Industrialization & Big Business Review

What are the three resources needed for a country to industrialize?

• technology, natural, transportation

• natural, laissez-faire, big business
• transportation, technology, big business
• technology, human, natural

He was known as a major entrepreneur in the Oil Industry

• John Rockefeller
• Andrew Carnegie
• Cornelius Vanderbelt 
• Gustavus Swift

What is a Laissez-Faire economy?

• An economy that is completely controlled by the U.S. government
• An economy that is partially controlled by the U.S. government
• An economy that works best when there is very little involvement by the U.S. government
• An economy that is controlled by another country

Someone who creates their own business is called a(n)...

• Entrepreneur
• Billionaire
• Investor
• Stock Holder

Which industrialist is best known for his work in the steel industry?

• Charles Lindberg
• Andrew Carnegie
• John Rockefeller

Which industrialist is best known for his work in the oil industry?

• George Bush
• Charles Koch
• John Rockefeller

control of a product by one company

• trust
• partnership
• monopoly
• corporatin

How did vertical integration benefit companies such as Carnegie Steel?

• Allowed labor unions to participate in decision-making
• Controlled the phases of production and distribution
• Invested in health and education of employees
• Included local politicians on boards of directors 

The Industrial Revolution describes a time when

• people rejected socialism and began calling for capitalism.
• people began to use the scientific method to find answers to their questions.
• work done by machines in factories replaced work done by hand.
• industrialized nations created overseas colonies.

During the Industrial Revolution, the factory system led to

• high wages for factory workers.
• mass production of goods.
• large movement of people to rural areas.
• higher prices for manufactured goods.