Chapter 11 Study Guide
Terms in this set (61)
Gross National Product
Like "gross domestic product," only the incomes that people earn abroad are also considered
Hands off. No government intervention in business.
A person who starts up and takes on the risk of a business
a high protective tariff (tax) created to protest and encourage industry and wages of workers.
To bring together and make whole
Someone who commits capital in order to gain financial returns
Pacific Rail Way Act
gave lands to railroad companies to develop a railroad line linking the east west coasr
a joint-stock company organized in 1863 and reorganized in 1867 to build the Union Pacific Railroad. It was involved in a scandal in 1872 in which high government officials were accused of accepting bribes.
A business owned by stockholders who share in its profits but are not personally responsible for its debts
A certificate of ownership in a corporation
Economies of scale
Factors that cause a producer's average cost per unit to fall as output rises.
An agreement to divide the business in a given area and share the profits.
practice in which a single manufacturer controls all of the steps used to change a raw material into a finished product
process in which companies producing similar products merge
A market in which there are many buyers but only one seller.
A group of corporations run by a single board of directors
a form of business which does not create anything itself; instead, it owns the stock of companies that do produce goods
A situation in which prices are declining
Association of trade workers formed to gain higher wages and better working conditions
a labor union that admits all workers in a given industry irrespective of their craft
A list of people who had done some misdeed and were disliked by business. They were refused jobs and harassed by unions and businesses.
When management closes the doors to the place of work and keeps the workers from entering until an agreement is reached
(law) the hearing and determination of a dispute by an impartial referee agreed to by both parties (often used to settle disputes between labor and management)
(law) a judicial remedy issued in order to prohibit a party from doing or continuing to do a certain activity
A working establishment where only people belonging to the union are hired. It was done by the unions to protect their workers from cheap labor.
A branch of socialism that emphasizes exploitation and class struggle and includes both communism and other approaches.
Knights of Labor
1st effort to create National union. Open to everyone but lawyers and bankers. Vague program, no clear goals, weak leadership and organization. Failed
American Federation of Labor
1886; founded by Samuel Gompers; sought better wages, hrs, working conditions; skilled laborers, arose out of dissatisfaction with the Knights of Labor, rejected socialist and communist ideas, non-violent.
American pioneer in oil industry; became first to drill for petroleum
Alexander Graham Bell
1876 - Invented the telephone.
Thomas Alva Edision
American inventor and a buisness man, invented many things
An american entrepreneruer and engineer who invented the railroad and the air brake
Ameican civil engineer responsible for much of the railroad construction in the western and southwestern us during the nineteenth century
Former California Governor and organizer of the Central Pacific Railroad
A railroad owner who built a railway connecting Chicago and New York. He popularized the use of steel rails in his railroad, which made railroads safer and more economical.
United States financier who gained control of the Erie Canal and who caused a financial panic in 1869 when he attempted to corner the gold market (1836-1892)
James J Hill
built the great northern railroad
A Scottish-born American industrialist and philanthropist who founded the Carnegie Steel Company in 1892. By 1901, his company dominated the American steel industry.
John D Rockafeller
He refind oil to make it useable for cars and trains.
John P Morgan
began company that channeled European capital into the US and grew into a financial power in its own right
cigar maker that later became a labor union leader.
Mary Harris Jones
Labor organizer, known as Mother Jones. She fought for coal workers' rights by speaking in Appalachian mining towns, encouraging them to join unions. She also faught for child labor laws.
How did oil production affect the American economy?
As oil production rose, it led to economic expansion
How did an abundance of natural resources contribute to economic growth in the United States in the late 1800s?
American companies could obtain natural resources (timber, coal, iron, and copper) cheaply and did not have to import them from other countries.
Explain how the invention of the telephone, light bulb, and automatic loom affected the nature of American work and business.
The telephone revolutionized business and personal communication. The light bulb and later general electricity, allowed for people and businesses to run machines and such. The automatic loom pushed what used to be small tailor shops into large factories, mass producing clothing at a faster pace.
How did the principles of the free enterprise system, laissez-faire, and profit motive encourage the rise of industry?
"Let people do as they choose". Supporters believed the government should not interfere in the economy other than to protect private property rights and maintain peace. The profit motive attracted many capable and ambitious people into business.
Why was the country divided into four times zones?
Because before that everyone used some local means of time measurement and it was not uniform.
How did Grenville Dodge contribute to the economic growth of the United States in the late 1800s?
He began pushing railroad expansion west from Omaha, Nebraska
List the different ways in which railroads were financed
Railroads were privately financed, stock and bonds were sold, and government funding was used.
How did railroad expansion lead to industrial growth?
The major positive aspect of railroad expansion was a quicker, more efficient transportation system for goods and people. Areas that were left isolated became major trading centers. Therefor, items were traded quicker and cheaper. It was like an economic boom.
What factors led to the rise of big business in the United States?
Railroads could reach interior areas, including places where an inadequate water supply or rough terrain made canals impossible. By 1840, the United States had almost three thousand miles of track. This led to big business in many areas. -
What techniques did corporations use to consolidate their industries?
Techniques used by corporations to consolidate their industries are part of a strategic business development, allowing core operations to remain distinct. Most techniques allow companies to consolidate the credit of several small companies, while allowing these entities to continue doing business without interruptions based on their unique reputations and contacts.
How did state governments respond to attempts by Carnegie and others to consolidate their industries?
Why were some Americans suspicious of unions?
By the late-nineteenth century, trade unions had gained a powerful position in several skilled occupations in the United States and elsewhere. This alarmed the US to become suspicious because of their rising power and wealth.
Why was it difficult for unions to succeed in the 1800s?
It was difficult for Guild (medieval labor unions) members in the early 1800s because people would use workers outside the guild.
How were female industrial workers treated differently from male workers in the late 1800s?
Regardless of their employment, women industrial workers in the late 1800s were paid less than men even when they performed the same jobs. Women were also excluded from unions.
List the factors that led to an increase in unions in the late 1800s
Labor union increase in the late 1800's was primarily due to poor working conditions, unfair wages, inequality and lack of benefits.
What groups of workers were represented by the Knights of Labor?
The tailors were represented by the Knights of Labor.
What reasons were given for the differences in which employers and unions treated women?
Women did not have the same rights as men in the 1800s. They did not have the same opportunities to an education, they could not vote, and when they could find work they were paid very little.
Why do you think the rise of unions might have led to increased opposition to immigrants in the United States?
Unions opposed an increase in the number of people willing to work for low wages and who are unlikely to join unions.