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WORLD HISTORY > U7 L4 United States: Industrial Progress (PART 2) > Flashcards

U7 L4 United States: Industrial Progress (PART 2) Flashcards

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1
Q

What did Edwin L. Drake first drill? And Where?

A

nation’s first oil well, Titusville, Pennsylvania

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2
Q

What was Drake’s oil well sarcastically labelled?

A

Drake’s Folly

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3
Q

What is another term for oil?

A

black gold

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4
Q

What was Oil first used for?

A
  • make machine parts run smoothly

- light kerosene lamps

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5
Q

In many factories, fuel oil refined from crude oil was used instead of coal to do what?

A

produce steam

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6
Q

What was another crude oil product that was used in the internal combustion engine?

A

gasoline

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7
Q

What did Thomas A. Edison create?

A

light bulb/lamp

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8
Q

How long did Thomas Edison’s bulb glow?

A

40 hours

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9
Q

What was the advantage of electricity?

A
  • quick energy source

- could operate communication systems and manufacturing equipment

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10
Q

What was the ‘horseless carriage’?

A

motor car

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11
Q

Who were significant persons who designed automobiles?

A
  • Charles and Frank Duryea
  • Ransom E. Olds
  • Henry FOrd
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12
Q

When was the internal combustion engine developed?

A

1860s

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13
Q

What did Henry Ford design?

A

Model T

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14
Q

What did Wilbur and Orville Wright first do?

A

fly the first successful aircraft

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15
Q

in 1908, who did the Wright brothers sell an airplane to?

A

US army

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16
Q

What were the benefits of the airplane?

A
  • faster distribution
  • made almost all regions accessible
  • air travel for business of pleasure
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17
Q

What were the different types of delivery that were developed?

A
  • City mail delivery
  • Special delivery
  • rural free delivery
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18
Q

What did Cyrus W. Field make?

A

transatlantic cable

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19
Q

From where did Cyrus Field’s transatlantic cable stretch?

A

Newfoundland, Canada to England

20
Q

Where did the first transatlantic line lay on?

A

Atlantic Ocean

21
Q

Who received the very first telephone message on wire?

A

Thomas Watson, Alexander Graham Bell’s assistant

22
Q

Was the public at first skeptical about Bell’s telephone?

A

yes

23
Q

What company was charted in 1880 and has become a communications company?

A

American Bell Telephone company

24
Q

What were the inventions that benefitted the modern business office?

A
  • typewriter
  • cash register
  • adding machine
25
Q

How did the corporation system work?

A
  • businessmen combine their capital
  • submit request to govt asking permission to establish org
  • investors who bought into org receive stock
26
Q

Who elects the directors in a corporation system?

A

stockholders

27
Q

What do the directors appoint in a corporation system?

A

company officials to set corporate policies

28
Q

In a corporation system, what happens when the corporation earns profit?

A

stockholders receive share of profit

29
Q

In a corporation system, what happens when a corporation failed to make a profit?

A

stockholders still own shares but do not gain profit

30
Q

Much of the capital that went into building large corporations came from what businesses prior to the Civil war?

A

shipping and trade

31
Q

What were the reasons for Corporations to merge?

A
  • competing groups made same products

- convenient to merge with closely related industries

32
Q

In which industries did merging often occur?

A

steel, expanding to coal fields, transportation, and blast furnaces

33
Q

Corporations became powerful largely through their use of what?

A
  • modern machines

- streamlined production methods

34
Q

How did expanding corporations sought to reduce competition and gain control?

A

building monopolies

35
Q

What is a monopoly?

A

exclusive control of a commodity/production by a business

36
Q

What was the benefit of eliminating competition?

A
  • profits increase
  • sell goods at higher prices
  • larger market
37
Q

By 1905, 11% of the business firms controlled more than () of the capital, () of the laborers, and produced () of the manufactured goods

A

C- 80
L- 72
M- 79

38
Q

Edward Harriman, William Vanderbilt, and James Hill became industrial tycoons in which industry?

A

railroad

39
Q

John Rockefeller gained fortune by controlling most of which industry?

A

oil

40
Q

Andrew Carnegie made millions by dominating which industry?

A

steel

41
Q

What is J.P. Morgan noted for?

A

banking acheivements

42
Q

What did Theodore Roosevelt enforce?

A
  • antitrust laws against corp

- suspected of charging high prices or selling low-quality goods to remove competition

43
Q

What Act did President Wilson support?

A

Clayton Antitrust Act of 1914

44
Q

What did the Clayton Antitrust Act do?

A

made certain methods used by businesses to remove competition illegal

45
Q

What was the Federal Trade Commission?

A
  • 5 men appointed by president
  • enforced antitrust laws
  • protect small businesses
46
Q

Why were Labor laws enforced?

A

prevent powerful firms from controlling employee:

  • working conditions
  • living conditions
47
Q

What are the benefits of Corporations?

A
  • increased employment/decreased unemployment
  • more production
  • lower prices
  • variety and better quality products

WORLD HISTORY (83 decks)

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