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Unit 5

Unit 5. Inventions and inventors. What is a corporation?. A company recognized as a legal unit that has rights and liabilities separate from each of its members. The Bessemer process was a method developed in the mid-1800’s for making steel more efficiently. Andrew Carnegie = STEEL.

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Unit 5

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  1. Unit 5 Inventions and inventors.

  2. What is a corporation? A company recognized as a legal unit that has rights and liabilities separate from each of its members.

  3. The Bessemer process was a method developed in the mid-1800’s for making steel more efficiently.

  4. Andrew Carnegie = STEEL

  5. J.P. Morgan = FINANCE

  6. John D. Rockefeller = OIL

  7. Cornelius Vanderbilt = RAILROADS

  8. Reasons for economic transformation: • Laissez-faire capitalism (the absence of governmental control over private business) and special considerations (ex. land grants to railroad builders) • The increasing labor supply (from immigration and migration from farms) • America’s possession of a wealth of natural resources.

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