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What did John D. Rockefeller establish?
a monopoly of the oil industry
Why was the steel industry important to the nation's economic growth?
Steel was better than iron
Owning numerous companies which incorporates the entire chain of production for a specific
product
vertical integration
A company having control of all the business of an industry
a monopoly
Why do trusts and monopolies hurt consumers
Eliminate choice and create unfair prices
What are the advantages of a company becoming a corporation
can raise large amounts of money; can exist after the company's founder dies; stockholders are not responsible for debt
A group of companies in the same industry managed by a single board of trustees
Trust
Which legislation (law) made it illegal to form a trust or monopoly in the U.S.
Sherman Antitrust Act
Formed the Standard Oil Company
John D. Rockefeller
City where Carnegie opened his 1st steel mill
Pittsburg, Pennsylvania
Method of producing steel cheaper and quicker
Bessemer Process
Area where most steel mills were once found
Great Lakes Region
Formed a steel monopoly
Andrew Carnegie
Area where oil was first drilled in the U.S.
Pennsylvania
Businesses that are owned by stockholders
Corporations
Why did people refer to this time as the Gilded Age?
Everything looked nice, but it really was corrupt underneath
What is the movement from rural to urban areas called
Urbanization
Why did people move to the cities during the Industrial Revolution
To work in factories
What is the Industrial Revolution
A change from an agricultural society to a society based on factories and machines
What was NOT true of sweatshops
Workers were given bonuses for producing the most goods
If you worked on an assembly line, what might a typical day be like for you
You would perform the same task over and over
An organization of workers dedicated to protecting the members' interests and improving wages, hours and
working conditions
Labor Unions
As a result of the Triangle Shirtwaist Fire, reformers fought more forcefully for laws concerning
workplace safety
Who founded the American Federation of Labor
Samuel Gompers
What was the main focus of the American Federation of Labor
Better working conditions and pay for skilled workers
collective bargaining
When a union representing a group of workers negotiates with management for a contract
