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The Rise of Big Business – Chapter 4L2. Entrepreneur: Andrew Carnegie. Steel business Pittsburg, PA Controlled all of the steps of the steel-making process “Do not make riches, but usefulness, your first aim.”. Entrepreneur: John D. Rockefeller. One 42-gallon barrel - PowerPoint PPT Presentation
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The Rise of Big Business – Chapter 4L2
Entrepreneur: Andrew Carnegie
Steel business Pittsburg, PA Controlled all of the steps of the steel-making process
“Do not make riches, but usefulness, your first aim.”
Entrepreneur: John D. Rockefeller
One 42-gallon barrel of oil creates 19.4 gallons of gasoline. The rest (over half) is used to make things like:
perfumes, insecticides, dice, sweaters, ballpoint pens, paint, footballs, dresses, roofing, umbrellas, shoe polish, hair coloring, lipstick, trash bags….
6000 different items!
Refine oil; turn it into useful products
Standard Oil Company Monopoly – company that controls an entire industry so that there is no competition
Entrepreneurs:
• William Randolph Hearst
Newspaper • Madame C.J. Walker Shampoo• George Westinghouse Alternating Current• J. P. Morgan Banker
Economics - Manufacture, Distribution, and Consumption of Goods and Services
Free EnterpriseConsumerProducer
Resources: human – people capital – tools, money natural – things found in nature
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