Big Business

After the Civil War, the Industrial Revolution changed from an economy based on ______________ to one based on ________________.

• agriculture; manufactured goods

• agriculture; farming

• manufactured goods; factories

• railroads; growing crops

Raw Good: wheat; Manufactured Good:______________

• steel

• cows

• cereal

• iron ore

Raw Good: __________; Manufactured Good: steel

• cereal

• wheat

• meat

• iron ore

Raw Good: cattle and hogs; Manufactured Good: ______________

• wheat

• steak, chops, and sausages

• steel

• iron ore

Which word means the complete control of the entire supply of goods or of a service in a certain area or market?

• monopoly

• manufactured

• industries

• mass production

Andrew Carnegie controlled which monopoly?

• steel

• oil

• factories

• all of the above

John D. Rockefeller controlled which monopoly?

• steel

• oil

• factories

• all of the above

True or False: One way industries grew was a result of farmers producing more crops because of the increase in mechanization. With this new machinery, crops were being overproduced which decreased the pricing crops were sold for. As a result, farmers didn’t make enough money and were unable to pay the mortgage on their land. Farmers lost their land and many of them moved to the cities in search of industry jobs.

• True

• False

How did the U.S. gain power and money through the production of manufactured goods?

• Railroad companies shipped raw materials to manufacturers. The manufacturers changed the raw materials to consumer products. The consumer products were shipped throughout the country and world.

• Big businesses owned farmland and paid the farmers very little money. This led to farmers having to sell their farms and move to cities to find jobs in factories. The factories failed due to the lack of support from the government.

• Industries were overproducing goods which drove up the prices of the products they were manufacturing. As a result, people were not able to afford the goods that were being sold in the markets.

• Monopolies started to increase throughout the United States. This caused many smaller businesses to shut down. People lost their jobs and weren’t able to afford everyday luxuries.

How do monopolies impact the United States economy?

• Monopolies reduce competition between businesses. When one person owns and completely controls an industry it eliminates other businesses in that field to develop and grow.

• Monopolies allow businesses to grow because they give opportunities for smaller businesses to flourish.

• Monopolies increase competition between businesses. When many people own and control an industry it allows other businesses to develop and grow.

• Monopolies allow businesses because they provide all citizens with jobs.