5-2: New Industries

What is free enterprise?

• a place where you can rent a car without paying

• an economic system in which people are free to start and run their own businesses with only limited control by the government

• an economic system in which the government controls businesses

What is petroleum?

• an oil that makes kerosene

• a jelly

• a place that serves people hot dogs

This man drilled an oil well in Pennsylvania. As a result, new towns sprang up around oil wells all over western PA and eastern OH.

• Edwin Drake

• John D. Rockefeller

• Andrew Carnegie

How did the Standard Oil Company's success affect other oil companies?

• It helped them thrive.

• They copied what the Standard Oil Company was doing.

• They were driven out of business.

What's an entrepreneur?

• a person who works for another person

• a person who enters a building

• a person who sets up and runs a business

Who was an entrepreneur from Pittsburgh who began a steel mill in Pennsylvania?

• Edwin Drake

• John D. Rockefeller

• Andrew Carnegie

Who used steel frames to build taller buildings?

How would a lack of income tax make it easier to get wealthy?

What was steel used for?

• to make rails for train tracks

• build tall buildings

• to make toys for children

What are very tall buildings called?