Unit 3 Study Guide Flashcards
What helped to fuel economic growth by encouraging people to buy American goods?
Trades from other countries were taxed higher
What did steel make possible that changed people’s lives?
Skyscrapers
How is a cartel different from a monopoly?
monopoly- is one company
cartel- more than one company
Cartels, monopolies, trusts, and horizontal and vertical integration all share the same goal. What is it?
Increase profit
How did capitalism fuel industrialization?
encouraging people to start businesses
What innovation extended the number of hours in a day that Americans could work and play?
Electricity, light bulb
What industry spurred growth and innovation in related industries?
Railroads
What happened as farms became mechanized?
Farmers moved to cities
The Sherman Anti-Trust Act imposed limitations on what group?
large corporations
What was the biggest advantage of a corporation?
less risk
Why did workers tolerate poor wages and working conditions in the late 1800s?
because they could be replaced
What labor leader began the American Federation of Labor?
Samuel Gomper
What was the effect of the events in Haymarket Square?
Americans started to turn away from radicalism
In what field did significant technological innovation occur in the late 1800s?
all of the above
In what system does one company control the businesses that make up all phases of a product’s development?
Horizontal
What argument supports the perception of big business leaders as “captains of industry?”
there support in research of techknowldge
What was the ICC formed?
interstate trade
How is horizontal integration different from vertical integration?
horizontal- takes only 1 phase
vertical- takes all phases
What union limited membership to skilled craftspeople ad focused on economic reforms?
American Federation of Labor
What event resulted in the execution of 4 anarchists and the decline of the Knights of Labor?
Haymarket Riot Chicago
Describe life for industrial workers in the late 1800s.
low wages, dirty, unhealthy, and low hours
What labor organization was founded first?
Knights of Labor
Immigrants traditionally came to America for economic opportunity and what?
religious freedom
Describe travel accommodations for most immigrants to the U.S.
dirty, unhealthy, crowded