Chapter 14 - Test Flashcards
Part of the big four; became a governor of California; served as a US senator; founded Stanford University in 1885
Leland Stanford
It was his idea to build the transcontinental railroad; he got the building process started
Theodore Judah
Where did the Central Pacific Railroad start
San Francisco, California
Where did the Union Pacific Railroad start
Omaha, Nebraska
Where did the central Union Pacific Railroad meet to form the transcontinental railroad
Promontory Point in Utah
Who is the most successful railroad consolidator
Cornelius Vanderbilt
To make goods more cheaply because you produce so much so quickly using large manufacturing facilities
Economy of Scale
Buy companies you need to make your product
Vertical integration
Buy all companies who are your competition
Horizontal integration
What were the two first mail order catalogs
Sears and Roebuck and Montgomery ward
Consisted of common workers
Industrial union
Consisted of skilled workers
Craft union
Consisted of both common workers and skilled workers
Trade union
An order not to act
Injunction
Hey level in the corporate world in which women will never climb
Glass ceiling
Industrial workers had ______ skills; when they went on strike they were _______
Basic; replaced
Craftworkers had _______skills; when they went on strike they were _______
Special; begged by the company to come back
Born in Scotland; worked in a textile factory at age 12; became a messenger in the telegraph office; served as private secretary to Thomas Scott; became a superintendent of the room; sold railroad bonds; opened up a steel industry in Pittsburgh in 1875
Andrew Carnegie
The only transcontinental railroad that did not go bankrupt; built by James J. Hill
Great northern
How did corporations achieve economies of scale
With the money raised from stock, corporations invested in new technology, hired larger workforce, and purchase machines
What is vertically integrated company and what was an example in the late 1800s
To own all the different businesses depending on the operation; Carnegie’s company
What was likely the cause of small companies going out of business
The changing nature of business organization and the new importance of fixed costs
What was the Crédit Mobilier Scandal
Investors signed contracts with themselves, and Crédit Mobilier overcharged Union Pacific. Since the same investors controlled both companies, the railroad agreed to pay the inflated bill. By the time the Union Pacific Railroad was completed, investors made millions and the railroad was almost bankrupt
T his is not all of the cards. Find them ⬇️
On Olivia’s Flashcards
In charge of building the route road from Omaha Nebraska westward
Greenville Dodge
