the practice of combining separate companies in the same industry
TRANSCRIPT
Review for chapter 5 quiz
Consolidation:
Consolidation:
The practice of combining separate companies in the same industry
Rebate
Rebate
special discounts from railroad companies
Railroad baron
Railroad barons
Individuals who controlled the nation’s railroads
Standard gauge
Standard gauge
Uniformed all tracks which allowed for faster shipping @ reduced cost
Pools
Pools
Secret agreements between railroad barons.
Time zones:
Time zones
Divided the nation into 4 parts, this created a unified scheduling system.
Wizard of Menlo Park
Wizard of Menlo Park
Nickname given to Thomas Edison
Henry Ford
Henry Ford
Leader of the automobile industry. He introduced the assembly line.
Alexander Graham Bell
Alexander Graham Bell
Invented the telephone
Patent:
Patent
Written guarantee by the government which protected inventors & their inventions
Corporation
Corporation
Company that offers shares of stock for sale to the public
Stock
Stock
Investment that allowed people part ownership of a corporation
Shareholder
Shareholder
Person who buys/owns stock
Dividend
Dividend
Cash payment to shareholders from corporations
Trust
Trust
A group of companies managed by the same board of directors
Monopoly
Monopoly
Complete control within your industry.
Merger
Merger
The combining of companies
John D. Rockefeller
John D. Rockefeller
Leader of the Oil industry
Andrew Carnegie
Andrew Carnegie
Leader of the steel industry
Philanthropist:
Philanthropist
Person who gives away money to better the community
Sherman Antitrust Act
Sherman Antitrust Act
Attempt by government to break up trusts & monopolies
Vertical integration
Vertical integration
Purchased of companies at all levels of production (Carnegie)
Horizontal integration:
Horizontal integration:
Purchase of competing companies within an industry. (Rockefeller)
Sweatshop
Sweatshop
Unsafe factories where workers worked long hours for low pay
Strikebreaker
Strikebreaker:
Workers brought into factories to replace striking workers
Be able to answer the following questions:
1. Explain/compare the ways that John D. Rockefeller and Andrew Carnegie came to control their respected industries using either vertical or horizontal integration
2. Explain in detail the three factors of production as they relate to the Industrial Revolution at the end of the 19th century:
3. Why did workers form labor unions and what affect did violent strikes have on them?