Industrial Age

Question 1

Who was Andrew Carnegie and what should you recognize with him?

Answer 1

an industrialist who led the expansion of the American steel industry in the late 19th century. Using the Bessemer process and the idea of vertical integration, he dominated the steel industry with his Carnegie Steel Company

Question 2

Who was John D Rockefeller and what should you recognize with him?

Answer 2

a co-founder of the Standard Oil Company, which dominated the oil industry and was the first great U.S. business trust. He used horizontal integration to dominate the oil industry. He formed the Standard Oil Trust that resulted in an oil monopoly

Question 3

Definition of subsidy

Answer 3

a government provided financial aid or land grants

Question 4

Define factors of production

Answer 4

land, labor, and capital (money) used to make goods and services

Question 5

Define entrepreneur

Answer 5

a person who starts a business

Question 6

Define collective bargaining

Answer 6

negotiation of wages and other conditions of employment by an organized body of employees

Question 7

Define corporation

Answer 7

large business owned by many investors

Question 8

Define stock

Answer 8

shares of ownership a company sells in its business

Question 9

Define shareholder

Answer 9

a person who invests in a company by buying stock

Question 10

Define dividend

Answer 10

a stockholder’s share of a company’s profits, usually as a cash payment

Question 11

Define trust

Answer 11

a group of corporations run by a single of directors

book definition…a combination of firms or corporations formed by a legal agreement, especially to reduce competition

Question 12

Define monopoly

Answer 12

total control of a type of industry by one person or one company (definition from kahoot.. company that controls all or nearly all business in a particular industry)

Question 13

Define merger

Answer 13

when companies legally combine

Question 14

Define consolidation

Answer 14

to combine different companies into one

Question 15

Who was Cornelius Vanderbilt?

Answer 15

He was a railroad baron known for his tight grip on his railroad empire (because he used consolidation to control the industry and create a railroad empire)

Question 16

How did other industries benefit from the expansion of the railroad system?

Answer 16

other industries profited from the expansion of the railroad industry because railroads used steel, oil, timber, etc for construction. Therefore, those industries grew as railroads grew

Question 17

What were some new technologies that improved railroad travel in the late 1800s?

Answer 17

Air brakes were created to help stop trains more efficiently, Janney car couplers made it easier for railroad workers to link cars, Pullman sleeping cars which was a luxury railway car with seats that changed into beds for overnight journeys

Question 18

Define rebate

Answer 18

a discount or return of part of a payment

Question 19

Define pool

Answer 19

when companies divided up business among themselves and set identical rates (a group sharing in some activity)

Question 20

Define patent

Answer 20

it’s a document issued by the government that gives someone the sole right to make, use, and sell an invention
(sole legal right to an invention and its profits)

Question 21

What conditions spurred the growth of industry?

Answer 21

Government policies helped business grow, technology allowed railroads and cities to expand, and new sources of energy supplied industry needs

Question 22

Define tariff

Answer 22

a tax or duty to be paid on a particular class of imports or exports

Question 23

Who introduced the assembly line in 1913 and made vehicles more affordable for the average person?

Answer 23

Henry Ford

Question 24

Who became the first to successfully fly a gas-powered plane in 1903?

Answer 24

The Wright Brothers

Question 25

What do Henry Ford and the Wright Brothers have in common?

Answer 25

both very successful inventors

Question 26

Why was Edison’s research lab called the “invention factory”?

Answer 26

because he made lots of inventions lol self explanatory. such as the lightbulb, telegraph, phonograph, and movie camera.

Question 27

Which industry should you associate with Henry Ford?

Answer 27

assembly lines? vehicles?

Question 28

What improvements were sought by unions?

Answer 28

they wanted to make labor laws more fair, and get rid of child labor. they also wanted to make work conditions better and let in women and african americans ( i think).

Question 29

What happened to workers as businesses grew?

Answer 29

as businesses grew, more and more workers were needed, and the conditions were worsened, with more child laborers.

Question 30

Why was steel important to industrial growth after the civil war?

Answer 30

it was used in the railroad industry, and it became a popular good. Andrew Carnegie became the lead producer in this industry.

Question 31

The decreased the number of immigration WAS or WAS NOT one of the things that helped railroads grow

Answer 31

was not

Question 32

Alexander Graham Bell invented what

Answer 32

the telephone

Question 33

Horizontal Integration

Answer 33

Oil Oil Oil Oil Oil Oil Oil

Question 34

Vertical Integration

Answer 34

(the process of something growing.. think of a staircase)

Iron mine
Coal Mine
WareHouse
Ore Ship
Railroad
Steel plate

Question 35

Which industry should you associate with Cornelius Vanderbilt?

Answer 35

railroads