Monday, December 8th - Period 6 Lesson 1

Multiple Choice

What are companies who dominate a specific industry (steel, oil, etc.) called?

• Monopolies

• Conglomerates

• Corporations

• Competitors

What You Need to Know In One
Sentence

■ The transformation of the United States from

an agricultural to an increasingly industrialized
and urbanized society brought about significant
economic, political, diplomatic, social,
environmental, and cultural changes.

■ We need to figure out what these changes are!

The Industrial Revolution (1)

■

Following Civil War

■

Causes

–

Technological innovation

–

Access to natural resources

–

New financial and management
structures

–

Advances in marketing

–

Growing labor force

■

Effects

–

Standards of living improved—gap
between rich and poor grew

–

Looked outside U.S. borders to gain
influence and control markets

–

Growth of middle class

–

More leisure time—expanse of
consumer culture

The Industrial Revolution (1)

■ Fredrick Taylor

– Engineer who created

principles of scientific
management

– Made factory

production faster and
more efficient
■ Best practices
■ Train workers

– Divide work between

managers and workers

Multiple Choice

Which of the following is a major benefit of mass production for consumers?

• Products become more customized for individual buyers

• Goods can be produced more quickly, lowering prices for consumers

• Companies rely more on skilled hand-crafting, increasing product uniqueness

• Production slows down, allowing for better quality control

Multiple Choice

Which of the following is a major benefit of mass production for companies?

• It increases production efficiency, lowering costs per unit

• It reduces the need for machinery and technology

• It guarantees that all products will be completely unique
  

• It requires fewer workers and eliminates all labor costs

The Formation of Trusts and Monopolies
(1)
■ Robber Baron

– American businessmen using

unscrupulous methods to get
filthy rich

■

J.P. Morgan

–

Financier and banker who controlled
American finance

■

John D. Rockefeller

–

Industrialist who struck it rich
through the Standard Oil Co.

■

Andrew Carnegie

–

Industrialist who made a fortune in
steel

–

Bessemer Process

Formation of Trusts and Monopolies
(1)

■

Horizontal Integration

–

Merging one or more companies of
the same business activity

–

Standard Oil

■

Vertical Integration

–

Single company brings together
several activities

–

Acquisition of raw material,
manufacturing, marketing, selling,
distribution

–

Carnegie Steel

Create your own Monopoly!

Formation of Trusts and Monopolies
(1)
Gilded Age
–

Term coined by Mark Twain

–

Refers to celebration of wealth
and consumption which
became apart of American
culture during the late 1800s

–

Looked good from the outside,
but real problems within

■ Conspicuous consumption

–

People spend money in excess
of what is necessary to fulfill
needs

–

Consume products to gain
social status

Formation of Trusts and Monopolies
(1)

■ Sherman Anti-Trust Act,

1890
– Authorized the federal

government to break
up any business
combination that was
“in restraint of trade”

– Intended to break up

monopolies
■

Instead used against
labor unions

1.) Highlight/Circle 4 items in the political cartoon which help you understand the overall message and explain.

2.)Summarize what the cartoonist's message.

​

Wkbk. pg. 54

Multiple Choice

someone who uses money and power to exploit workers and make huge profits

• captain of industry

• robber baron

• pilot

• barista

Multiple Choice

business leader who uses money and power to promote industry and create jobs

• captain of industry

• robber baron

• cartoonist

• cartographer

Multiple Choice

Rockefeller made his fortune by creating a monopoly with which company?

• US Steel

• Vanderbilt Railroad Lines

• Standard Oil

• Old Dominion Freight

Multiple Choice

Andrew Carnegie was a poor immigrant who worked his way to own this industry which used the Bessemer process?

• US Steel

• Vanderbilt Railroad Lines

• Standard Oil

• Old Dominion Freight

Multiple Choice

JP Morgan invested in Thomas Edison's light bulb and built this company that would put electricity in every house.

• US Steel

• Vanderbilt Railroad Lines

• Standard Oil

• General Electric

Multiple Choice

Cornelius Vanderbilt, The Commodore, left his father's shipping company to invest in this new transportation that would connect everyone in the United States.

• US Steel

• Railroads

• Standard Oil

• General Electric