CHAPTER 19Section 1

Consolidation

To combine several companies

Railroad Barons

The men who controlled all the railroads

How did the Railroads help the economy?

Made it easier to ship goods

Standard Gauge

Making the space between all railroad tracks the same

Rebates

Discounts given to regular customers

Pools

Secret agreements among the railroad barons

Chapter 19 Section 2- Inventions

Alexander Graham Bell

Invented the telephone

George Westinghouse

Developed the electricity transformer

Henry Ford Developed

the assembly line in order to speed up production of vehicles and other goods

The Model T

The main vehicle produced by Henry Ford in 1906

Assembly Line

Sped up production of goods

How did Mass Production affect the economy?

It made goods cheaper because it reduced the cost and time of making them

Section 3 Age of Big Business

What were the Factors of Production?

Land Labor Capital

Corporation

A company that sells shares or stock in itself

Stock

Shares in a company

Shareholders

Anyone who owns stock in a company

Dividends The money

made when the company you invest in does well

John D. Rockefeller Early oil

baron He set up

the Standard Oil Company

Horizontal Integration

Getting the competitors to be apart of your company

Trust

A group of companies managed by the same people

Steel The

Bessemer Process

Pittsburg, Pennsylvania

Birmingham, Alabama

Andrew Carnegie

Early Steel Baron

Vertical Integration

Buying companies that you need in order to do business so

He bought out his suppliers so he wouldn’t have to pay them

J.P. Moran Formed U.S.

Steel The worlds

first billion dollar company

Philanthropy Using money to benefit

the community

Mergers Combining companies

Monopoly Eliminating the

competition of your company

And also a board game with a man who has a little white mustache

Sherman Antitrust Act Stopped the formation of

monopolies

Section 4 Industrial Workers

What were the working conditions like?

Not Fun Hot Sweaty Long Hours Little Pay

Sweatshops Workplaces that were

unsafe and unhappy places to be

Textiles Goods

made from cotton or fabrics

How were Women Workers treated?

Bad They were paid less than

men

What is a Labor Union? Groups of workers who

stick together to get what they want

What are some things a labor union might fight for?

Knights of Labor First

universal labor union

Included all people

Collective Bargaining A way of making Deals or Compromises

with Unions and their Bosses

Triangle T-Shirt Factory A sweatshop that made t-shirts The doors were locked to keep the

workers in It burned down killing 150 people

because the doors were locked

Union Strike When

members of a Union refuse to work until their demands are met

Strikebreakers Scabs Workers who didn’t belong

to the Unions They would work when

the Union went on Strike

Injunction A court order forcing

someone to do what the court says

The End