The Rise of Industry: 24

Question 1

Laissez-faire-

Answer 1

theory that economies work best when there is minimal involvement from the government. The idea of laissez-faire was that the government should not regulate the price or quality of goods, the working conditions of laborers, or the business practices of bankers and industrialists.

Question 2

Monopoly

Answer 2

a company that controls all production and sales of a particular product or service

Question 3

Trust

Answer 3

a group of corporations run by a single board of directors

Question 4

Samuel Gompers-

Answer 4

led the American Federation of Labor

Question 5

Mass production-

Answer 5

the use of interchangeable parts and assembly lines to make large quantities of identical goods

Question 6

Entrepreneur

Answer 6

person who assembles and organizes the resources necessary to produce goods and services. Entrepreneurs are willing and able to take the risks involved in starting and managing a business.

Question 7

Tenement housing-

Answer 7

small, cheap, dirty apartment that was dangerous and had little/no windows, no electricity, inside water, and little heat.

Question 8

Alexander Graham Bell-

Answer 8

created first telephone when acid spilled on him and he called for his assistant: Thomas Watson.

Question 9

Thomas Edison

Answer 9

invented the light bulb, and helped turn electricity into an everyday source of light and power. He also built the first electrical power station and distribution system.

Question 10

What was a negative effect with Steel and the Bessemer process?

Answer 10

Steel began replacing iron in railroads, bridges, and locomotives

Question 11

Why were corporations used instead of partnerships?

Answer 11

businesses needed a lot more money than only a few partners could provide

Question 12

Reasons for skyscrapers

Answer 12

land was so expensive so building up was cheaper, business and factory owners wanted top floors because it was cheaper and there was more natural light

Question 13

benefits of living in cities

Answer 13

lots of entertainment near by and works as close

Question 14

Why were employers paying low wages?

Answer 14

so many people were looking for jobs so owners could pay them less

Question 15

Why did Knights if Labor lose memberships?

Answer 15

because of a rally at haymarket square

Question 16

Nativism

Answer 16

people who are native to land who lost their jobs to immigrants

Question 17

Standard Oil

Answer 17

Rockefeller’s oil company that produced 95% of our nation’s oil

Question 18

stock

Answer 18

a share in the ownership of a company

Question 19

reasons for unions

Answer 19

so people in the same trade or job and strike for issues like better pay, hours, and working conditions

Question 20

John D. Rockefeller

Answer 20

started an oil monopoly and dominated all other oil companies, he owns the standard oil company

Question 21

Andrew Carnegie

Answer 21

brought the Bessemer Method to the US. He had a steel company and bought out other rival companies so he would get more money and there would be less competition. He produced a quarter of the nation’s steel

Question 22

Henry Ford

Answer 22

created a moving assembly line to mass-produce auto mobiles

Question 23

.

Answer 23

.

Question 24

How did the government policies contribute to the boom in big business?

Answer 24

the government provided minimal regulation in accordance to the theory of laissez-faire

Question 25

what was one of the consequences of the business boom?

Answer 25

people began moving into cities in search of their fortunes

Question 26

why did mark Twain Call this time period The gilded age

Answer 26

The growing number of millionaires showed off their new wealth at every opportunity

Question 27

Why is Edison considered the inventor who helped turn electricity into an every day source of power

Answer 27

 He and his team invented everything needed for a electrical power station and distribution system

Question 28

Why did entrepreneurs create trusts In many different industries

Answer 28

Trusts made industries more efficient and profitable

Question 29

What concern did some people have about trusts and the political process

Answer 29

Wealthy entrepreneurs were buying elections and corrupting public officials

Question 30

What is the connection between industrialization and urbanization

Answer 30

People looking for jobs flocked to the cities were most of the new industries were

Question 31

How did the owners of Carnegie steel plant in Homestead Pennsylvania deal with the workers strike

Answer 31

They hired 300 armed guards who fought the battle with the strikers

Question 32

What resulted from the uprising of the 20,000

Answer 32

Workers one better pay and shorter work weeks but still worked in unsafe conditions