SECTION 2 TH

E GROWTH

OF BIG BUSINESS

WEB DIAGRAM

From Section 2 Create the following web

DEFINITIONS

Capitol- money, ideas, buildings that accompany big business

Robber Barons-Business leaders built their fortunes by stealing from the public

Captains of Industry-Business leaders served their nations in positive ways

Philanthropy-Giving money away to charity.

PEOPLE AND MONOPOLIESJohn D. Rockefeller-Standard Oil CompanyAndrew Carnegie-Carnegie Steel

AT&T –Telephone company (split into Lucent Technology and NCR)

Swift and Armour – Capitalists who turned were called “Meat kings of Chicago.” An engineer created a refrigerated cattle car.

General Electric- Electric Power GridWestinghouse-DuPont-plastics company

DEFINITIONSSocial Darwinism-Only the fittest businesses

would survive in an economy.Start ups-A business that is just in the

beginning stages to enter the industry.Broader range of Operations-Less

specialization than in the past, all stages of production are now covered.

Professional Manager-Not the business owners but who oversee its operations.

Accounting- A new system for controlling resources

SUPPLY AND DEMAND OF THE NEW IPHONE 5

SAMPLE SUPPLY AND DEMAND PROBLEMS

Make 4 Supply and Demand graphs on your paperMake the Equilibrium point at (5,5)Question #1) There is an increase in the Demand

Curve, What happens to the Price and the Quantity supplied?

Question #2) There is an increase in the Supply curve, What happens to the price and quantity supplied?

Question #3) There is a decrease in the Supply Curve, What happens to the price and quantity supplied?

Question #4) There is a decrease in the Demand Curve, what happens to the price and quantity supplied?

ECONOMIC MARKET STRUCTURES

Oligopoly-A few large firms dominate the market because of high start-up costs.

Monopoly- Complete control of a product or service,

Cartel-A loose association of a few large companies which control supply of a product causing the prices to go up.

ECONOMIC MARKET STRUCTURES

Vertical Consolidation- When a large company gains/buys many other companies to gain control of all phases of a products development.

Economies of Scale-As production increases , the cost of each item produced is

Horizontal Consolidation-When a company buys many different companies in the same business

ECONOMIC MARKET STRUCTURESTrust-When a company uses horizontal

consolidation, forms a board of trustees which manages the profits. Usually controlled by a single person

Example:Standard Oil and John D. Rockefeller

Sherman Anti-Trust Act-1890

Congressional law which attempted to prevent a single company control over an industry.

DEFINITIONSPiecework-When an employee is paid per

item produced, regardless of timeSweatshop-A workplace that is often in

poor working conditions, long hours, laws regarding hours, child labor, and cleanliness are overlooked.

Division of Labor-A complex process which is broken down into simpler tasks, so that each individual worker has one taskMass production

SECTION 3

UNIONS• Socialism-an economic and political philosophy which favors the public instead of private control of property and income•Unions-A group of workers united for common goals, such as shorter work days, higher wages, better working conditions• 1STNational Trades Union (1837)• Knights of Labor 1869- Philadelphia, PA •Hoped to organize all working men and women• AFL (1886) Still around today, it was formed as a craft union for only skilled workers.•Collective Bargaining-Workers bargain for more things as a single group rather than as individuals

UNIONS• Wobblies- Formed off of the AFL,

formed a radical group of unskilled workers who protested violently at times.

• Eugene Debs-helped organize the railroad workers and was influential in the start-up of many strikes.

RAILROAD STRIKES•Great Railroad Strike of 1877-• Violent protests against long working hours and wage cuts which spread to many different cities, President Hayes sent in troops to put down the strike.•Haymarket Strike of 1886-• In Chicago, factory workers wanted an 8 hr work day, and were fighting with scabs, threw a bomb at police that started riots.•Scabs-people who work for the factories who either didn’t join in the strike or people who were hired to replace them.

Anarchists-people who oppose the federal government

STRIKES• Homestead Strike of 1892-Carnegie steel mills strike• Plant manager wouldn’t cave into demands of the Union• Pinkertons-a private police force who were known to break

up strikes, which eventually became the secret service• The plant re-opened under military protection• Pullman Strike of 1894• George Pullman an inventor of a luxury sleeping car, created a town for his workers to live and work in but with strict control over their personal lives• Railroads were shut down for over a month, but the railroad owners appealed to the federal government for help under the Sherman Anti-trust Act.

• Workers organized a successful strike for 2 months but the military was ultimately set in and the strike was over

STRIKES• So why are there so many strikes at this

time during the Industrial revolution? (24,000 between 1870-1900)

• Growth of industrial jobs, influx of immigration,

SECTION 4

IMMIGRATION• Map Europe-•On your own label these countries and their capitols

Italy SpainSweden GermanyPoland RussiaFrance IrelandNorway Great BritainRomania Scotland

•••

IMMIGRATION AND DEFINITIONS• Population doubled during the years

between 1865-1920 from 30 million to 65 million

• Pogroms-• Steerage-• Quarantine-

IMMIGRATION AND SETTLEMENTSGhettos-Living arrangements which

are generally crowded and poor where people of a specific minority group in a large city reside.

Restrictive Settlements- Where people would not sell property or real estate to certain ethnic minorities.

WESTERN IMMIGRATION Chinese •Most came during the construction of the transcontinental railroad during the 1850s.•Most were working to pay off their debt for coming to the country and would work for almost any wage.•Chinese Exclusion Act of 1882.•Prohibited Chinese laborers from entering the country.• Immigration timeline