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Opener: Let’s do some economics
Why is coal cheap? Why are diamonds expensive?
Why have gas prices risen over the past few years?
How much would you pay for a glass of lemonade? Explain : $???
Story time about Mr. Fries’ lemonade stand
In the 1900’s the U.S. government had a “hands off” approach to the economy. They believed in a system of pure capitalism.
Capitalism - Economic system in which supply and demand determine prices. - Goal of Capitalism?
Laissez-Faire Government should keep its hands off of businesses
During the early 1900s, some Americans made their fortunes through industry
Entrepreneur A person who takes a risk and starts a company.
Andrew Carnegie John D. Rockefeller
Monopoly One business has complete control of a product or service
Can someone explain the board game Monopoly to me?
Produced 1/4 of American steel “Steel King” Poor Scottish immigrant $25 million per year
Used Bessemer Process – allowed for large skyscrapers to be built
Guess where Carnegie ran his business…..
One business controls all aspects of production
Philanthropist Someone who makes charitable donations to benefit human welfare
Carnegie Mellon University
Merger: combining many competing firms into one John D. Rockefeller pioneer of the merger mov’t (Standard Oil Company)
Trusts A group of separate companies that are placed under the control of a single board
Horizontal Consolidation All competing companies are merged into 1 area of business
Rockefeller Institute for Medical Research
University of Chicago
Carnegie and Rockefeller were Captains of Industry because they: -Increased the supply of goods -Created hundreds of jobs -Built museums and donated $
Or were they??????? ???
Robber Barons -Stole from the public -Drained natural resources -Controlled government -Drove small business out of business -Paid workers very little -Horrible working conditions
Late 1800s Gilded: Anything that glitters on the surface but is rotten underneath Coined by Mark Twain
Why would this period of time be known as the Gilded Age?
Much wealth was being created by a few but there was a lot of poverty & bad working conditions
Is this OK? English philosopher Herbert Spencer, said yes!
Application of Darwin’s theory of evolution to human society
Progress occurs through competition in which the weak fall & the strong thrive
Robber Barons vs. Captains of Industry U.S. History Mr. Trivette.
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 Ws. Start.
Chapter 5 Section 3- An Age of Business. New technology and abundant natural resources led to economic growth.
How did business change during the Industrial Revolution?
Chapter 5 Section 3 Section Questions - Page 199 #1-5.
Unit 1: The Gilded Age. “Gilded Age” term created by famous American author Mark Twain To “gild” something is to lay a thin layer of gold over some rougher/cheaper.
Robber Barons vs. Captains of Industry THE INDUSTRIAL REVOLUTION.
Middle East Economics Study Guide 1. Copy homework in agenda: Review Study Guide nightly 2. Get out 2 sheets of notebook paper and label the first:
Numerous problems arose because of the consolidation of power. Monopolies created a class of extremely powerful men whose interests clashed with those.
A New Industrial Age Chapter 6 US History. Section 1 Objectives: By the end of this lesson, I will be able to: 1. Explain how the abundance of natural.
Trains, Technology and the Rise of Big Business. INDUSTRIAL GROWTH The period from the end of the Civil War to 1900 was an era of unmatched economic growth.
Industrial Revolution Test World Civilization 2014.
Becoming an Industrial Society ( ) NCSCOS 5.01 AP USH Unit 16 Michael Quiñones, NBCT
America: Pathways to the Present Chapter 13 The Expansion of American Industry (1850–1900) Copyright © 2005 by Pearson Education, Inc., publishing as Prentice.
Big Business Emerges!! ! Chapter 14 Section 3 A series of new management techniques were developed. Vertical integration Horizontal integration These.
Pacific Railway Act of 1862 U.S. Government hired Union Pacific and Central Pacific Railway Company to extend railways across the United States. Central.
Life in the 1860s No indoor electric lights No refrigeration No indoor plumbing Kerosene or wood to heat Wood stoves to cook with Horse and buggy In 1860,
Industrialization The Rise of Industry and the Transcontinental Railroad.
Industrialization in America Chapter 9 Review. America’s industrialization depended on an abundance natural resources. Identify three of these resources.
Goal 5 Immigration, Industrialization, And the Gilded Age.
Unit5 Day 1. Mining Brought the 1 st settlers to the west. Comstock Load- one of the largest silver ore mines found in Six mile canyon, NV. Silver.
Big Business Emerges!! ! Laissez Faire Economics HANDS OFF The idea that the government should leave business alone. The Strong will survive the weak.
Robber Barons or Captains of Industry? Discuss corporate mergers that produced trusts and cartels and the economic and political policies of industrial.
AP EXAM REVIEW! PART VI. #6 THE MACHINE AGE ( )
The. of and a to in is you that it he for.
Natural Resources Capital (gold, silver and banking) US Government support Desire: Creative inventors and industrialists Transportation System Labor force.
ECONOMICS IN SOUTHERN AND EASTERN ASIA STANDARD: SS7E8 The student will analyze different economic systems. a. Compare how traditional, command, market.
L A B O R Labor Market Trends Chapter 9 Section 1.
The Growth of Industrialism The Second Industrial Revolution.
Opening for Friday, February 7th 1.What is a republic? 2.Are Kenya and South Africa republics? 3.List ONE social, economic or political reason why South.
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