What was the main purpose for labor unions in the early 20th century for workers?

• To gain better working conditions, better hours, and better pay

• To help them build better relationships with their coworkers

• To take control of the factories

• To support the monopolies to ensure low prices

How can labor unions use collective bargaining to achieve their goals?

• Labor unions write laws creating better working conditions

• Labor unions use a representative to negotiate with management

• Collective bargaining helps management get what the owner wants

• Collective bargaining is used to help business create better products

Capitalism

• creation of wealth for the greater good

• where government runs most industries

• individuals or business run most industries driven by competition and demand

• belief that money can solve all problems

Socialism

• a belief that individuals and private business runs and controls most industries

• where government runs and controls most industries

• an idea that puts the worth of the individual above the greater good

• a classless society where the people own the means of production

What is the impact of the transcontinental railroad?

• it greatly expands the economy and travel

• it created a scarcity in steel production

• pollution further hurt rural communities

• it made shipping products to Europe more difficult

What is the impact of laissez-faire capitalism?

• business owners now have to regulate working conditions

• business owners can operate free of gov't interference

• better working conditions and pay for employees

What is an entreprenuer?

• Someone who takes financial risks to organize and operate a business

• A special type of machine used to weave cloth

• Someone who organizes for collective bargaining

• A newspaper reporter who uncovers ills in society

Vertical integration..

• controls all of the means of production

• buying a rival business that sells the same goods

• creating new products to sell to upper class citizens

• controlling all competitors

Horizontal integration....

• controlling the means of production

• controlling all competitors

• buying a rival business that sells the same goods

• creating new products to sell to upper class citizens

Businesses use vertical or horizontal integration to.....

• provide equal distribution of wealth to the population

• better meet the demands of consumers

• eliminate competition within an industry

• create urban centers to solve sanitation issues