1. John D. Rockefeller founded: What important feat did Edwin Drake accomplish? Standard Oil Drilled first oil well

2. When a single company controls the entire market; it is called a ____________ Name of Thomas Edison’s lab: Monopoly Menlo Park

3. I founded a steel company in Pittsburgh Andrew Carnegie

4. Who was the first leader/founder of the American Federation of Labor? What happens to the price of a product when it is over produced? Samuel Gompers It decreases

5. Haymarket Riot….what happened? Knights of Labor: What did they believe in? What kind of union? Workers were first protesting for better wages, police came & one protester was killed. Another strike was staged to protest police brutality-a bomb was throw, killed police officers & protester. 4 were hanged, had Anarchist connections See notes (outlaw convict labor, child labor, 8 hr. work day, BOYCOTT-not protest Union open to ALL workers

6. Under laissez-faire, the ______ controls the economy. Consumers/people When a business owns all the different aspects of making, selling, & developing a product, it is called: Vertical integration

7. Business activities at the same level: (examples; Standard Oil acquiring 40 refineries or a Media company owning radio, TV, newspapers, books, & magazines Horizontal Integration

8. Because of machines, the workplace was more efficient. (true or false) The first union for women: Women’s Trade Union League

9. Samuel Gompers believed that unions should stay out of _________. Politics What is a rebate? (why did JD Rockefeller believe he should get a rebate from the RR companies?) A special/cheaper price. Rockefeller believed that he should get a rebate from RR company because he used the RR more than others

10. Petroleum was used for _______ before gasoline. lighting Ida Tarbell’s father manufactured what for the oil industry? barrels

11. The four aspects of the oil industry: Production, refining, transportation, marketing John D. Rockefeller founded what college? University of Chicago

12. ________ believe that there should be no government. Anarchists

13. The lightbulb was a threat to the ______ industry. OIL

14. “The problem with capitalism is the struggle between workers and owners.” This is the belief of … Karl Marx