Module 3 Flashcards
1859 successfully used steam engine to drill for oil which started an oil boom
Edwin L. Drake
1876 unveiled the telephone which opened up communication worldwide
Alexander Graham Bell
This man built the world’s first research laboratory and invented the incandescent light bulb
Thomas Alva Edison
The Bessemer Process was made famous because it produced what metal stronger and efficient
Steel
This man invented the typewriter changing the office workforce forever
Christopher Sholes
The growth of what industry helped fuel development of the railroads, skyscrapers, and farming equipment
Steel
All of the following are examples of how mechanical farming equipment reshaped rural areas except
a. farming becoming more efficient
b.fewer laborers needed so people left rural areas for cities
c.price of crops began to rise because of efficiency
d.larger areas could be farmed, less individual farmers needed
c.price of crops began to rise because of efficiency
As the workforce changed due to new inventions woman began taking jobs as
typist and telephone operators
Designed a sleeping car for trains and built his employees a town
George M. Pullman
Joining of the Union Pacific and the Central Pacific Railroads.
Transcontinental Railroad
Railroad Tycoon- expanded railroads west and one of the wealthiest men in America
Cornelius Vanderbilt
Construction company credited by railroad to inflate contracts to build track.
Credit Mobilier
Supreme Court Decision Munn v. Illinois?
Establishes government right to regulate private industry.
Interstate Commerce Act
Federal government would supervise railroad activities through a group
Wabash V. Illinois?
States could not regulate interstate commerce.
The principles of supply and demand effected business in all of the following ways accept?
Supply output decreased as settlers moved away from big cities for farms
Why did farmers demand regulation of the railroads
Railroads controlled transportation and were often corrupt.
Scottish born entrepreneur who owned majority of the steel industry
Andrew Carnegie
This man made Cleveland famous with his Standard Oil Company which controlled 90% of the market
John D. Rockefeller
Allows companies to conduct business without intervention by the government.
Laissez-Faire
Biological theory to explain the evolution of human society and applied to business practices
Social Darwinism
Made his fortune taking over and merging other people’s business
J.P. Morgan
joining together companies producing similar products
Horizontal Integration
The purchasing of companies to control the factors of production from the mine to the consumer.
Vertical Integration