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 Ws. Start.

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.