Unit 9 Vocab Industrial Era

What was Thomas Edison best known for inventing?

• The telephone

• The light bulb

• The steam engine

• The airplane

Explain how the Bessemer Process contributed to the "industrial boom" in the United States.

• It increased the cost of steel production, making it less accessible.

• It allowed for the mass production of steel, which was cheaper and stronger.

• It was a method for producing textiles more efficiently.

• It was a process for refining oil into gasoline.

Analyze the impact of the transcontinental railroad on the American economy and society.

• It decreased the speed of transportation across the country.

• It isolated the western states from the eastern states.

• It facilitated trade and migration, boosting the economy and connecting the nation.

• It led to the decline of the steel industry.

What was the primary purpose of The Grange movement?

• To promote urban development

• To support farmers and advocate for their economic interests

• To establish a national banking system

• To encourage industrialization

Describe the significance of the Interstate Commerce Act.

• It regulated the banking industry.

• It established the first federal regulatory agency to oversee railroad operations.

• It created a national highway system.

• It provided subsidies for agricultural development.

Evaluate Andrew Carnegie's use of vertical integration in the steel industry.

• It led to the diversification of his business into unrelated industries.

• It allowed him to control every aspect of production, reducing costs and increasing efficiency.

• It resulted in the outsourcing of production to foreign countries.

• It focused solely on marketing and sales strategies.

What is a monopoly, and how does it affect market competition?

• A monopoly is a market structure with many competitors, leading to high competition.

• A monopoly is a market structure where a single company dominates, reducing competition.

• A monopoly is a government-regulated market with equal competition.

• A monopoly is a market with no barriers to entry for new companies.

How did unions contribute to the labor movement in the late 19th and early 20th centuries?

• They discouraged collective bargaining and strikes.

• They advocated for workers' rights, better wages, and safer working conditions.

• They focused on increasing the profits of business owners.

• They promoted the use of child labor in factories.

Compare and contrast vertical and horizontal integration as business strategies.

• Both strategies involve reducing production costs by outsourcing.

• Vertical integration involves controlling all production stages, while horizontal integration involves acquiring competitors.

• Horizontal integration focuses on diversifying product lines, while vertical integration focuses on marketing.

• Both strategies are used to increase competition in the market.

What is Social Darwinism, and how was it used to justify certain economic practices?

• It is a theory that promotes social equality and welfare.

• It is the application of natural selection to human societies, used to justify laissez-faire capitalism and inequality.

• It is a movement advocating for environmental conservation.

• It is a philosophy supporting government intervention in the economy.