Big Business Study Guide Review Write 3 – 5 “first person clues” for the vocabulary word, person, or event from 1900s America. Try to include the 5 W’s. Start general/vague, get more specific with each clue.
Mar 26, 2015
Big BusinessStudy Guide Review
Write 3 – 5 “first person clues” for the vocabulary word, person, or event from 1900s America.
Try to include the 5 W’s.Start general/vague, get more specific with each
clue.
Social Darwinism
• I am a theory of life.• I was created by Herbert Spencer in
the late 1800s/early 1900s.• The original idea came from Charles
Darwin.• My main point is large businesses
can crush small businesses.• I justified the actions of robber
barons during the Industrial Age.
Monopoly
• They have control over all of an industry
• Owners control the prices of goods• Owners control the supply/quantity
of goods
Jane Addams
• Came from a well-to-do family in a small Illinois town
• Wanted to help poor• Repaired the house and made it into a
community center where neighborhood residents could learn to speak English, discuss political events, and hold celebrations
• Opened a day nursery, working parents no longer had to leave their children unsupervised
John D. Rockefeller
• Robber Baron– Sent out thugs to intimidate people
• Partner with Standard Oil• His business became a monopoly– Could lower prices to where competitors
went out of business, then raised the prices again
Vertical Integration
• Andrew Carnegie used this for his success.
• Joining all areas of one business.• Raw materials, Production,
Distribution join in one company.
Union
• I was developed to help people in a workforce
• I was first made in the mid 1800s• The idea came from workers being
treated unfairly• I was made so that all workers doing
the same job no matter what age or gender will receive the same pay and benefits
• Workers join me to get equal rights while working
Knights of Labor
• First labor union that lasted more than a few years
• Formed in 1869, growing into the 1880s
• Allowed all types of workers to join• Worked for an 8 hour work day• Mary Harris Jones was an active
campaigner
AFL
• Started in 1886• Its chief objective was to create
better working conditions for laborers• Strikes were used–Workers started to receive rights
J.P. Morgan
• I had banking experience at Peabody Banking Co.
• My net worth was 1.5 billion dollars.• I manipulated the price of gold to my
advantage making me what some would call a “Robber Baron”.
• I was quoted saying, “When you expect things to happen, strangely enough, they do.”
Ida B. Wells
• Wrote articles & gave speeches to expose racism that motivated mob murders
• Spent time protesting lynching• Was inspired to end racial violence
after mob murders began to happen in the late 1800s and went unrecognized
Captain of Industry
• Gave a good name for businessmen.• Believed monopolies are wrong.• Andrew Carnegie was one.• Was not a baron.
Industrialization
• I am the change from agriculture to manufacturing as the main economy
• Henry Ford was part of the “movement”
• This made America full of machines, factories, coal mines, and railroads
Andrew Carnegie
• Started work at 14.• Built a massive steel plant to
produce railroad tracks.• Owned numerous steel plants.• I was a captain of industry.• I was very wealthy by the time I was
40.• Donated my profits back to society.
Natural Selection
• Process that better allows adaption to specific environment pressures.
• Herbert adapted social darwinism from these ideas.
• Charles Darwin.• Fittest survived.
Laissez-faire
• Hands off economy• French for let be• The U.S. had this type of economy
during the industrial revolution• Involvement of no government
Mary Harris Jones
• Known as “most dangerous woman in America”
• Lost husband & children to yellow fever
• Organized United Mine Workers• Bosses feared her• Fought for 8 hour workday, equal pay
for men & women doing the same work
Ida Tarbell
• Conventional minded woman• Famous Muckraker• Wrote detailed articles about
Standard Oil Company• Exposed ruthless methods John D.
Rockefeller used to Crush Competition
Cartel
• I am a noun• Literally, I mean: placard, from carta,
a leaf of paper• I am a business trying to limit
another business
Lewis Hine
• I am a photographer• I specialize in child labor• I am considered a muckraker• I went undercover to uncover the
dangerous conditions in which children were being placed
Muckraker
• I am a writer whose investigative• My articles or books attacked abuses
such as child labor or business corruption
• Upton Sinclair is an example
Samuel Gompers
• I was a cigar maker born in England• I led the American Federation of
Labor (AFL)• I advocated boycotts as a way of
peaceful protest.• I refused AFL involvement in the
Pullman Strike, causing it to collapse, unsuccessful.
Charles Darwin
• Created scientific theories about the origin of species.
• Theory of the evolution of mankind.• Believed in “Natural Selection.”
Nouveau Riche
• The wealth generated by industrial capitalism and big business led to the start of me
• I have my own philosophy• My people are a self made people
who proclaim our importance with showy displays of wealth
• We led Mark Twain to call the late 1800’s the Gilded Age
Florence Kelley
• Battled child labor• Supported women’s rights• Father taught her to read• Graduated from Cornell
Gilded
• Means “Covered with gold”• Mark Twain named this time period
in the late 1800’s• Wealth generated by industrial
capitalism from businesses led to a large rich class
• People showed their importance by showing their displays of wealth
Robber Baron
• I am not a nice person.• I am very wealthy.• I describe some business men.• J.P. Morgan and John D. Rockefeller
could be called me.• You might get my name if you use
questionable practices to become rich.
Strike
• Many turned Violent • Happened because people wanted
better wages • Some people were killed
Upton Sinclair
• Muckraker• Wrote The Jungle in 1906• Exposed the bad practices about the
meat packing industry
Hiatus
• Break or gap in something
Free Market Economy
• I am ran by the people
• The government can’t control me
• Laissez-Faire is what I’m all about
Mass Production
• Big business in the late 1800s/early 1900s
• Producing large amount of goods at once
Nouveau Riche
• I am a group of people with their own philosophy.
• These people lead Mark Twain to call the late 1800’s the Gilded Age.
• Many of these people were robber barons.
• They liked to show off their money and wealth.
Philanthropist
• A person who donates large amount’s of their wealth to promote common good.
• Andrew Carnegie donated to charity• Rockefeller donated to education
Variable Costs
• Business costs that changes • Materials, utilities, worker’s wages
Command Economy
• I am run by the government
• Small nations like North Korea and Cuba still run by this
• All people were considered whole and equal
• Government controls production and distribution
Injunction
• A court order requiring an individual or company to do something, such as end a strike
• Gained powerful legal weapons• Samuel Gompers refused to swing
his powerful AFL• 1895 the Supreme Court upheld the
president, causing the strike to collapse
Haymarket Riot
• A bomb was thrown into the crowd• The bomb killed 7 people and
wounded 67 others.• 8 radical strike leaders were put on
trial for murder• 7 of the 8 people were sentenced to
death• This uproar helped employers defeat
the 8-hour workday.
Pullman Strike
• Depression from 1893-1897• Company town cut wages of workers• Workers joined Eugene V. Debs
railroad union• Workers went on strike, wouldn’t
handle Pullman’s boxcars• Violence broke out in Chicago
Economy of Scale
• Big factories used this• This was put to practice at the turn of
the century• As the # of goods being produced
goes up, the price of the good goes down
• This is important because they don’t have to charge as much so they make a lot of money
Horizontal Integration
• I am a form of merger.• Business owners use me as they buy
up businesses in the same industry.
Reform
• I can be a noun or a verb.• I reflect changes that make society a
better place to live.
Traditional Economy
• Hunting, gathering, fishing, and bartering are important to me.
• I am represented by Native Americans and the Amish Community.
Mixed Economy
• I am the most common type of economy in the world today.
• I am driven by the supply of businesses and the demands of customers.
• The government is involved, protecting its citizens.
Fixed Costs
• I am an expense associated with running a business.
• I do not fluctuate much.• Taxes, rent are examples of me.