| A | B |
|---|
| Railroad Barons | Rich, powerful men who controlled the rail industry |
| Steel | Iron treated with carbon |
| Standard Gauge | Meant that all rail tracks were the same width |
| Rebates | Discounts that RR Barons offered to big customers |
| Telegraph | Communication device that used a code to deliver messages |
| Samuel Morse | Invented Telegraph |
| Alexander Graham Bell | Invented telephone |
| Eastman | Invented the small camera |
| Thomas Edison | Major inventor-lightbulb, phonograph |
| phonograph | An old fashioned record player |
| Henry Ford | Used assembly line, founded Ford Motor Co. |
| Mass Production | Meant goods could be produced faster, cheaper |
| Catalogs | Allowed rural consumers to shop |
| Corporation | Business that can raise a large amount of money |
| Three Factors of Production | Land, Labor, Capital |
| Land | Refers to the natural resources needed to make a product |
| Labor | Refers tot he workers needed to make a product |
| Capital | Refers to the money needed to make a product |
| Drake | First person in US to drill for oil |
| Rockefeller | Wealthiest Man in history, Standard Oil founder |
| Carnegie | Second wealthiest man in history, Started US Steel |
| Horizontal Integration | Buying up all your competitors in order to expand |
| Vertical Integration | Buying up all your suppliers in order to expand |
| Undercutting | Cutting prices so low that no one can compete |
| Price Gouging | Raising prices sky high--often done after competitors are eliminated |
| Monopoly | A business that controls almost all of an industry |
| Pittsburgh is great for steel because... | Close to rivers, workers, mines, railroads |
| Sherman Anti-Trust Act | Designed to end monopolies and trusts-didn't work too well |
| Teddy Roosevelt | First president to REALLY go after monopolies |
| Standard Oil | Rockefeller's company-had a monopoly on oil |
| Carnegie Steel/US Steel | First billion dollar company- Carnegie sold to JP Morgan |
| Social Darwinism | Belief that people were able to become rich because they were genetically superior; that poor people were "lesser" human beings |
| Philanthropy | Giving money to community/charity |
| Three reasons some people able to become so wealthy in the late 1800s? | No Government Regulation of Business, Major Growth of technology, Large and cheap labor force |
| Haymarket Riot | This peaceful strike became dangerous when someone threw dynamite at police. It caused people to question labor unions |
| Triangle Shirtwaist Co. | A major fire at this factory killed hundreds and caused government to regulate safety of factories |
| Knights of Labor | Major Labor Union |
| Pullman Strike | When these luxury train car workers stopped working, the government got involved |
| American Federation of Labor | Major Labor Union that still exists today |
| Strikebreakers | Also known as "scabs," these people would fill |
