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Big Business Study Guide Review

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1 Big Business Study Guide Review
Write 3 – 5 “first person clues” for the vocabulary word, person, or event from 1900s America. Try to include the 5 W’s. Start general/vague, get more specific with each clue.

2 Social Darwinism I am a theory of life.
I was created by Herbert Spencer in the late 1800s/early 1900s. The original idea came from Charles Darwin. My main point is large businesses can crush small businesses. I justified the actions of robber barons during the Industrial Age.

3 Monopoly They have control over all of an industry
Owners control the prices of goods Owners control the supply/quantity of goods

4 Jane Addams Came from a well-to-do family in a small Illinois town
Wanted to help poor Repaired the house and made it into a community center where neighborhood residents could learn to speak English, discuss political events, and hold celebrations Opened a day nursery, working parents no longer had to leave their children unsupervised

5 John D. Rockefeller Robber Baron Partner with Standard Oil
Sent out thugs to intimidate people Partner with Standard Oil His business became a monopoly Could lower prices to where competitors went out of business, then raised the prices again

6 Vertical Integration Andrew Carnegie used this for his success.
Joining all areas of one business. Raw materials, Production, Distribution join in one company.

7 Union I was developed to help people in a workforce
I was first made in the mid 1800s The idea came from workers being treated unfairly I was made so that all workers doing the same job no matter what age or gender will receive the same pay and benefits Workers join me to get equal rights while working

8 Knights of Labor First labor union that lasted more than a few years
Formed in 1869, growing into the 1880s Allowed all types of workers to join Worked for an 8 hour work day Mary Harris Jones was an active campaigner

9 AFL Started in 1886 Its chief objective was to create better working conditions for laborers Strikes were used Workers started to receive rights

10 J.P. Morgan I had banking experience at Peabody Banking Co.
My net worth was 1.5 billion dollars. I manipulated the price of gold to my advantage making me what some would call a “Robber Baron”. I was quoted saying, “When you expect things to happen, strangely enough, they do.”

11 Ida B. Wells Wrote articles & gave speeches to expose racism that motivated mob murders Spent time protesting lynching Was inspired to end racial violence after mob murders began to happen in the late 1800s and went unrecognized

12 Captain of Industry Gave a good name for businessmen.
Believed monopolies are wrong. Andrew Carnegie was one. Was not a baron.

13 Industrialization I am the change from agriculture to manufacturing as the main economy Henry Ford was part of the “movement” This made America full of machines, factories, coal mines, and railroads

14 Andrew Carnegie Started work at 14.
Built a massive steel plant to produce railroad tracks. Owned numerous steel plants. I was a captain of industry. I was very wealthy by the time I was 40. Donated my profits back to society.

15 Natural Selection Process that better allows adaption to specific environment pressures. Herbert adapted social darwinism from these ideas. Charles Darwin. Fittest survived.

16 Laissez-faire Hands off economy French for let be
The U.S. had this type of economy during the industrial revolution Involvement of no government

17 Mary Harris Jones Known as “most dangerous woman in America”
Lost husband & children to yellow fever Organized United Mine Workers Bosses feared her Fought for 8 hour workday, equal pay for men & women doing the same work

18 Ida Tarbell Conventional minded woman Famous Muckraker
Wrote detailed articles about Standard Oil Company Exposed ruthless methods John D. Rockefeller used to Crush Competition

19 Cartel I am a noun Literally, I mean: placard, from carta, a leaf of paper I am a business trying to limit another business

20 Lewis Hine I am a photographer I specialize in child labor
I am considered a muckraker I went undercover to uncover the dangerous conditions in which children were being placed

21 Muckraker I am a writer whose investigative
My articles or books attacked abuses such as child labor or business corruption Upton Sinclair is an example

22 Samuel Gompers I was a cigar maker born in England
I led the American Federation of Labor (AFL) I advocated boycotts as a way of peaceful protest. I refused AFL involvement in the Pullman Strike, causing it to collapse, unsuccessful.

23 Charles Darwin Created scientific theories about the origin of species. Theory of the evolution of mankind. Believed in “Natural Selection.”

24 Nouveau Riche The wealth generated by industrial capitalism and big business led to the start of me I have my own philosophy My people are a self made people who proclaim our importance with showy displays of wealth We led Mark Twain to call the late 1800’s the Gilded Age

25 Florence Kelley Battled child labor Supported women’s rights
Father taught her to read Graduated from Cornell

26 Gilded Means “Covered with gold”
Mark Twain named this time period in the late 1800’s Wealth generated by industrial capitalism from businesses led to a large rich class People showed their importance by showing their displays of wealth

27 Robber Baron I am not a nice person. I am very wealthy.
I describe some business men. J.P. Morgan and John D. Rockefeller could be called me. You might get my name if you use questionable practices to become rich.

28 Strike Many turned Violent Happened because people wanted better wages
Some people were killed

29 Upton Sinclair Muckraker Wrote The Jungle in 1906
Exposed the bad practices about the meat packing industry

30 Hiatus Break or gap in something

31 Free Market Economy I am ran by the people
The government can’t control me Laissez-Faire is what I’m all about

32 Mass Production Big business in the late 1800s/early 1900s
Producing large amount of goods at once

33 Nouveau Riche I am a group of people with their own philosophy.
These people lead Mark Twain to call the late 1800’s the Gilded Age. Many of these people were robber barons. They liked to show off their money and wealth.

34 Philanthropist A person who donates large amount’s of their wealth to promote common good. Andrew Carnegie donated to charity Rockefeller donated to education

35 Variable Costs Business costs that changes
Materials, utilities, worker’s wages

36 Command Economy I am run by the government
Small nations like North Korea and Cuba still run by this All people were considered whole and equal Government controls production and distribution

37 Injunction A court order requiring an individual or company to do something, such as end a strike Gained powerful legal weapons Samuel Gompers refused to swing his powerful AFL 1895 the Supreme Court upheld the president, causing the strike to collapse

38 Haymarket Riot A bomb was thrown into the crowd
The bomb killed 7 people and wounded 67 others. 8 radical strike leaders were put on trial for murder 7 of the 8 people were sentenced to death This uproar helped employers defeat the 8-hour workday.

39 Pullman Strike Depression from 1893-1897
Company town cut wages of workers Workers joined Eugene V. Debs railroad union Workers went on strike, wouldn’t handle Pullman’s boxcars Violence broke out in Chicago

40 Economy of Scale Big factories used this
This was put to practice at the turn of the century As the # of goods being produced goes up, the price of the good goes down This is important because they don’t have to charge as much so they make a lot of money

41 Horizontal Integration
I am a form of merger. Business owners use me as they buy up businesses in the same industry.

42 Reform I can be a noun or a verb.
I reflect changes that make society a better place to live.

43 Traditional Economy Hunting, gathering, fishing, and bartering are important to me. I am represented by Native Americans and the Amish Community.

44 Mixed Economy I am the most common type of economy in the world today.
I am driven by the supply of businesses and the demands of customers. The government is involved, protecting its citizens.

45 Fixed Costs I am an expense associated with running a business.
I do not fluctuate much. Taxes, rent are examples of me.

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