Economics and the Industrial Revolution

5 Written Questions

1. Vertical: He owned almost all the oil company. Was very structured. Kept undercutting until his competition could not keep up. Rockefeller gave away half a billion dollars...$500,000,000
2. Owend railroad cars. He controlled railroads, shipping, the manufacture of agricultural tools, telephones, telegraphs, electrical power, insurance, and city transportation. Morgan bought Andrew Carnegie's steel company... bought huge metal ore reserves founded the U.S Steel Corporation.
3. More competition
   Robots replace humans
   Tiring and boring
   It is repetitive
   Little motivation for improving skills
   Dangerous
   Overcrowded
   Pollution increase
   No job security
   High quality goods are gone
4. Buying and selling of goods. Production of goods and how they are sold.
   Spending and saving money.
5. When the economy is going down... recession

5 Matching Questions

1. What is an assembly line?
2. Pros to Assembly lines
3. Vertical monopoly
4. Horizontal Monopoly
5. Supply and Demand

1. a Supply? Amount they have produced
   Demand? How much people want it
2. b Cheaper products
   Less work
   More products
   All products are exactly the same
   Owners become rich because they can make more money
   Lots of jobs
   Improved Middle class standard living
   Lots of unskilled jobs
   Easier for immigrants
3. c A line of production where each unskilled worker completes one specific task to make the final product
4. d were it's calm with no competition, when you control all the products for one industry...you control the price and can make it the price you want
   Vertical monopoly - when you control all the materials produced...
5. e when you control all the materials produced...

5 Multiple Choice Questions

1. Pollution, child labor, poor pay, cities overpopulated, terrible working conditions
   1. Good things that resulted from the Industrial Revolution
   2. How does Henry Ford PERFECT the assembly line?
   3. Why did some people become so rich?
   4. Bad things that resulted from the Industrial Revolution:
2. When a company had little to no competition... they make the only product on the market
   1. Rockefeller
   2. Monopoly
   3. Melting pot
   4. Tycoon
3. SUPER SUPER RICH PERSON
   1. Monopoly
   2. Deflation
   3. Inflation
   4. Tycoon
4. made owning trusts illegal...and forced monopolies to sell of parts of their monopoly to create competition
   (no monopoly)
   1. Supply and Demand
   2. Salad Bowl
   3. Vertical monopoly
   4. Sherman anti trust laws
5. When there is less money going around. When there is no demand prices drop until goods are cheap enough for people to buy.
   1. Tycoon
   2. Deflation
   3. Philanthropy
   4. Inflation

5 True/False Questions

1. Philanthropy → Inflation means rising price...the more money people have the more they can pay for goods and services

   True        False

2. Bull market → When the economy grows and is doing well.

   True        False

3. Why were immigrants taken advantage of so badly? → They owned factories. Wanted to make good profit. To do that they cut salaries and expenses.

   True        False

4. Melting pot → When a company had little to no competition... they make the only product on the market

   True        False

5. Why did some people become so rich? → They owned factories. Wanted to make good profit. To do that they cut salaries and expenses.

   True        False