indsutrial age

Question 1

consolidation came along with railroad expansion what is that

Answer 1

the practice of combining seperate companies

Question 2

what did consolidation result in

Answer 2

large companies become more effecient(able to do more work with fewer resources

Question 3

what was a railroad baron

Answer 3

a powerful business leader who controlled a major railroad

Question 4

what did railroads carry to companies

Answer 4

raw materials, such as timber iron, coal

Question 5

what did railroads carry from companies to markets

Answer 5

manufactured gvoods

Question 6

what did railroads companies carry from farming areas to cities

Answer 6

shipped crops

Question 7

how many jobs did railroads provide

Answer 7

thousands

Question 8

1880s-what did railroads begin using instead of iron

Answer 8

steel

Question 9

the first railroads only covered

Answer 9

a small area

Question 10

what was the standard gauge that railroad companies used as they consolidated

Answer 10

4 ft., 8.5 in.

Question 11

where can you find the growth of railroads and consilidation

Answer 11

p.60

Question 12

where can you find the railroad barons

Answer 12

p.61

Question 13

where can you find the technology that helped with railroads

Answer 13

p.62

Question 14

where can you find inventions

Answer 14

p.64

Question 15

where find the growth of big bisuiness

Answer 15

p.70

Question 16

where can you find labor unions

Answer 16

p.76

Question 17

What were the connections between industrialization, the rise of big business, and the emergence of the modern corporation?

Answer 17

The connections between industrialization, the rise of big business, and the emergence of the modern corporation are deeply connected and shaped the trajectory of economic development in the late 19th and early 20th centuries. Industrialization, marked by technological advancements and the shift from economies based on agriculture to industrial ones, fueled the demand for efficient production methods. As industries expanded, the need for large capital and organizational structures arose, paving the way for the rise of big business. Entrepreneurs and industrialists, such as Andrew Carnegie and John D. Rockefeller, capitalized on economies of scale and vertical integration to dominate their respective industries. To facilitate these large-scale operations, modern corporations with centralized management structures and extensive bureaucracies became prevalent. This corporate form allowed for the consolidation of economic power, as corporations could amass significant resources and influence. Consequently, the interconnected processes of industrialization, the rise of big business, and the emergence of modern corporations reshaped the economic landscape, contributing to the formation of the modern capitalist system.

Question 18

How did industrialization, the rise of big business, and the emergence of the modern corporation affect living standards and opportunity for the upper strata of society?

Answer 18

The connection of industrialization, the ascent of big business, and the arrival of the modern corporation significantly elevated living standards and opportunities for the upper strata of society during the late 19th and early 20th centuries. The industrial revolution ushered in unprecedented economic growth, enabling industrialists and entrepreneurs to amass vast fortunes. Individuals such as Andrew Carnegie and John D. Rockefeller became titans of industry, accumulating immense wealth through the expansion of their corporations. The concentration of economic power in the hands of the upper strata translated into increased access to luxuries, education, and cultural amenities. Additionally, the emergence of large corporations created new avenues for the elite to consolidate their influence in shaping economic policies and political landscapes. While the benefits were concentrated among the upper echelons, this period also saw the formation of philanthropic efforts by some industrialists, contributing to the establishment of educational and cultural institutions that, in the long run, had broader societal impacts.

Question 19

How did industrialization, the rise of big business, and the emergence of the modern corporation affect living standards and opportunity for the lower strata of society?

Answer 19

The impact of industrialization, the rise of big business, and the emergence of the modern corporation on the lower strata of society was more interesting. While these developments brought about economic growth and technological advancements, they also resulted in significant social and economic despair. The expansion of industrialization created new job opportunities, drawing a large segment of the population into urban centers seeking employment in factories. However, the working conditions were often harsh, wages were low, and labor exploitation was prevalent. The rise of big business contributed to the concentration of wealth among a few industrial magnates, widening the wealth gap. The modern corporation, with its centralized management, further limited the bargaining power of labor. While industrialization did create some upward mobility, particularly through urbanization, the overall impact on living standards for the lower strata was often characterized by challenging working conditions and limited social and economic mobility. The labor movements that emerged in response to these conditions eventually led to improvements in workers’ rights and social reforms over time.

Question 20

What effect did geography have on the makeup of different cities in different parts of the country?

Answer 20

Geography played a pivotal role in shaping the makeup of cities across different regions of the country during periods of urban development. Coastal cities often thrived as major ports, facilitating trade and commerce, while inland cities near natural resources flourished as industrial centers. For instance, cities near coal mines or iron deposits became hubs for manufacturing. Additionally, geographic features influenced urban layouts; cities near rivers or waterways often developed along those routes, aiding transportation and trade. Moreover, climatic conditions influenced the types of industries that could thrive, such as textile mills in areas with abundant water sources. The interplay of geography with economic opportunities and resource availability contributed to the diverse and distinctive characteristics of cities throughout the country.

Question 21

Describe how agriculture, mining, and ranching were transformed by the industrial revolution. What role did oil play in this process?

Answer 21

The Industrial Revolution transformed agriculture, mining, and ranching by introducing mechanization and technological advancements. In agriculture, the adoption of machinery, like the mechanical reaper, a farming machine that cuts grain , increased efficiency and output, leading to the consolidation of farms. Mining operations experienced a shift with the use of steam engines and later electrical power, enabling deeper and more extensive extraction of minerals. Ranching saw changes as well, with the mechanized production of feed and transportation improvements facilitating the growth of large-scale cattle ranches. Additionally, oil played a pivotal role in this transformation. The discovery and widespread use of oil not only fueled industrial machinery but also revolutionized transportation, providing a more efficient energy source for ships and trains. The oil industry itself underwent significant changes, with the development of drilling technologies and the establishment of major oil corporations, contributing to the overall restructuring of the economy during the Industrial Revolution.

Question 22

How did Andrew Carnegie and John D. Rockefeller build fortunes in the oil and steel industries?

Answer 22

Andrew Carnegie and John D. Rockefeller amassed their fortunes through strategic business practices in the oil and steel industries during the late 19th century. Carnegie, a key figure in the steel industry, employed vertical integration, owning and controlling every stage of the steel production process, from mining to transportation. This allowed him to reduce costs and dominate the market. Rockefeller, on the other hand, focused on the oil industry and pioneered horizontal integration by consolidating numerous oil refineries under the Standard Oil Company. Through ruthless business tactics, such as price wars and secret rebates, he achieved a virtual monopoly, controlling a significant portion of the oil industry. Both Carnegie and Rockefeller were adept at leveraging innovative business strategies and exploiting market conditions to establish and expand their respective industrial empires.

Question 23

Write a definition of the following terms: corporation, stock, shareholders, dividends.

Answer 23

A corporation is an organization separate from its owners, known as shareholders, that allows individuals to collectively own and operate a business. Stock represents ownership shares in a corporation and is traded on stock exchanges. Shareholders are individuals who own these stocks, making them partial owners of the corporation. Dividends are payments made by a corporation to its shareholders, usually in the form of a portion of the company’s profits. These payments serve as a return on investment for shareholders and are often distributed regularly based on the number of shares held.

A stock is a share or part-ownership of a company that it sells in order to use the money to improve

A shareholder is either a person, company, or institution who is an owner of stock or shares of a company.
Dividends are cash payments from a company’s profits that are given to shareholders of a company when that company does well