Social Studies Industrial Review PowerPoint

1. Social Studies Industrial Review PowerPoint By: Megan Ferris

2. Vocabulary Words:

3. Monopoly • A business that owns all or nearly all of the businesses in one industry

4. Bessemer Process • Is the process that makes steel cheap and easy to make • Caused steel mills to show up all over

5. Vertical Integration • Owning all of the steps required to make materials into finished productions • Carnegie used this in his Steel Industry

6. Consolidate • Companies combined as railroads grew • They did so they operated more efficiently

7. Corporations • A business that is owned by investors • They sell stocks

8. Stocks • Shares in businesses • Stockholders receive dividends

9. Dividends • Shares in the companies profit

10. Trusts • Group of Corporations run by one board of directors

11. Sherman Anti-Trust Act • Banned the formation of trusts and monopolies • Was too weak to make any affect

12. The Triangle Fire • About 150 killed • Many jumped out of the window so they wouldn’t burn alive • Doors were locked so they couldn’t get out • The two men responsible were not charged • Opened eyes of many people about the factory life, causing states to pass laws to protect the workers

13. Rebates • Discounts, or sales on a certain thing • Often didn’t announce them

14. Pools • Owners of a business divide up the business then set a high price

15. Anarchist • An anti-government • Often labor leaders

16. Free Enterprise System • A business that is owned by private citizens

17. Strike Breakers • Were hired to replace striking workers • McCormick hired them to replace his striking workers

18. Collective Bargaining • The right of union workers to work out deals with management • Later were banned

19. Network • A system of connected railroads • American’s trains formed networks

20. Injunction • Is something that a court ordered to do or not to do something

21. Sweatshop • A workplace where people work long hours for low pay and bad conditions

22. Knights of Labor • The union were open to only skilled workers • 1879 elected Terrene Powderly as their president

23. Mass Production • Large amounts of products made in a short amount of time • The assembly line allowed this (for example for the cars)

24. Trust • A group of corporations run by a single board of directors • The Standard Oil Company formed a trust in 1882

25. Haymarket Riot • German anarchists protest for better labor conditions • Police officers came in and tried to shut it down when a bomb was thrown at the police officer, killing him and wounding others • 8 people were accused of throwing the bomb even though they never found out who actually threw it • All 8 were sentenced to death

26. People:

27. Andrew Carnegie • Preached the “Gospel of Wealth” or that the rich had the duty to help the poor and to improve society, now we call people like that philanthropists. • Built up steel companies • Type of Business Style-Vertical Integration (owned all of the steps in the steel industry) • Used the Bessemer Process to make steel cheap and affordable

28. J.P. Morgan • A powerful banker in the 1800’s • Used his banking profits to gain control of corporations

29. John D. Rockefeller • Created the Standard Oil Company • Formed trusts for a way of making money • In the Standard Oil Company the trust controlled 95% of all the oil companies

30. Henry Ford • Invented the affordable automobile • Invented the assembly line which made things cheaper and faster to make (mass production)

31. Eastman Kodak • Made the first affordable camera

32. Wright Brothers • Invented the airplane • Tested their first flying machine on December 17th, 1903

33. Thomas Edison • Made the light bulb more affordable • Was the “Wizard of Menlo Park” • Also Invented: -phonograph -movie camera

34. Cornelius Vanderbilt • Son of a poor farmer • Most powerful “railroad barons” • Consolidated Railroad companies into a Network