History: Big Business + Labor Unions

Question 1

Carnegie

Answer 1

Used two ways to produce steel (Bessemer process and Open Hearth), used vertical integration, gospel of wealth

Question 2

Carnegie’s Gospel of Wealth

Answer 2

What to do with your wealth- 1) leave to family when die 2) give to public when die 3) distribute during lifetime

Question 3

Vertical Integration

Answer 3

Company buys out all of it’s suppliers

Question 4

Rockefeller

Answer 4

Founder and chairman of Standard Oil (1890, 90% of oil refinery business in US), used vertical integration and horizontal integration, grouped his companies into a trust (a group of corporations that unite in order to reduce competition and control prices in a business or industry) to try to control oil production and prices(monopoly)

Question 5

Rockefeller’s tactics

Answer 5

Gave a rebate on railroads that carried his oil

Question 6

Rebate

Answer 6

A partial refund on a product

Question 7

Stanford

Answer 7

Sold mining equipment to miners. Helped found the California Central Pacific railroad

Question 8

Vanderbilt

Answer 8

Largest railroad tycoon in Eastern US. Used horizontal integration

Question 9

Horizontal integration

Answer 9

Buying out or merging with your competitors

Question 10

Morgan

Answer 10

Morganization-taking over troubled businesses to reorganize them.

Question 11

Social Darwinism

Answer 11

Survival of the fittest

Question 12

Monopoly

Answer 12

A company that controls all production and sales of a certain good…only provider of a certain good(commodity)and trusts

Question 13

Transcontinental railroad

Answer 13

Omaha, Nebraska to Sacramento, California, completed in 1869. Built by Chinese immigrants

Question 14

Sherman Antitrust Act

Answer 14

Made trusts(and monopolies) illegal and interstate and international trade. Made it possible (but not easy) to prosecute companies

Question 15

Sholes

Answer 15

Invented typewriter

Question 16

Graham Bell

Answer 16

Invented telephone

Question 17

Westinghouse

Answer 17

Invented air brake

Question 18

Swift

Answer 18

Invented refrigerated railcar

Question 19

Wilbur and Orville Wright

Answer 19

Invented airplane

Question 20

Henry Ford

Answer 20

Invented the use of mass production; the use of interchangeable parts and assembly lines to make large quantities of identical goods

Question 21

Tariff

Answer 21

Tax on imports

Question 22

Interstate Commerce Act

Answer 22

Regulate trade threat crosses state lines