Chapter 2- History Test

Impact of technology on farming and crop prices.

New farm technology went up, crop productivity went up, prices went down, less farmers needed.

Impact of technology on industrialization and urbanization

Technology goes up, factories go up, prices go down, cities grow.

Factors that increased Westward Expansion.

1: Homestead act 2: Railroad 3: New farm tech 4: Defeat of Native Americans

Factors of production.

Money to invest, labor, usable land, raw materials, new tech, a stable or favorable government.

Laissez-Faire economic policies from U.S

Lazy government, no rules, hands off, building railroads. Unsafe

Why were they favored during industrialization?

Business owners could do whatever they wanted to make money.

Benefits of the railroads in the U.S

1: Transporting goods 2: Big customers for oil, coal, iron, steel 3: Westward Expansion. 4; Tons of jobs 5: Destruction of buffalo, defeat of native Americans.

Corporation

Big business owned by stock holders

Trusts

A type of monopoly

Monopoly 

One company buys out other companies to get rid of all competition. 

Horizontal integration

Buys out same kind of business. May lead to a monopoly

Vertical intergation

Buys out different kind, usually to help themself.

John D Rockefeller 

Industry: Oil Business strategy: Horizontal Treated workers: Good, Good pay, good benefits Philanthropy: Donate billions to public health Believed money was: A gift from god

Andrew Carnegie

Industry: Steel Business Strategy: Vertical Treated workers: Bad. Long hours, low pay Philanthropy: Donate to libraries

Old immigration

Who? Irish, German. When: 1830-1880 Why? Famine, failed revolution, jobs and freedom. How did they settle? Spread out and blend in

New immigration

Who? Italians, Jews, Poland. When? 1880-1920 Why? Freedom and jobs How did they settle? Together