honors growing pains

summative review spin-off

Market Economy

Economic decisions are made by individuals (suppliers and consumers)

Traditional Economy

Economic decisions are guided by customs, culture, and tradition

Command Economy

Economic decisions are made by the government

Scarcity

Occurs due to limited resources but unlimited wants

Tradeoffs

Choices

Opportunity Cost

A sacrifice

Interdependence

Depending on one another for resources and products.

Captain of Industry

Business leader who has a positive impact on society

Robber Baron

A business leader who became wealthy through dishonest methods

Homestead Strike

Strike at Andrew Carnegie's steel plant in which Pinkerton detectives clashed with steel workers

Pullman Strike

Railroad workers went on strike, walked off the job, demanding higher wages and better working conditions; Government supported Pullman and no changes made

Triangle Shirtwaist Factory

Fire breaks out in the factory in New York; Death of 150 workers displays the need for greater safety standards in the work place

HayMarket Riot

Workers in Chicago go on strike

Violence occurs and police kill 4 strikers

Next day workers gather in Haymarket Square to protest & a bomb explodes killing 7 police officers

Andrew Carnegie

Steel Tycoon

Cornelius Vanderbilt

Railroad Tycoon

JP Morgan

Banking and Investment Tycoon

John D. Rockefeller

Oil Tycoon

Reasons for Unions

Unsafe working conditions, low wages, long hours, child labor

Anarchists

People who oppose organized government

Mixed Economy

Economic decisions are made in a variety of ways including by tradition, the government, and the people

Gospel of Wealth

Belief by some that if you are fortunate enough to be rich, you have a responsibility to give back to society (charity, schools, libraries, etc)

Gilded Age

Time period between 1870-1890s that looked like society was prospering and healthy (covered in gold), when in reality there was a lot of poverty, greed, and corruption

Progressive Era

Time period from the late 1890s-1914 that displayed a lot of change and reform to increase democracy and economic opportunities for all

Muckrakers

Media; individuals who created awareness about the negative aspects of society in hopes of creating change

Booker T. Washington

Promoted a gradual increase in equality for African Americans that was earned through academic success

W.E.B. Dubois

Promoted immediate increase in equality for African Americans earned through the creation of NAACP to fight for justice when racism and inequalities were evident

Ida Tarbell

Wrote a book about the negative and unfair business tactics utilized by Rockefeller and Standard Oil

Thomas Nast

Political cartoonist who displayed corruption (particularly of Boss Tweed) through illustrations; Even the illiterate could understand

Jacob Riis

Used photojournalism to display the hardships and inequities of the average laborer living in the tenements of NYC

Upton Sinclair

Wrote The Jungle to display poor working conditions in meat packing plants but instead inspired the government to create the Pure Food and Drug Act

Pure Food and Drug Act

Forced businesses to properly label and advertise the materials in the food and medicine they were purchasing and consuming

William Tweed

Political Boss in NYC who used bribery and other illegal means to achieve political and financial success

Trustbuster

Nickname for TR due to the fact that he broke the worst and largest trusts

Square Deal

Roosevelt's promise to provide an equal opportunity for success for all individuals in society

Conservation

Preservation of nature

William Taft

8 hour work day, more competition, end child labor, most importantly from Ohio!

Bull Moose Party

Political party formed for the 1912 election by TR since the Republicans were represented by Taft

New Freedom

Wilson's promise to increase competition by breaking all trusts and lowering tariffs

Consumerism

Innovation, advertising, installment buying

Run on Bank

occurs when many depositors withdraw cash from their accounts all at once

Dust Bowl

High Winds, drought, and over farming in the Great Plains during the Great Depression