abeka history 11 section 18.2

to be cont..

alexander graham bell

patented his first telephone in 1876

bell telephone co.

began in 1877

1877

when did the bell telephone co. begin?

thomas edison

greatest inventor in history

incandescent lamp

fill in the blank

thomas edison invented the _______ _____

capitalism

the ability to make your own economic choices; “free enterprise system”

1. strong american character

2. free enterprise system

3. new inventions and discoveries

4. abundant natural resources

5. large labor force

6. surplus capital (money for business)

7. the civil war

8. cheap transportation

list the factors for america’s rise to prosperity.

(there’s 8)

henry bessemer (and william kelly)

created the bessemer process to convert iron to steel (1860s)

andrew carnegie

became the leading producer of steel in the world; an american entrepreneur

entrepreneur

a person who organizes and manages a business undertaking

j. p. morgan

bought carnegie’s company and formed the US steel corporation

US steel corporation

fill in the blank

j. p. morgan bought carnegie’s company and formed the ____ _______ _________

edwin drake

drilled the US’s first oil well in northwestern PA

john d. rockefeller

owned the standard oil company which controlled 90% of america’s oil production by 1900

standard oil company

fill in the blank

John d. rockefeller owned the _____ __ ______ which controlled 90% of america’s oil production by 1900

philip d. armour

founder of a large meatpacking firm who contributed to church education institutions

henry c. frick

donated millions to church organizations and education institutions

new england

known for textiles, shoes, and paper

pittsburg

known for iron and steel

• chicago

• kansas city

known for meatpacking

• minneapolis

• st. paul

known for flour mills

twin cities

what are minneapolis and st. paul known as?

• milwaukee

• st. louis

known for their breweries

new south

the south post-civil war

south

fill in the blank

by 1920, the _____ produced more textiles than new england

birmingham

center of southern iron and steel; pittsburgh of the south

pittsburg of the south

what was birmingham also known as?

corporation

a business that has received a charter from the state government

capital

money used for business operations to make more money

stock

partial ownership in a corporation that is sold to earn capital

1. stockholders

2. dividends

fill in the blanks

__________ (those who purchase the stock) earn ________ (profit) on each share; they can also sell their stock as the value of a business increases

proprietorship

a business owned by one person

partnership

a business owned by two or more individuals

trusts

several similar businesses controlled by a board of trustees to eliminate competition

standard oil

the first trust

monopolies

large business organizations that provide important commodities; they control a specific market of goods

adam smith

scottish professor of philosophy; wrote wealth of nations

adam smith

largely responsible for the laissez faire policy; one of the earliest advocates of capitalism

wealth of nations

fill in the blank

adam smith wrote ______ __ _______