Industrialization | Sections 1+4 |SSH

Question 1

What is a patent?

Answer 1

A government document that gives an inventor the exclusive right to make and sell and invention for a certain number of years.

Question 2

Why would an inventor need a patent?

Answer 2

To protect the inventor’s time, effort, money, ect. and profit from their ideas.

Question 3

What major changes occurred in America in the mid and late 1800s?

Answer 3

Industry expanded and began to replace agriculture; more workers found factory job in urban areas, and new invention changed the way people lived and worked.

Question 4

How was the Bessemer process a cause of industrialization?

Answer 4

The process helped other industries develop because it was a way to make steel more affordable.

Question 5

What products used steel?

Answer 5

Plows, barbed wire, cables, beams for builidngs, nails, ect.

Question 6

What specific contributions did Thomas Edison make?

Answer 6

Edison invented the first practical, safe, long-lasting incandescent lightbulb, the power plant and power delivery system, direct current, phonograph, kinetograph (motion picture camera)

Question 7

Explain the importance of Alexander Graham Bell.

Answer 7

Bell invented the telephone which revoluionized communication

Question 8

What other new technologies were developed at this time?

Answer 8

• TypeWriter (first word-processor)
• Telephone switchboard - Allowed phones to be networked
• Iccasc Singer’s sewing machine - cheaper factory-produced clothing vs. homemade

Question 9

What did the reorganization of the business world change?

Answer 9

The reorganization changed the way businesses were managed and financed. This led to less competition and an age of big business.

Question 10

Define corporation:

Answer 10

A corporation is a business owned by shareholders (investors)

Question 11

Why did corporations develop in the late 1800s? How would a business be helped by turning into a corporation?

Answer 11

Business owners became corporations by getting investments, making investors partial owners. This money let owners buy equipment, and as businesses grew, investors made profits, leading to corporate dominance in American industry.

Question 12

Define shareholder:

Answer 12

investors who buy part of the company
through shares of stock.

Question 13

Define monopoly:

Answer 13

A company/business that wipes out
its competitors and controls an industry

Question 14

How did John D. Rockefeller obtain a monopoly over the oil industry?

Answer 14

He bought out other oil refineries, made deals with raIlroad to ship his oilo at cheaper prices, and built or bough his owner pipeline for carrying oil.

Question 15

Define trust:

Answer 15

A trust is a legal body created to hold stock in many companies, often in
the same industry.

Question 16

Why did Rockefeller develop the Standard Oil Trust?

Answer 16

To merge multiple corporations together under one body which then controlled 95% of the nation’s oil (monopoly)

Question 17

Define “robber baron:”

Answer 17

a business leader who uses dishonest methods
to grow rich.

Question 18

How did developing the StandArd Oil Trust lead to Rockefeller being labeled as a “robber baron?”

Answer 18

Rockefeller tried to intimidate competition into selling to him, he would raise the price of his product and customers were forced to pay it. He bought up equipment to deny itto his competitors. Sometime outright sabotage was used against competitors.

Question 19

How did Andrew Carnegie’s methods in the steel industry differ from Rockefeller’s with oil?

Answer 19

Carnegie aimed to outperform his competition by producing better and cheaper steel. He introduced the Bessemer Process to the US, which made steel production faster and more cost-effective. Carnegie achieved this by acquiring all parts of the steel-making process, from raw materials to finished products, eliminating intermediaries. This strategy is known as “vertical integration.”

Question 20

Describe Rockefeller and Carnegie’s philanthropy.

Answer 20

Both men gave away very large sums of money to universities and to build public library.
philanthropy = giving money to crartiable cause

Question 21

Define business cycle:

Answer 21

cycle of economic “booms” (up) and “busts” (down)

Question 22

What constitutes a boom and bust period?

Answer 22

A boom period is when people are buying good and investing in business. A bust is when spending and investing decrease which leads to industries laying off workers.

Question 23

Define depression:

Answer 23

a peroid of extremely low economic activity

Question 24

What are examples of depressions of this during the period of industrialization?

Answer 24

There was an economic depression in 1873 which lasted five years and left 3 million unemployed. the depression of 1893 saw thousands of business close althought industry grew steadily throughout the 1800s

Question 25

Describe the varied impact of America’s economic growth on its people.

Answer 25

Some Americans become very wealthy and the standard of living rose.Minorites, factory workers and workers and many in the south did not benefit greatly from this growth however.

Question 26

How did many of the wealthy obtain their status?

Answer 26

They grew up wealthy and had the benefit of college, money, and family connections.

Question 27

Define Gilded Age:

Answer 27

Mark twain’s nickname for the time period because of its outer layer of wealth and prosperity hiding the inner layers if poverty dishonest business practices and corruption

Question 28

“laissez-faire”

Answer 28

• The philosophy that the government should not become involved in the economy.
• capitalism - private businesses operate for profit

Question 29

labor unions:

Answer 29

groups of workers that negottiated with business owner to obtain better wages and working conditions

Question 30

-socialism:

Answer 30

a system in which the means of producing and distributing goods are owned collectively or by a government

Question 31

-anarchy:

Answer 31

the abolition of all governments

Question 32

-Haymarket Affair:

Answer 32

1886 violent conflict between workers and the police that
led to opposition from unions

Question 33

Samuel Gompers:

Answer 33

founder of the AFL labor union in 1886

Question 34

American Federation of Labor (AFL):

Answer 34

a national organization of unions that used negotiations, strikes, and boycotts to achieve its aims

Question 35

• Homestead Strike:

Answer 35

1892 Pennsylvania steelworker strike that ended in violence and a defeat for the workers

Question 36

• Pullman Strike:

Answer 36

1894 railroad worker strike after a pay cut that ended in
defeat