U7 L4 United States: Industrial Progress (PART 2) Flashcards
What did Edwin L. Drake first drill? And Where?
nation’s first oil well, Titusville, Pennsylvania
What was Drake’s oil well sarcastically labelled?
Drake’s Folly
What is another term for oil?
black gold
What was Oil first used for?
- make machine parts run smoothly
- light kerosene lamps
In many factories, fuel oil refined from crude oil was used instead of coal to do what?
produce steam
What was another crude oil product that was used in the internal combustion engine?
gasoline
What did Thomas A. Edison create?
light bulb/lamp
How long did Thomas Edison’s bulb glow?
40 hours
What was the advantage of electricity?
- quick energy source
- could operate communication systems and manufacturing equipment
What was the ‘horseless carriage’?
motor car
Who were significant persons who designed automobiles?
- Charles and Frank Duryea
- Ransom E. Olds
- Henry FOrd
When was the internal combustion engine developed?
1860s
What did Henry Ford design?
Model T
What did Wilbur and Orville Wright first do?
fly the first successful aircraft
in 1908, who did the Wright brothers sell an airplane to?
US army
What were the benefits of the airplane?
- faster distribution
- made almost all regions accessible
- air travel for business of pleasure
What were the different types of delivery that were developed?
- City mail delivery
- Special delivery
- rural free delivery
What did Cyrus W. Field make?
transatlantic cable
From where did Cyrus Field’s transatlantic cable stretch?
Newfoundland, Canada to England
Where did the first transatlantic line lay on?
Atlantic Ocean
Who received the very first telephone message on wire?
Thomas Watson, Alexander Graham Bell’s assistant
Was the public at first skeptical about Bell’s telephone?
yes
What company was charted in 1880 and has become a communications company?
American Bell Telephone company
What were the inventions that benefitted the modern business office?
- typewriter
- cash register
- adding machine
How did the corporation system work?
- businessmen combine their capital
- submit request to govt asking permission to establish org
- investors who bought into org receive stock
Who elects the directors in a corporation system?
stockholders
What do the directors appoint in a corporation system?
company officials to set corporate policies
In a corporation system, what happens when the corporation earns profit?
stockholders receive share of profit
In a corporation system, what happens when a corporation failed to make a profit?
stockholders still own shares but do not gain profit
Much of the capital that went into building large corporations came from what businesses prior to the Civil war?
shipping and trade
What were the reasons for Corporations to merge?
- competing groups made same products
- convenient to merge with closely related industries
In which industries did merging often occur?
steel, expanding to coal fields, transportation, and blast furnaces
Corporations became powerful largely through their use of what?
- modern machines
- streamlined production methods
How did expanding corporations sought to reduce competition and gain control?
building monopolies
What is a monopoly?
exclusive control of a commodity/production by a business
What was the benefit of eliminating competition?
- profits increase
- sell goods at higher prices
- larger market
By 1905, 11% of the business firms controlled more than () of the capital, () of the laborers, and produced () of the manufactured goods
C- 80
L- 72
M- 79
Edward Harriman, William Vanderbilt, and James Hill became industrial tycoons in which industry?
railroad
John Rockefeller gained fortune by controlling most of which industry?
oil
Andrew Carnegie made millions by dominating which industry?
steel
What is J.P. Morgan noted for?
banking acheivements
What did Theodore Roosevelt enforce?
- antitrust laws against corp
- suspected of charging high prices or selling low-quality goods to remove competition
What Act did President Wilson support?
Clayton Antitrust Act of 1914
What did the Clayton Antitrust Act do?
made certain methods used by businesses to remove competition illegal
What was the Federal Trade Commission?
- 5 men appointed by president
- enforced antitrust laws
- protect small businesses
Why were Labor laws enforced?
prevent powerful firms from controlling employee:
- working conditions
- living conditions
What are the benefits of Corporations?
- increased employment/decreased unemployment
- more production
- lower prices
- variety and better quality products
