Unit 6: Industrialization
Flashcard
•
History
•
10th Grade
•
Practice Problem
•
Hard
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9 questions
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1.
FLASHCARD QUESTION
Front
A negative term for an industrialist who uses ruthless business tactics is known as a/an
Back
Robber Baron
Answer explanation
Robber Barons were known for ruthless business tactics and exploiting their workers for their own gain
2.
FLASHCARD QUESTION
Front
A positive term for an industrialist who was an innovator and also used their money for good causes
Back
Captain of Industry
Answer explanation
Captains of Industry saw themselves as innovators who made the world better with their technologies, jobs and philanthropy (charity).
3.
FLASHCARD QUESTION
Front
What theory/philosophy did industrialists use to justify the huge wealth gap in the US?
Back
Social Darwinism
Answer explanation
According to Social Darwinism, if you are rich, then you are smart enough to earn more privileges than those who are less fortunate. This WAS NOT how Darwin wanted his work to be used
4.
FLASHCARD QUESTION
Front
Which of the following was known as a monopolist in the Steel Industry?
Carnegie, Rockefeller, Morgan, Vanderbilt
Back
Carnegie
Answer explanation
Carnegie Steel was a juggernaut of the Steel Industry
5.
FLASHCARD QUESTION
Front
Which of the following was known for his monopoly in the oil industry? (Standard Oil)
Back
Rockefeller
Answer explanation
John D. Rockefeller became one of the richest people in modern history
6.
FLASHCARD QUESTION
Front
The process of one company buying out all the resources for a particular industry is known as
Back
vertical integration
Answer explanation
If you control al of the resources in an industry, you can destroy the competition
7.
FLASHCARD QUESTION
Front
The process of buying out or merging with competitors is known as
Back
Horizontal Integration
Answer explanation
This is the more common way to create a monopoly. If you buy out your competition, then there is no competition
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