Chapter 12: Industrialization
Terms in this set (61)
Gross National Product
The total value of goods and services produced by a country during a year
Policy that government should interfere as little as possible in the nation's economy
One who organizes, manages, and assumes the risks of a business or enterprise
A high protective tariff in the United States, adopted on March 2, 1861, during the administration of President James Buchanan, a Democrat.
A grant of land by the federal government especially for roads, railroads, or agricultural colleges
To combine two previously separate things
One who puts money into a company in order to gain a future finical reward
Pacific Railway Act
Were a series of acts of Congress that promoted the construction of the transcontinental railroad in the United States through authorizing the insruance of government bonds and the grants of land to railroad companies
Involved the Union Pacific Railroad and the Crédit Mobilier of America construction company in the building of the eastern portion of the First Transcontinental Railroad.
An organization that is authorized by law to carry on an activity but treated as though it were it war a single person.
Money or capital invested or available for investment or trading
Economies of Scale
The reduction in the cost of a good brought about especially by increased production at a given facility.
A group sharing in some activity; for example, among railroad owners who made secret agreements and set rates among themselves
The combining of companies that supply equipment and services needed for a particular industry
Combining of many firms engaged in the same type of business into one corporation
Total control of a type of industry by one person or one company
A combination of firms or corporations formed by a legal agreement, especially to reduce competition.
A company whose primary business in zoning a controlling share of stock in other companies
A decline in the volume of available mine or credit that results in lower prices, and, therefore, increases the buying power of money
An organization of workers with the same trade or skill
An organization of common laborers and craft workers in a particular industry
A list of a persons who are disapproved of or who are to be punished or boycotted
A company tool to fight union demands by refusing to allow employees to enter its facilities to work.
Existing or coming by agreeing to accept the decision of an impartial outsider
A court order whereby one is required to do or to refrain from doing a specified act
An agreement in which a company agrees to hire only union members
The political and economic theories of Karl Marx and Friedrich Engels, later developed by their followers to form the basis for the theory and practice of communism.
Knights of Labor
A secret workingmen's organization formed in 1869 to defend the interests of labor.
American Federation of Labor
Federation of trade unions organized in 1886: united with the Congress of Industrial Organizations 1955.
Drilled the first oil well newer Titusillve, Pennsylvania
Alexander Graham Bell
Invented the first telephone
Thomas Alva Edison
Found a way to harness electricity
Started the Westinghouse Electric Co.
Was a Union army officer on the frontier and during the Civil War, a U.S. Congressman, businessman, and railroad executive who helped direct the construction of the Transcontinental Railroad.
An American tycoon, industrialist, politician and founder of Stanford University
An American tycoon, businessman, and philanthropist who built his wealth in railroads and shipping.
Infamous for manipulating stock and was the most notoriously corrupt railroad owner
James J. Hill
Built and operated the Great Northern Railroad from Wisconsin and Minnesota in the East to Washington in the West, without any federal land grants or subsidies.
Scottish-American industrialist who led the enormous expansion of the American steel industry in the late 19th century.
John D. Rockefeller
The most famous industrialist who achieved almost complete horizontal integration of his industry.
John P. Morgan
A wealthy industrialist who emerged from the 19th century as one of the most powerful financiers of the 20th century -- he formed U.S. Steel, America's first billion-dollar corporation, in 1901.
The first president of AFL.
Mary Harris Jones
An Irish-American schoolteacher and dressmaker who became a prominent laborer and community organizer. She then helped coordinate major strikes and cofounded the Industrial Workers of the World.
How did oil production affect the American economy?
Oil Production cut the time of making things. It made life easier for people, created more jobs and lead to printing more money.
How did an abundance of natural resources contribute to economic growth in the United States in the late 1800s?
Agriculture became a huge industry and farmers began to make money and this stimulated the economy. Farming created several jobs and the US began exchanging/importing/exporting goods with different countries.
Explain how the invention of the telephone, light bulb, and automatic loom affected the nature of American work and business.
Helped American work and business become more efficient.
How did the principles of the free enterprise system, laissez-faire, and profit motive encourage the rise of industry?
The Laissez-fair system, or free enterprise, allowed for more people to specialize and industrialize their business efforts.
Why was the country divided into four time zones?
To prevent train accidents
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?
One approach is the business portal, which offers a personalized interface to business content. Developing a business portal etc.
How did state governments respond to attempts by Carnegie and others to consolidate their industries?
Carnegie & Rockefeller used cutthroat techniques to acquire or destroy competitors,including temporarily undercutting prices of competitors until they went out of business or sold out.Some states enacted anti-trust laws, but limited to intrastate.
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?
Some labor unions opposed immigration because their members believed immigrants would take jobs away from native-born americans.
YOU MIGHT ALSO LIKE...
Management - Principles and Applications | Bierman, Ferrell, Ferrell
Unit 11 Study Guide
Unit 11 History
Combo with "Chapter 11 Study Guide" and 1 other
OTHER SETS BY THIS CREATOR
11 Major organ systems of the body.
SAT Words Volume 12