Term
| Vertical integration is... |
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Definition
| A business strategy in which all steps for making and delivering a product are owned by a single company. This increases profit because you don't lose money on middlemen. ANDREW CARNEGIE practiced vertical integration with U.S. STEEL. |
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Term
| Horizontal integration is a business strategy in which... |
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Definition
| ...a business, such as an oil company, tries to buy out all of its competitors (other oil companies) so it will no longer have competition. |
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Term
| Full horizontal integration is called a... |
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Definition
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Term
| Who practiced horizontal integration with Standard Oil? |
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Definition
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Term
| Explain profit motive, using a shoe company as an example. |
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Definition
| When a shoe company sells a pair of shoes, they don't just charge you what it costs them to make the shoes (materials + labor + transportation + other costs), they charge you what it costs PLUS extra so they can become rich. That extra is called profit. |
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Term
| When you enfranchise someone (or a group), you... |
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Definition
| ...give them the right to vote. |
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Term
| When you DISenfranchise someone, you... |
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Definition
| ...deny them the right to vote. |
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Term
| An entrepreneur is someone who... |
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Definition
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Term
| A philanthropist is a rich person who... |
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Definition
| gives their money away to charities and other things that benefit all of us. For example, Rockefeller and Carnegie gave away a good-sized chunk of their money and got stuff named after them: Rockefeller Center for the Performing Arts in New York, Carnegie Hall. Bill Gates is a modern philanthropist. |
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Term
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Definition
| It is when workers of a company team up and come up with a common list of demands, present them to their boss, and go on strike (stop working) if the boss doesn't give them what they want. |
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Term
| Collective bargaining is when employees... |
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Definition
| ...bargain with their boss as a group to get what they want instead of one at a time. Unions are collective bargaining. |
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Term
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Definition
| Like laisez-faire, it has to do with the government not interfering with business and competition between businesses. |
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Term
| Explain the term "corporation." |
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Definition
| When a business sells little chunks of itself to investors, these chunks are called stocks. When a business sells stocks, they are called a corporation. |
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Term
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Definition
| one company is the only provider of a product or service. (for example, if there was only one video game company that owned X-box AND Playstation 3 AND Wii AND every handheld and was the only company that made games for computers and phones. That company would have a monopoly on video games. To achieve a monopoly, all of the business' competition must be driven out of business or bought out (horizontal integration). |
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Term
| Are monopolies good for people? |
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Definition
| No, they are bad for regular folks, because a company with a monopoly has no competition, so they have no reason to keep their prices low and their quality high. |
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Term
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Definition
| Like monopolies, this is a business practice aimed at avoiding competition. In a trust, a group of companies of the same type -- railroad companies, for example, get together and give control over how much they charge to a group that isn't based in favor of any of the companies. This makes sure they all charge the same - usually quite a bit more than the companies would charge if they were still competing with each other. Anti-trust laws and acts such as the Sherman Anti-Trust Act attempted to keep trusts from forming. |
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Term
| Panic, recession and depression usually mean... |
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Definition
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Term
| The period between the end of the Civil War and about 1900 was a period of _______ government and ________ business n the U.S. |
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Definition
| weak government, strong business |
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Term
| Name the four super-rich businessmen who are sometimes called the Robber Barons or Fat-Cat Industrialists. |
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Definition
| Rockefeller (Standard Oil), Carnegie (owned U.S. Steel), Vanderbilt (specialized in shipping), and J.P. Morgan (rich from banking and investing) |
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Definition
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Term
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Definition
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Term
| What did Vanderbilt specialize in? |
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Definition
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Term
| How did J.P. Morgan make his money? |
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Definition
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Term
| Name three violent strikes by unions during which the strikers were treated mean. |
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Definition
| The Haymarket Riot, The Homestead Strike, and the Pullman Strike |
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Term
| What happened during the Haymarket Riot? |
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Definition
| Rioters threw a bomb into a crowd of police, and rioters and cops were killed. |
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Term
| What was The Homestead Strike? |
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Definition
| Steel workers went on strike against Carnegie, taking over the town of Homestead. Several died. |
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Term
| What was the Pullman Strike? |
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Definition
| This was against the railroad. The railroads got the Army to bust up the strike. |
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Term
| Where did Thomas Edison live? |
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Definition
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Term
| Thomas Edison was the most famous inventor who ever lived. He invented lots of stuff including: |
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Definition
| the light bulb, movie cameras (NOT video cameras), and record players for recording sound. In the end, her had more than 1000 patents for his inventions. |
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Term
| What was the Gold Standard Controversy? |
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Definition
| Around the time of the presidential election of 1896, there was a big debate in the country over whether America's money should be just gold coins, or gold and silver coins. Just gold coins would keep prices low and was something bankers and rich east-coast businessmen wanted. If we did gold and silver coins, prices would go up and farmers wanted this so they could sell their crops for more. A man named BRYAN gave a speech called the "CROSS OF GOLD" speech that wanted gold and silver and almost got him elected president. |
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Term
| This is a term for the late 19th century (about 1865-1900) that was first used by Mark Twain. |
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Definition
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Term
| The Gilded Age referred to... |
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Definition
| the culture of the newly rich businessmen, like Rockefeller and the others, with their big New York mansions and fancy parties. It was a sarcastic term. |
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Term
| The style of journalism developed by the newspaper tycoon WILLIAM RANDOLPH HEARST and others after the Civil War is what? |
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Definition
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Term
| What did yellow journalism attempt to do? |
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Definition
| It attempted to shock or frighten or scandalize people into buying more papers. Yellow journalists made up or exaggerated information to keep people reading. |
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Term
| What is the term for newspaper reporters in the period after the Civil War who wrote stories exposing the problems in society - usually exposing political scandals or horrible conditions under which people worked. They also sometimes practiced yellow journalism. |
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Definition
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Term
| When did the Spanish-American War begin? |
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Definition
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Term
| How did the Spanish-American War come about? |
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Definition
| America felt as big and important as the European countries, but they had empires and we didn't. Cuba was Spain's last colony in the New World and the Cubans wanted their independence (libertadi). The U.S. sent the battleship MAINE to Havana Harbor (Havana = capitol of Cuba). The Maine sat there and then exploded under mysterious circumstances. We blamed the Spanish, and PRESIDENT MCKINLEY had Congress declare war!!! A year later, the U.S. easily won. Cuba got its independence, but had to seek U.S. approval for most things it did. The U.S. got Puerto Rico. These islands in Asia called the Philippines went to the U.S., but became independent with lots of U.S. control. |
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