| A | B |
|---|
| Who were the 3 prominent Robber Barons? | Andrew Carnegie, John Rockefeller, JP Morgan |
| What industry was Carnegie involved in? | Steel |
| What industry was Rockefeller involved in? | Oil |
| Process in which suppliers are bought our to achieve a monopoly? | Vertical integration |
| Buying out competing companies? | Horizontal integration |
| What did Carnegie give him employees to motivate them to work? | Stocks in his company |
| What is interstate commerce? | Goods/money going between states |
| The interstate Commerce Act was used to break up what industry? | Railroads |
| How did the railroads have a monopoly? | Controlled price and limited entrance of new railroad lines in certain geographic areas |
| What was a normal work day for factory workers? | 6 days a week 12-16 hour shifts |
| Describe the working conditions. | Long days, very unsafe, no worker compensation, no child labor laws, huge wage gap between the owners and workers |
| What leverage did the workers have to get conditions changed? | Strikes |
| What was the name of the people hired to take the place of workers on strike? | Scabs |
| Negotiation between representatives of labor and management? | Collective Bargaining |
| Railroad workers shut down 50,000 miles of railroad, which shut down the travel of goods between states? | Great Strike of 1877 |
| The Great Strike of 1877 the government got involved why? | It interfered with interstate commerce |
| Strike in Chicago that turned violent when 7 police officers were killed? | Haymarket Affair |
| What was the major result of the Haymarket Affair? | It turned people against the labor movement |
| Strike at Carnegie steel plant that turned violent and the strikers gave into the company? | Homestead Strike |
| Strike was lead by Eugene Debs, many who participated were blacklisted when President Cleveland called in federal troops? | Pullman Company Strike |
| How did companies fight back against unions? | Fired union members, made workers sign yellow-dog contracts, used the Sherman Antitrust Act saying unions were disruption interstate trade |
| What is a yellow-dog contract? | swearing that a worker would not join a union. |
| Who was an outspoken leader of the labor movement? | Eugene Debs |
| Who believed that capitalism would eventually fail and socialism was a better type of economy? | Eugene Debs |
| System based on government control of business and property and equal distribution of wealth | Socialism |
| What do the ideas of Socialism come from? | Karl Marx and his book the Communist Manifesto |
| What was one of the first unions to include workers from all different trades? | Industrial Workers of the World (IWW) |
| What was the Industrial Workers of the World also known as? | Wobblies |
| "Hands off the economy" | Laissez Faire |
| In capitalism what controls price and wages? | Competition |
| In socialism what controls price and wages? | Government intervention |
| Tax on imported goods? | Tariff |
| Why would you put a tariff on imported goods? | Raise the price to help American companies compete |
| Do you want to have more exports or imports? | Exports |
| Natural Resources | Found natural in the environment without human distrubance |
| What are examples of natural resources? | water, wood, oil, iron |
| Another term for money | Capital or commerce |
| Work done for money | Labor |
| Money left over after you subtract your expenses | Profit |
| Ultimate goal of business is to make money | Profit Motive |
| What can threaten the success of capitalism? | Monopolies because there is no competition |
| What was the US economy based on before the Civil War? | Farming |
| Why does the US become an industrial power? | Lots of Natural resources, new inventions/technology, support from the governmnent |
| Why was it important that these natural resources were in the US? | Did not have to fight other countries for resources |
| What is known as black gold? | Oil |
| What was oil used for originally before being used for gas? | Used in lamps to light at night |
| What is the process of converting iron to steel? | Bessemer Process |
| How does the Bessemer process work? | Air is put into molten iron which replaces the carbon making for a lighter product |
| What will steel be used to make? | barbed wire, equipment, bridges, skyscrapers |
| What invention helped women get into the work place? | typewriter |
| What invention helped with communication? | telephone/Bell |
| Who invented the light bulb? | Edison |
