2.  Land or Natural Resources  Labor or workers  Capital & Capital goods

3.  U.S is lucky to have an abundance of natural resources!  1. minerals/oil  2. timber  3. crops  4. water

4.  U.S. needs lots of workers for its new factories  U.S. encourages immigrants to come to America  Between 1860-1900 U.S. population doubles

5.  Manufactured goods used to make other things 1. machines 2. factories 3. tools

6.  Money for investing  Birth of corporations: ( A company that sells shares or stock to the public )  People who invest/ buy stock are considered shareholders: partial owners  When the company makes money they give shareholders dividends: cash payments

7. WRITING ASSIGNMENT Thursday September 11, 2014 3-2-1 on factors of production: 3 list/describe each factor 2 give two examples of each factor 1 explain why all 3 factors are necessary for the successful production of goods

8.  John D. Rockefeller creates Standard Oil  He uses Horizontal Integration: purchase of competing companies in same industry  He creates a trust: group of companies managed by the same board of directors  This will drive out his competition creating a monopoly: total control of an industry by a single producer

9.  Andrew Carnegie becomes leader of steel business  He uses vertical integration: purchase of companies at all levels of steel production  1. Iron/coal mines  2. Warehouses  3. Ore ships  4. R ailroads

10.  Mergers: the combining of companies caused several problems for consumers and workers:  1. No competition  2. High prices of goods  3. Poor work conditions  Sherman Antitrust Act: government tried to outlaw trusts & monopolies

11. WRITING ASSIGNMENT Use text evidence to describe the differences between vertical & horizontal integration.