Chapter 17 Note Cards

Question 1

Henry Ford

Answer 1

Who - Henry Ford
What - Created Ford cars
When - 1896
Where - US
Why - Automobile industry became a large part of American society

Question 2

Frederick Winslow Taylor/Scientific Management

Answer 2

Who - Frederick Winslow Taylor
What - Credited with “scientific management” aka “Taylorism,” where he encouraged employers to subdivide tasks in order to speed up the manufacturing process
When - Early 1900s
Where - US
Why - Would make workers more interchangeable & speed up production

Question 3

Vertical Integration

Answer 3

Who - Used by Andrew Carnegie
What - Owning every step of the process to create a product
When - 1890s
Where - US
Why - Efficiency & cost

Question 4

Andrew Carnegie

Answer 4

Who - Andrew Carnegie
What - Owned Carnegie Steel and became one of the wealthiest men in the world; bought out rivals who couldn’t compete with him; practiced vertical integration
When - Opened steelworks in 1873
Where - Pittsburgh, PA
Why - N/A

Question 5

J. P. Morgan

Answer 5

Who - J. P. Morgan
What - Bought Carnegie Steel to create the US Steel Corporation (controlled nearly ⅔ of steel production in the US)
When - 1901
Where - US
Why - Money

Question 6

Limited Liability

Answer 6

Who - Investor
What - Investors risked only the amount of their investments & would not be liable for any accumulated debts from the corporation
When - N/A
Where - US
Why - Entrepreneurs could then gather lots of capital