What was the impact of the Bessemer Process?

allowed steel to be produced cheaper and faster

How did the invention of electricity change US businesses?

businesses/factories could stay open later

In a capitalist economy...

factories and the means of production are privately owned

What is a laizzes-faire economic policy?

government should stay out of business

What is horizontal integration?

taking over all competition in a single industry

What is vertical integration?

controlling each step in production and distribution

Why do some describe this period as the Gilded Age?

some grew wealthy while society experienced significant problems

How did Rockefeller's Standard Oil become a monopoly?

buying out/merging with competiters

studbud

Ch. 13 Captains of Industry/Robber Barons

21 termsStudBud Administration542 plays

Imported from external platform

Flashcards21 cardsFPractice quizPHost liveL

Questions 21

Answers

1
Invention created by Samuel Morse...
telephone
phonograph
assembly line
telegraph
2
What was the impact of the Bessemer Process?
allowed steel to be produced cheaper and faster
improved electicity coverage nationwide
increased the speed of telegraphs nationwide
reduced the costs of drilling oil offsure
3
One negative aspect of industrialism...
factory work was repetitive
all of the above
workers were forced to work long hours
factory work was unsafe
4
How did the invention of electricity change US businesses?
businesses/factories could stay open later
they didn't change much
It forced many businesses to close due to increased costs
farmers could produce more crops
5
In a capitalist economy...
factories and the means of production are privately owned
investment and competition are discouraged
businesses are owned by the government
companies use donations to fund production
6
A corporation is owned by...
entrepreneurs
stockholders
employees
customers
7
A company that completely dominates an industry...
oligarchy
trust
monopoly
cartel
8
How do investors protect their invesments in inventions?
forming trusts
selling/buying stock
patents
become entrepreneurs
9
What factor of production did small businesses need to expand?
labor
capital
land
patents
10
People who take the risk of starting new businesses...
barons
entrepreneurs
labor unions
captains of industry
11
What was the most important goal of new factories during this period?
reducing costs
productivity
retaining unskilled workers
retaining skilled workers
12
A philosophy that stated the best companies and the brightest people will rise to the top.
Social Darwinism
Entrepreneurship
Laissez-faire
Capitalism
13
What is a laizzes-faire economic policy?
government should stay out of business
government should help industry grow
all of the above
government should build infrastructure, like railroads
14
What natural resource became essential during the industrial age?
oil
lumber
iron
coal
15
What is horizontal integration?
using mass production techniques to increase productivity
integrating 3 separate companies
taking over all competition in a single industry
improving productivity with mass production techniques
16
What is vertical integration?
a way to integrate 3 businesses
taking over the competition in one industry
controlling each step in production and distribution
improving productivity with mass production techniques
17
Why do some describe this period as the Gilded Age?
local economies suffered while the national economy suffered
some grew wealthy while society experienced significant problems
The times were very prosperous for most americans
Society was concerned with the power of big business
18
What became the heavy construction material of choice during this period?
titanium
iron
copper
steel
19
How did Henry Ford drastically increase production?
oil refining
electric lighting
Bessemer process
assembly lines
20
Who invented the telephone?
Samuel Morse
Henry Bessemer
Alexander Graham Bell
Thomas Edison
21
How did Rockefeller's Standard Oil become a monopoly?
he took control of oil production
buying out/merging with competiters
vertical integration
by adoping the assembly line

Ch. 13 Captains of Industry/Robber Barons Flashcards | StudBud