Chapter 8

1. Chapter 8 Lesson 1 & 2

2. A Time of Invention • Elijah McCoy-oil cup • Margaret Knight- machine that made paper bags • Alexander Graham Bell- telephone • Thomas Edison- phonograph, record player, electric light bulb

3. Henry Bessemer • Invented a process to make steel • The Bessemer Process made steel less expensive to make

4. Andrew Carnegie • Used the Bessemer Process to make steel for railroads • He bought fuel companies, railroads, and ships • His company produced close to ¼ of all the steel made in the US

5. John D. Rockefeller • Formed the Standard Oil Company, a corporation • Corporation: a business in which many people own shares, or parts, of the business • Rockefeller began buying other companies to reduce competition. • When there is less competition companies can raise their prices • Rockefeller bought so many companies that it almost became a monopoly • Monopoly: a company that has no competition

6. The Labor Movement • Factory workers were paid poorly and worked in dangerous conditions so they began to form labor unions. They also worked long hours • Labor Union: an organization of workers that tries to improve pay and working conditions for its members • Workers went on strike to try and get better work conditions and more pay • Strike: workers refuse to work