Stack #2614702

Question Answer
Deflation an ongoing decrease in prices and an increase in the value of money
Industrial Union an organization of common laborers and craft workers in a particular industry
Lockout a company tool to fight union demands by refusing to allow employees to enter its facilities to work
Arbitration settling a dispute by agreeing to accept the decision of an impartial outsider
Injuction a court order whereby one is required to do or to refrain from doing a specified act
Closed Shop an agreement in which a company agrees to hire only union members
who were the knights of labor The Knights of Labor opposed violence, preferring to use more peaceful means such as boycotts and arbitration to achieve goals such as an 8 hour workday.
Working in the United States was like…. Were often dangerousThe uneven division of income between the wealthy and the working class led to a feeling of resentment among the workers. lockouts to break up unions by refusing to allow employees into their facility to work.
What happened in the 1894 strike against the American Railway? In 1894 railway workers organized a strike against the American Railway Union when their wages were reduced. A federal court issued an injunction to stop the strike.
most powerful union in the 1800’s American Federation of Labor, known as the AFL.
What did the IWW want to do? wanted to organize all kinds of workers into one union.
One of the most famous female labor organizers was Mary Harris Jones, (also called (mother jones).
Corporation an organization that is authorized by law to carry on an activity but treated as though it were a single person
Economies of Scale the reduction in the cost of a good brought about especially by increased production at a given facility
Monopoly total control of a type of industry by one person or one company
Holding Company a company whose primary business is owning a controlling share of stock in other companies
Trust a combination of firms or corporations formed by a legal agreement, especially to reduce competition
What are fixed costs? Fixed costs are costs a company pays even if its not operating.
What are operating costs? Operating costs are incurred when running a company
Why did businesses organize pools? How did it work? companies organized pools to keep prices at a certain level. Pools interfered with competition and property rights pools had no legal protection, could not enforce their agreements in court .Pools did not last one cut prices to steal from the others.
Who was Andrew Carnegie? Andrew Carnegie was an immigrant that opened a steel mill.
What is vertical integration of a company? Vertical integration saved money and enabled many companies to expand.
Who was John D. Rockefeller? He was a business leader who pushed for horizontal integration
How does horizontal integration work? By buying out competitors
How did Standard Oil find a way around laws against monopolies in 1882? It had formed a trust beforehand
What encouraged the growth of the advertising industry? Retailers found that it attracted customers, when the advertisements were large.
New developments in retail sales in 19th century? By the 19th century people were soending over 90 million dollars a year on advertising in newspapers and magazines.
Time Zone a geographic region in which the same standard time is kept
Land Grant a grant of land by the federal government, especially for roads, railroads, or agricultural colleges
What did the Pacific Railway Act achieve? This act gave two corporations—the Union Pacific and the Central Pacific—permission to build a transcontinental railroad.
What two corporations gained permission to build the railroad? the Union Pacific and the Central Pacific
Where and when did the two railroads meet? On May 10, 1869, and at Promontory Summit, Utah
What are integrated railroad systems? Connecting two railroad systems
Why did the United States create time zones? Because it helped with train scheduling and passenger safety.
What was one major railroad scandal that occurred? The Credit Mobilier Scandal
What happened in the Credit Mobilier Scandal The investors both signed overpriced contracts with eachother and almost went bankrupt
Who were some of the people implicated in this scandal James A. Garfield and Schuyler Colfax
What was so significant about James J. Hill and the Great Northern Railroad? It became the most successful transcontinental railroad and one of the few railroads of the time that was not forced into bankruptcy.
Gross National Product: the total value of goods and services produced by a country during a year
Laissez- faire: a policy that government should interfere as little as possible in the nation’s economy
Entrepreneur: one who organizes, manages, and assumes the risks of a business or enterprise
When and why did the Second Industrial Revolution happen here in the United States? The second Revolution happened in the 1800’s, because of the increase in technology.
What were some of the resources the U.S. had a vast supply of? The U.S. had a vast supply of coal, iron, timber, and copper.
What were the sources of the massive population boom in the United States during the late 1800’s? Many of the natural resources were in the West, many people began to settle there. The settlement there helped accelerate industrialization.
Who created one of the frontrunners in research and development labs in the U.S.? Thomas Alva Edison
What were some of the more notable creations that came from this lab? He perfected the electric generator and the lightbulb. Invented batteries and the motion picture.
How do believers in Laissez-faire policy believe that the economy grows under that policy? Supporters of laissez-faire believe that government should not interfere in the economy other than to protect property rights and maintain peace.
Cyrus Field Cyrus Field laid a telegraph cable across the Atlantic Ocean in 1866, enabling faster communication between the United States and Europe.
Alexander Graham Bell He invented the telephone
George Westinghouse Invented an air-brake system for railroads, and an alternating current (AC) system to distribute electricity using transformers and generators.
Thaddeus Lowe Invented the ice cream machine
Gustavus Swift Gustavus Swift shipped the first refrigerated load of meat.
Josephine Cochrane Josephine Cochrane developed the automatic dishwasher.

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