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Chapter 4 - US History
Terms in this set (31)
What did the invention of steel allow?
The inventions of skyscrapers, elevators, & suspension bridges
What helped fuel the Americans economy by encouraging the purchase of American products?
Protective tariffs were imposed on imported goods.
What do cartels, monopolies, vertical, and horizontal integration have in common?
They keep prices high on products.
How does a cartel differ from a monopoly?
A cartel limits the number of items you can make. A monopoly gives you complete control over a product.
What's the difference between horizontal and vertical integration?
Horizontal integration is consolidating many firms in the same business. Vertical integration allowed companies to reduce costs and charge higher prices to competitors.
Why was the ICC started?
To oversee railroad operations.
In the late 1800's, industrial workers..
Toiled long hours- 12 hours a day, 6 days a week- in sweatshops.
Which union was for skilled workers?
What led to the execution of 4 anarchists and a decline in the Knights of Labor?
A strike in Haymarket Square in Chicago.
How did capitalism fuel industrialization?
It encouraged entrepreneurs.
What innovation extended workers' daily hours?
The invention of electricity.
What did the railroads do for industrialization?
Led to the development of many new towns and reshaped urban landscapes. Also, allows a quick way to transport goods.
As farms became mechanized, what did many farmers do?
Moved to urban areas to find work.
What advantage did corporations have?
If it experiences a problem, the investors lose no more than they originally invested.
Why were big business leaders considered by some as "Captains of Industry?"
Because they were believed by some to serve the nation positively.
Why did workers tolerate poor working conditions and low pay?
To feed their families.
Who started the AFL?
What did the Haymarket Riot cause?
People shied away from radicalism.
A system for turning out large numbers of products quickly and cheaply
A person who invests in a business to make a profit
A business that completely controls a product or a service
An oil tycoon who combined many firms into one to decrease costs
John D. Rockefeller
A business in which a number of people share ownership
A small, hot, dirty workhouse
A steelworkers' strike that resulted in a standoff between workers and Pinkertons
The inventor of the light bulb
A union that included all workers of any trade
National Trades Union
A tycoon who controlled many different businesses involved in the production of steel
Who challenged big business by organizing the Pullman Strike
Eugene V. Debs
What focused on specific worker's issues, made up of skilled workers
American Federation of Labor
This was established to oversee railroad operations
Interstate Commerce Commission (ICC)
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