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Section 2 The Growth of Big Business

Section 2 The Growth of Big Business. Web Diagram. From Section 2 Create the following web. Definitions. Capitol- money, ideas, buildings that accompany big business Robber Barons- Business leaders built their fortunes by stealing from the public

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Section 2 The Growth of Big Business

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  1. Section 2 The Growth of Big Business

  2. Web Diagram • From Section 2 • Create the following web

  3. Definitions • Capitol- money, ideas, buildings that accompany big business • Robber Barons-Business leaders built their fortunes by stealing from the public • Captains of Industry-Business leaders served their nations in positive ways • Philanthropy-Giving money away to charity.

  4. People and monopolies • John D. Rockefeller-Standard Oil Company • Andrew Carnegie-Carnegie Steel • AT&T –Telephone company (split into Lucent Technology and NCR) • Swift and Armour – Capitalists who turned were called “Meat kings of Chicago.” An engineer created a refrigerated cattle car. • General Electric- Electric Power Grid • Westinghouse- • DuPont-plastics company

  5. Definitions • Social Darwinism-Only the fittest businesses would survive in an economy. • Start ups-A business that is just in the beginning stages to enter the industry. • Broader range of Operations-Less specialization than in the past, all stages of production are now covered. • Professional Manager-Not the business owners but who oversee its operations. • Accounting- A new system for controlling resources

  6. Supply and Demand of the New iphone 5

  7. Sample Supply and Demand Problems • Make 4 Supply and Demand graphs on your paper • Make the Equilibrium point at (5,5) • Question #1) There is an increase in the Demand Curve, What happens to the Price and the Quantity supplied? • Question #2) There is an increase in the Supply curve, What happens to the price and quantity supplied? • Question #3) There is a decrease in the Supply Curve, What happens to the price and quantity supplied? • Question #4) There is a decrease in the Demand Curve, what happens to the price and quantity supplied?

  8. Economic Market structures • Oligopoly-A few large firms dominate the market because of high start-up costs. • Monopoly- Complete control of a product or service, • Cartel-A loose association of a few large companies which control supply of a product causing the prices to go up.

  9. Economic Market structures • Vertical Consolidation- When a large company gains/buys many other companies to gain control of all phases of a products development. • Economies of Scale-As production increases , the cost of each item produced is • Horizontal Consolidation-When a company buys many different companies in the same business

  10. Economic Market structures • Trust-When a company uses horizontal consolidation, forms a board of trustees which manages the profits. Usually controlled by a single person • Example:Standard Oil and John D. Rockefeller • Sherman Anti-Trust Act-1890 • Congressional law which attempted to prevent a single company control over an industry.

  11. Definitions • Piecework-When an employee is paid per item produced, regardless of time • Sweatshop-A workplace that is often in poor working conditions, long hours, laws regarding hours, child labor, and cleanliness are overlooked. • Division of Labor-A complex process which is broken down into simpler tasks, so that each individual worker has one taskMass production

  12. Section 3

  13. Unions • Socialism-an economic and political philosophy which favors the public instead of private control of property and income • Unions-A group of workers united for common goals, such as shorter work days, higher wages, better working conditions • 1STNational Trades Union (1837) • Knights of Labor 1869- Philadelphia, PA • Hoped to organize all working men and women • AFL (1886) Still around today, it was formed as a craft union for only skilled workers. • Collective Bargaining-Workers bargain for more things as a single group rather than as individuals

  14. Unions • Wobblies- Formed off of the AFL, formed a radical group of unskilled workers who protested violently at times. • Eugene Debs-helped organize the railroad workers and was influential in the start-up of many strikes.

  15. Railroad Strikes • Great Railroad Strike of 1877- • Violent protests against long working hours and wage cuts which spread to many different cities, President Hayes sent in troops to put down the strike. • Haymarket Strike of 1886- • In Chicago, factory workers wanted an 8 hr work day, and were fighting with scabs, threw a bomb at police that started riots. • Scabs-people who work for the factories who either didn’t join in the strike or people who were hired to replace them. Anarchists-people who oppose the federal government

  16. Strikes • Homestead Strike of 1892-Carnegie steel mills strike • Plant manager wouldn’t cave into demands of the Union • Pinkertons-a private police force who were known to break up strikes, which eventually became the secret service • The plant re-opened under military protection • Pullman Strike of 1894 • George Pullman an inventor of a luxury sleeping car, created a town for his workers to live and work in but with strict control over their personal lives • Railroads were shut down for over a month, but the railroad owners appealed to the federal government for help under the Sherman Anti-trust Act. • Workers organized a successful strike for 2 months but the military was ultimately set in and the strike was over

  17. Strikes • So why are there so many strikes at this time during the Industrial revolution? (24,000 between 1870-1900) • Growth of industrial jobs, influx of immigration,

  18. Section 4

  19. Immigration • Map Europe- • On your own label these countries and their capitols • Italy Spain • Sweden Germany • Poland Russia • France Ireland • Norway Great Britain • RomaniaScotland

  20. Immigration and Definitions • Population doubled during the years between 1865-1920 from 30 million to 65 million • Pogroms- • Steerage- • Quarantine-

  21. Immigration and settlements • Ghettos-Living arrangements which are generally crowded and poor where people of a specific minority group in a large city reside. • Restrictive Settlements- Where people would not sell property or real estate to certain ethnic minorities.

  22. Western Immigration • Chinese • Most came during the construction of the transcontinental railroad during the 1850s. • Most were working to pay off their debt for coming to the country and would work for almost any wage. • Chinese Exclusion Act of 1882. • Prohibited Chinese laborers from entering the country. • Immigration timeline

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