What is Alexander Graham Bell (patent) & Elisha Gray (inventor)? We know that the telephone has taken many different forms throughout the years. Although still over 50% of the people in the world have never made a phone call, who are the two people responsible for this invention and what did they do?
Who is Thomas Edison? The inventor who wanted to develop affordable lighting for homes
Who is John D. Rockefeller? He was an oil tycoon who used horizontal integration to decrease costs and increase profits
Who is Andrew Carnegie? He was a steel tycoon who used vertical integration to increase profits
Who is Uriah Stephens? He founded the Knights of Labor which was a labor union that originally was a secret society intended to broaden social reform (change)
He organized the American Railway Union (A.R.U.) and was later arrested for his involvement in the Pullman strike Who is Eugene V. Debs?
A small, hot, dirty workhouse What is a sweatshop?
Cartels, monopolies, trusts and horizontal & vertical integration all share this goal What are increasing profits?
By 1883, there were three of these that linked the farthest western regions of the U.S. with the more industrialized and populated regions east of the Mississippi River. What were transcontinental railroads?
Negotiating as a group with the employer for better wages or working conditions. (Pro sports today) What is collective bargaining?
Economic and political philosophy that favors public control of property and income. Believed that wealth should be shared by all.. What is Socialism?
Skyscrapers, railroads, and suspension bridges were made possible by this What is the invention of steel?
This event resulted in the execution of four anarchists and the decline of the Knights of Labor What is the Haymarket Riot of 1886?
A person who invests money in a business venture to make a profit Who is an entrepreneur?
Complete control of a product or service allowing the owners to have price control What is a monopoly?
A business in which ownership is shared What is a corporation?
These helped fuel economic growth by encouraging people to buy American goods What are protective tariffs?
Businesses that make the same product and agree to limit production are known as these What is a cartel?
He created a profitable company town and amassed a fortune in the railroad car business Who is George Pullman?
Term often used to describe American industrialists like Carnegie and Rockefeller. What are robber barons?
What is horizontal consolidation? This consolidates (combines) firms involved in the same business into one giant company.
What is the laissez faire policy? This allowed businesses to operate with minimal gov’t interference
What is Social Darwinism? People used this philosophy to condone their business practices by arguing that the gov’t had no business involving themselves into the private business affairs of companies.