Inventors, Business Owners, and Monopolies

InventorsInventors

Alexander Graham Bell

Invented the

Telephone in 1876

Thomas Alva Edison

Did not start school until age 8

A teacher told his mom that he was dumb and she took him out of school

She had been a school teacher so she taught him at home.

He worked on the railroad and set up a chemistry lab in the baggage car.

The first invention he sold was a stock ticker used by American companies to count the stock they sold to customers. He sold this for $40,000

He used this money to set up a shop in Newark New Jersey. At this shop he averaged forty new inventions a year for the first five years.

He was a tireless worker, sometimes only sleeping two or

three hours a night.

He created the phonograph,

electric light bulb, storage battery, moving picture camera, and power plant

The Light bulb

The light bulb alone took over 1,600 experiments

He once said “The trouble with other

inventors is that they try a few things and

quit. I never quit until I get what I

want.”

He tried 10,296

experiments to improve

storage batteries

He tried 10,296

experiments to improve

storage batteries

“If I find 10,000 ways something won’t work I haven’t failed. I am not discouraged, because every wrong attempt discarded is another step forward. Just because something doesn’t do what you planned it to do doesn’t mean it’s useless.”

-Thomas Edison

Andrew CarnegieAndrew CarnegieBegan working with the railroad for $35 a week. He invested his money and by age 33 he was making

$50,000 a year.

Began working with the railroad for $35 a week. He invested his money and by age 33 he was making

$50,000 a year.

In 1865 he bought an iron bridge company

and marketed the bridges to the railroad companies. Soon he

was making iron bridges for them.

In 1865 he bought an iron bridge company

and marketed the bridges to the railroad companies. Soon he

was making iron bridges for them.

He learned how to make steel much more affordable

and quicker than ever before. He always poured

the company profits into the business and

improvements.

He learned how to make steel much more affordable

and quicker than ever before. He always poured

the company profits into the business and

improvements.

Carnegie bought out a lot of his competitors and stayed ontop of the

business world. His company made more steel than all his

competitors in America combined.

Carnegie bought out a lot of his competitors and stayed ontop of the

business world. His company made more steel than all his

competitors in America combined.

He later saw the need for steel in building American Skyscrapers and

changed his company’s focus to preparing steel for American

Skyscrapers.

He later saw the need for steel in building American Skyscrapers and

changed his company’s focus to preparing steel for American

Skyscrapers.

Carnegie became enormously rich, possibly

the richest man in the world at the time.

Carnegie became enormously rich, possibly

the richest man in the world at the time.

QuestionWhat determines

how much you pay for gas, food,

clothes, phone service or electricity?

John D. Rockefeller

John D. Rockefeller started out in the grocery business. He decided to buy a refinery

in 1867.

In 1870 he saw the potential for his companies growth and formed the Standard Oil

Company.

He offered to buy all the refineries in Cleveland. To those that accepted he paid generously, those who didn’t he

became a ruthless enemy to. He cut the price of his oil, even if it meant he lost

money, just so the other companies lost money. Once they went out of business

he would raise his prices and make money again. Within two years he

owned all the refineries in Cleveland. Within a few years he owned all of the refineries in New York, Philadelphia,

Baltimore, and Pittsburg

One thing he require any railroad company that wanted to business with him that they must give him a rebate on the oil shipped. So while

he was only paying 10 cents a barrel for shipping his competitors

were paying 35 cents a barrel.

One thing he require any railroad company that wanted to business with him that they must give him a rebate on the oil shipped. So while

he was only paying 10 cents a barrel for shipping his competitors

were paying 35 cents a barrel.

Rockefeller created a trust which is an organization of

companies formed with the intention of

controlling an industry.

Rockefeller created a trust which is an organization of

companies formed with the intention of

controlling an industry.

With the trust in place he bought thirty-nine other oil companies. Now he could

control the price of oil.

Many other companies followed this pattern and by

1900 2/3 of all manufactured goods in the

US. were produced by trusts.

Once a person or trust owns all of the processes in manufacturing and providing a product this is called

a Monopoly. They determine the price.

Once a person or trust owns all of the processes in manufacturing and providing a product this is called

a Monopoly. They determine the price.

This is just like the game, the game is over when you have all the money and your opponents

can’t survive another turn.

This is just like the game, the game is over when you have all the money and your opponents

can’t survive another turn.