Review of Men In Industry 2.4

Match the following

• Steel

• Cornelius Vanderbilt

• Banking

• J.P. Morgan

• Rail Cars & Company Towns

• John D. Rockefeller

• Oil

• George Pullman

• Railroads

• Andrew Carnegie

Laissez-Faire

• Capitalism that allows companies to conduct business without government intervention

• Theory that taught only the strong survived

• Group of businesses owned by competing companies that is controlled by a single group of trustees

• Complete control over an industry’s production, wages, and prices

Social Darwinism

• Capitalism that allows companies to conduct business without government intervention

• Theory that taught only the strong survived

• Group of businesses owned by competing companies that is controlled by a single group of trustees

• Complete control over an industry’s production, wages, and prices

Vertical Integration

• Complete control over an industry’s production, wages, and prices

• Group of businesses owned by competing companies that is controlled by a single group of trustees

• Process in which companies producing similar products merge

• Process in which a company buys out its suppliers or owns each step of production & distribution process

Horizontal Integration

• Process in which companies producing similar products merge

• Process in which a company buys out its suppliers

• Group of businesses owned by competing companies that is controlled by a single group of trustees

• Complete control over an industry’s production, wages, and prices

Trust

• Complete control over an industry’s production, wages, and prices

• Group of businesses owned by competing companies that is controlled by a single group of trustees

• Capitalism that allows companies to conduct business without government intervention

• Theory that taught only the strong survived

Entrepreneur

• a person who organizes and operates a business or businesses, taking on greater than normal financial risks in order to do so.

• Money

• the process of change from an agrarian and handicraft economy to one dominated by industry and machine manufacturing.

• Work, also workers

Who owned Standard Oil and is considered the wealthiest American of all time?

• John D. Rockefeller

• Andrew Carnegie

• Samuel Gompers

• JP Morgan

Which historical figure is known for leading the banking industry during the Gilded Age?

• J.P. Morgan

• Cornelius Vanderbilt

• Andrew Carnegie

• John D. Rockefeller

Why were individuals like John. D. Rockefeller, Andrew Carnegie, J.P Morgan and Vanderbelt called Robber Barrons?

• They were nice to people

• They stole money from the government

• They robbed the rich

• They used ruthless business tactics against other companies and competitors