Presentation on theme: "Chapter Wrap Up Lesson 1 1. Supporters of laissez-faire economics believe that government economic regulations increase costs and eventually hurt society."— Presentation transcript:
Chapter Wrap Up Lesson 1 1. Supporters of laissez-faire economics believe that government economic regulations increase costs and eventually hurt society. 2. Immigrants provided a large workforce of unskilled laborers who were willing to do any job regardless of the risks or low wages.
Chapter Wrap Up Lesson 2 3. They created companies owned by the same stockholders, then had the companies work together to obtain contracts and manipulate prices for their own benefit. They also bribed members of Congress for grants. 4. Railroads were the nation's first big industrial business and held a lot of influence in the economy of that time.
Chapter Wrap Up Lesson 3 5. When a company incorporates and sells stock, it raises money to invest in new technology, hire large workforces, and purchase machines to increase its efficiency. When purchasing goods or services in a large scale, the corporation has power to negotiate better prices and rates, thus decreasing the cost of manufacturing and producing goods quickly in large quantities. 6. Because it was illegal for one company to own stock in another, instead of buying a company outright, Standard Oil had its stockholders give their stock to Standard Oil trustees to manage in exchange for shares in the trust and its profits. The trustees could control a group of companies without buying the companies and not violate any laws.
Chapter Wrap Up Lesson 4 7. When a dollar rose in value (deflation), it caused prices to fall, which increased the buying power of workers’ wages. Companies regularly cut wages in the late 1800s as deflation continued. This led to the need for unions to bargain for higher wages and better working conditions. 8. When workers tried to unionize or strike, they would generally surround the property, preventing others access the property. Some union workers would destroy the property of the company. Companies felt unions conspired against the right of the company to do business.
21st Century Skills 9. The number of female wage earners increased in the 1900s. Women were paid less than men even when they performed the same jobs and experienced the same working conditions. Most unions excluded women. 10. Each was an attempt to fight against low wages and wage cuts. Workers picketed and refused to work. The government intervened in each to end the strikes. Only one strike was successful in achieving its goals. 11. Inventions created new products for use in the home and at work. The telephone revolutionized communication, and electric generators provided an alternate source of power. Technologies and inventions encouraged new industries, which in turn created more jobs. Exploring the Essential Question 12. Presentations should include key chapter details. The transcontinental railroad carried miners west and resources east. An abundance of natural resources led to economic expansion and new technologies. Between 1860 and 1910, U.S. population growth provided a workforce and consumer demand. Laissez-faire policies led to the rise of the free enterprise system.
Document-Based Questions 13. Companies employ so many workers that employers and workers do not know one another. This creates ignorance, which leads to distrust. 14. Students may say that competition can make companies work harder. Hiring a large workforce is necessary to reach that goal, but can sometimes come at the expense of worker relations.
Extended-Response Question 15. Essays should include three ways that retailers responded to industrialization. For example: Retailers looked for new ways to expand and attract customers. Department stores provided huge selections of products in one large building. Chain stores offered low prices. Mail order catalogs were developed to reach rural areas.