define stock
Shares of ownership a company sells in it’s buisness
Define Share holder
A person who invests in a company by buying stock
Define Divident
Stockholders share in a company’s profits, usually a cash payment
Define Trust
A combination of corporations owned by one board of directions to reduce competition.
Define Monopoly
Total control of a type of industry
Who was John D. Rockefeller? How did he become a successful and wealthy business leader?
he was an oil tycoon, he would drive other buisnesses out out by lowering prices then once they were gone raising them and creating an oil monopoly.
Who was Andrew Carnegie? How did he become a successful and wealthy business leader?
He was a steel tycoon, he owned parts of the whole steel making process which made him in control of it all, and by 1900 he was making 1/3 of all of america’s steel.
Define Merger.
Combining 2 or more businesses into one
Define Sweatshop
A shop or factory where workers work long hours with low pay and very unhealthy and unsanitary working conditions
Define Labor union
organization of co-workers who want higher pay and better working conditions.
describe some working conditions that may lead to labor union.
Working Long hours, low pay, and unhealthy working conditions.
Define Collective bargaining.
discussion between an employer and union representatives of workers of wages, hours, and working conditions for the union membership as a whole
Why didn’t the public tend to support early unions?
because they usually associated it with violence.
What happened at the triangle shirtwaist company in 1911?
A fire broke out and many girls and women died because there was only one exit that was used because they wanted to check every lady before she left to make sure she wasn’t stealing any fabric
