Economic Trends Grade 8

Before the Industrial Revolution all products were created by

• Factories
• Hand
• Slaves
• Royalty

I am the founder of the Standard Oil Company. I am ___________

• John D. Rockefeller
• Andrew Carnegie
• Wright Brothers
• Thomas Edison

Henry Ford is credited with creating the _____________  _____________, which revolutionized the way cars were made.

• Assembly Line
• Airplane
• Incandescent Lamp
• Telephone

Captain of the Railroad industry.

• John D. Rockefeller
• Andrew Carnegie
• Cornelius Vanderbilt
• JP Morgan

Who adopted the Bessemer process and made steel much more affordable?

• Carnegie

• Rockefeller

• Morgan

• Vanderbilt

Companies who control all the different phases of the business to control profits & maximize efficiency use the method called

• Horizontal Integration
• Vertical Integration
• Big Business Model
• Maximum Profit Idea

Companies who specialize in one area of business and  buy out competition use the method of organization called

• Horizontal Integration
• Vertical Integration
• Bug Business Model
• Maximum Profit Idea

During the mid-1800s the development of the factory system in the United States contributed to .....

• a decline in number of immigrants

• the rapid growth of cities

• the overall lowering of standard of living

• a decrease in agricultural production

The assembly line allowed Ford to _________________ the prices of the Model T for the consumer.

• higher

• keep the same

• multiply

• lower

Rockefeller, Carnegie and Morgan were sometimes called 'robber barons' because

• they robbed from the rich and gave to the poor
• they stole money from the government
• they made risky investments
• they used ruthless (cruel, uncaring) business practices