| A | B |
|---|
| How did Henry Ford change the Automobile Industry | Henry Ford was the first to implement the moving assembly line. This process made manufacturing quicker and cheaper, which made cars more affordable for the public. |
| What is a Patent? Why do we have them? | A patent is the exclusive right to make or sell an invention. Holding a patent protects an inventor from having others manufacture his or her invention. |
| What is a Monopoly? Why do consumers think they are Bad? | A monopoly occurs when a company or corporation has total ownership of a product or service. The problem critics had with monopolies was that they reduced competition, which was necessary to keep prices low and the quality of goods and services high. |
| Henry Bessemer | developed a way to make steel quicker and cheaper |
| Railroad Industry | was helped by new technology in the steel industry |
| Growth of Cities | caused by the expansion of the RR |
| Thomas Edison | perfected the light bulb |
| Alexander Graham Bell | inventor of the telephone |
| first Airplane's | powered by gas engine's |
| Airplane's | created a demand for more Oil |
| Moving Assembly Line | decreased the cost of Production |
| Stockholders | can sell their shares in a company at any time |
| Andrew Carnegie | Kept costs low by owning all the businesses involved in each step of making steel |
| Leland Stanford | believed industries should be owned and managed by the workers |
| John D. Rockefeller | purchased all the businesses in his field of operation, Oil |
| Vertical and Horizontal Integration | strategies designed to eliminate competition and control an industry |
| Social Darwinism | the fittest individuals succeed in society |
| Sherman Antitrust Act | law to prevent monopolies |
| Sherman Antitrust Act | hard to enforce, did little to stop monopolies |
| Monopolies | raised prices, reduced quality |
| Frederick Taylor | encouraged managers to view workers as interchangeable parts, like a machine |
| Factory specialization | workers repeated the same job over and over and over, got bored, got injured |
| Labor Unions | formed to increase workers bargaining power |
| Mary Harris Jones | played an active role in Unions |
| Knights of Labor | fought hard for an 8 hour workday |
| Samuel Gomper's | president of the American Federation of Labor |
| Collective Bargaining | labor acting together as a group to improve working conditions |
| Government reaction to Strikes | sent in troops to stop strikes |
| Haymarket Riot | weakened the Knights of Labor |
| Homestead Strike | against Carnegie Steel |
| Andrew Carnegie | dealt with strikers by locking them out and hiring strike breakers |
