Chapter 6 Section 1 1.Licenses that give a inventor the inventor the Exclusive right to make, use, or sell their in vention for a set period of time. 2.Gasoline Engine 3. •Light Bulb, Phonograph •Alternate current/transformer 4.Morse Code, Telephone 5.Feds loaded money to the Central and Union Pacific Railroads 6.Immigrants working for the Central and Union Pacific Railroads 7.To clear any confusions with time while traveling. 8.The Bessemer Process made it cheaper and easier to remove impurities of steel, this cre ated taller buildings, the “skyscraper”.
Section 2 1.Robber baron implies that the big business leaders built their industry by stealing from the public; they used cutthroat tactics; they used laws to their advantage. Captains of industry basically the good claim they made their fortune by building it. They donate money to char ity, they create jobs. 2.John D. Rockefeller formed Standard Oil CO and made a fortune which was later ques tioned; he gave his own 500 million to charities. 3.Andrew Carnegie made a steel business he was smaller than Rockefeller. He was more charismatic, he said you should make as much money as you can, then give it away. Over 80 million of his money went to education and charities. 4.Social Darwinism The U.S. promoted philosophy, stating that the people should stay out of competition; that only the rich would succeed. (society as a whole would benefit. Herbert
Spencer and William Graham Summer apply Darwinian survival of the fittest to people. It promotes less government interference with business. 5. •Oligopoly Market Structure that is dominated by a few, large, profitable firms. •Monopoly Companies that are in complete control of the market. •Cartel Loose association of companies that make the same product. (They may limit supply to keep high prices) 6.Vertical consolidation is gaining control of many businesses to benefit your own, while horizontal consolidation involves brining many firms to the same named business. 7.Economies of scale is when production increases, prices decrease. 8.The Sherman AntiTrust Act outlawed any combination of companies that restrained inter state trade or commerce.
Section 3 1.The Contract Labor act was passed in 1864 to bring immigrants to work in the U.S. 2.Piecework is when workers receive a fixed amount when ever they finish a product. A sweatshop is where most piecework is performed, workers usually work long hours in harsh conditions. 3.To improve the efficiency of work.
Section 4 1.Socialism a political and economic theory of social organization that advocates that the means of production, distribution, and exchange should be owned or regulated by the com munity as a whole. 2.Karl Marx German political philosopher and economist. The founder of modern com munism, wrote the Communist Manifesto and enlarged it into a series of books, most not ably the threevolume Das Kapital. 3.The Knights of Labor hoped to organize all men and women, of all skills into a single uni on, while the American Federation of Labor hoped to organize small unions based by craft and skill.