Chap. 20

Question 1

Define Consolidation

Answer 1

The practice of combining different companies into one

Question 2

What are some advantages and disadvantages of consolidation.

Answer 2

It made some companies more efficient, but it also allowed others to control the entire industry.

Question 3

Who was Cornelius Vanderbilt

Answer 3

He was one of the first railroad barons.

Question 4

How did other businesses benefit from railroad expansion.

Answer 4

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

Question 5

Define Rebate

Answer 5

A discount or return of a payment

Question 6

Define Pool

Answer 6

A group sharing in some activity

Question 7

Define Patent

Answer 7

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.

Question 8

Henry Ford didn’t invent the automobile, so what makes him so famous?

Answer 8

Henry Ford invented the assembly line, which is a much more organized way of making the automobiles, it also created more job openings

Question 9

What did the Wright brothers accomplish in 1903

Answer 9

They successfully flew the first plane, the task was to take off fly for a little then to land all without crashing.

Question 10

Define factors of production

Answer 10

Land, labor, and capital used to make goods and services.

Question 11

Define entrepreneur

Answer 11

A person who starts their own buisnesses

Question 12

Define stock

Answer 12

Shares of ownership a company sells in it’s buisness

Question 13

Define Share holder

Answer 13

A person who invests in a company by buying stock

Question 14

Define Divident

Answer 14

Stockholders share in a company’s profits, usually a cash payment

Question 15

Define Trust

Answer 15

A combination of corporations owned by one board of directions to reduce competition.

Question 16

Define Monopoly

Answer 16

Total control of a type of industry

Question 17

Who was John D. Rockefeller? How did he become a successful and wealthy business leader?

Answer 17

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.

Question 18

Who was Andrew Carnegie? How did he become a successful and wealthy business leader?

Answer 18

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.

Question 19

Define Merger.

Answer 19

Combining 2 or more businesses into one

Question 20

Define Sweatshop

Answer 20

A shop or factory where workers work long hours with low pay and very unhealthy and unsanitary working conditions

Question 21

Define Labor union

Answer 21

organization of co-workers who want higher pay and better working conditions.

Question 22

describe some working conditions that may lead to labor union.

Answer 22

Working Long hours, low pay, and unhealthy working conditions.

Question 23

Define Collective bargaining.

Answer 23

discussion between an employer and union representatives of workers of wages, hours, and working conditions for the union membership as a whole

Question 24

Why didn’t the public tend to support early unions?

Answer 24

because they usually associated it with violence.

Question 25

What happened at the triangle shirtwaist company in 1911?

Answer 25

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