Gilded Age Study Guide Flashcards
Why is this time referred to as the Gilded Age
There were a couple of very rich people but most people were poor
What was the Homestead Act of 1862
All American citizens were given up to 160 acres of land in the west as long as they improved and lived on the land
What was the purpose of the Homestead Act of 1862
Getting more people to settle in the west and develop the land
Why was completing the Transcontinental Railroad so important
It provided quicker transportation of people and materials
How did the east and the west use the Transcontinental Railroad
The rich west transported resources to the east to help them gain wealth
Explain the importance of the 2nd Industrial Revolution
It was a period of growth for industry, urbanization, and industrialization
What were some important inventions of the 2nd Industrial Revolution
Telephone, light bulb, new power source (electricity), steel and railroads
What was the Bessemer Process
It made it easier to make steel which helped the building of skyscrapers and railroads
Why was the emergence of the Steel Industry so important during the Gilded Age
Railroad growth and skyscrapers were finally possible
How did industrialization lead to rapid economic growth
The economy was based on industry over agriculture and there was a influx in immigration
Who was the richest man during the Gilded Age
John D. Rockefeller
Where does the name Robber Barons come from
These men used ruthless tactics, ran their rivals out of business, formed monopolies and controlled parts of the government
What is a monopoly
A company that dominates 1 industry
Why was Standard Oil broken into 90 different companies at the end of the Gilded Age
To end the monopoly because they were now illegal
Why are monopolies harmful to the economy
The company decides the prices, can use whatever quality products they want, and their is a lack of variety
