1. Ch 4-2 pg.177 In 1856, Henry Bessemer developed a new process (the Bessemer process) to make stronger steel at a lower cost in England.

2. Andrew Carnegie pg177 Andrew Carnegie built a huge steel industry by controlling every step in the process of steel making in Pittsburgh, P.A. Carnegie became one of the richest men in the world.

3. Andrew Carnegie- Steel King

4. Railroads Link Markets pg.178 RRs helped the U.S. economy grow by linking cities, farms, factories and mines across the country in the late 1800’s. Railroad companies became the nation’s first large corporation.

5. Corporations pg.178 1.A corporation is a business that is owned by investors. 2.Corporations sell stocks( shares in the company) to investors to raise money (capital), to be used for equipment, buildings etc

6. John D Rockefeller pg179 John D. Rockefeller formed the Standard Oil Company. Standard Oil Co. had become a monopoly by controlling 90% of the oil business in the U.S

7. John D. Rockefeller

8. A monopoly is a company that has control of an entire industry. There is little to no competition, so they can charge any price for their product. IS This Good????

9. Ch 4-2 Monopolies keep prices high, and product quality is low. Competition keeps prices low, and product quality is high.

10. Ch 4-2 pg. 180 In a free enterprise system, people are free to start their own businesses and own their own property in the US. A consumer is a person who buys or uses goods and services.

11. William Randolph Hearst Hearst sold more newspapers than anyone in the early 1900’s.

12. Ch 4-2 pg.180 William R. Hearst thought of a new way to compete in the newspaper business. He used big, eye-catching headlines and illustrations with color. Sometimes he exaggerated what he reported (yellow journalism).

13. Open Notes Quiz pgs.177-180 1.Who created a new method of making stronger/cheaper steel? 2.Who controlled every step of the steel making process in the U.S. by the early 1900’s? 3.What is a business that is owned by investors called? 4.What is a share in a company called? 5.What was the nation’s first largest corporation? 6.Who made their fortune in the steel industry? 7.Who formed the Standard Oil Company? 8.Who used eye-catching headlines in his newspaper? 9.A company that has control of an entire industry is called? 10.What is a free enterprise system?

14. Resources and Big Business pg.181 Human resources are people to run the country’s businesses. Capital resources are the tools and machines that companies use to produce goods and services. Natural resources are things found in nature that people use (iron, coal etc,)

15. JP Morgan JP Morgan was the country’s richest and most powerful banker. Morgan’s bank invested hundreds of million of dollars in railroads, steel mill etc. This helped American industries to keep growing.