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Chapter 4 Study
Terms in this set (31)
What did the invention of steel allow?
What helped fuel the american economy by encouraging the purchase of american products?
What do cartels, monopolies, vertical and horizontal integration have in common?
Business or way to make money.
A cartel differs from a monopoly how?
A cartel eliminates competition. Monopoly takes control of it.
What's the difference between horizontal and vertical integration?
Horizontal- many firms in one. Vertical- allows reduce cost.
Why was the ICC started?
To oversee railroad operations.
In the late 1800's, industrial workers...
Testified before a government labor commission.
What union was for skilled workers?
What led to the execution of 4 anarchists and a decline in the Knights of Labor?
How did capitalism fuel industrialization?
It was an open market allowing people to innovate without interference fueling industrialization.
What innovation extended workers daily hours?
The invention of the light bulb.
What did the railroads do for industrialization?
Boosted it dramatically.
As farms became mechanized, what did many farmers do?
Moved to urban areas.
What advantage did corperations have?
Investors lose no more money then they had originally had.
Why were big business leaders considered by some as "Captains of Industry"?
They believed business leaders served them positively.
Why did workers tolerate poor working conditions and low pay?
It was hard to find work with immigrants taking their jobs.
Who started the AFL?
What did the Haymarket Riot cause?
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
A business in which a number of people share owner ship.
Small, hot dirty, workhouse.
a steal workers strike the resulted in a standoff between workers and pinkertons.
Inventor of lightbulb
Union that included all workers of any trade.
Knights of Labor.
Tycoon who controlled many different bussinesses involved in the production of steel.
Who challenged big business by organizing the pullman strike?
Eugene Debbs. (A.R.V)
What focused on specific workers issues make up of skilled workers?
This was established to oversee railroad operations
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