Chapter 18 American History Flashcards
(28 cards)
Entrepreneur
someone who sets up a new business to make a profit
corporation
a business owned by many investors
Monopoly
when a company controls most or all business in a particular industry
Andrew Carnegie
his steel company produced more steel than all the mills in England combined
John D. Rockefeller
in 1882 he formed the Standard Oil Trust thus ending competition in the oil industry
trust
a group of corporations run by a single board of directors
free enterprise
The system in which privately owned businesses compete freely
Samuel Gompers
he founded the American Federation of Labor and was president of the Knights of Labor
collective bargaining
when unions negotiate with management for workers as a group
Nativists
people who opposed immigration because the immigrants would take the jobs for less pay
Black Gold
oil
who industrialized the car industry
Henry Ford
Tenement
a home for poor families that were packed all into one room
Urbanization
the rapid growth of city populations
As the nation expanded westward, what conditions spurred the growth of industry?
Vast deposits of coal, iron, lead and copper now lay within reach of the miner’s pickaxe
what technology made steel the main building material of American cities and industries?
inventors developed the Bessemer process, a method to make stronger steel at a low cost. It replaced iron.
how did the government support business
high tariffs on taxes, gave land grants, subsidies, etc.
Why was Thomas Edison’s power plant important?
it was the first and it was needed to create inventions and power them, it powered homes and many other things
Why did the cost of automobiles decrease after 1913?
because Henry Ford made so many and it costed less because he lowered prices so no one could compete
what business tactics did Carnegie use to become successful?
combined his businesses into 1 major steel company
What tactics did Rockefeller use?
created a trust with his oil companies, lowered prices so others couldn’t compete
What dangers did factory workers face?
breathing in fibers or duct, lung diseases, burns, death, etc.
What were the goals of labor unions?
safer working conditions, higher wages, shorter hours
What methods did the AFL use to try and get fair working conditions?
collective bargaining, strikes, and skilled workers
