Big Business and Labor Movement Quiz

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