Industrialization and Labor Unit Study Guide

This set of flashcards encompasses key concepts, definitions, and significant figures related to the Industrialization and Labor Unit, intended for exam preparation.

Who was Andrew Carnegie and what industry did he make his fortune in?

Andrew Carnegie was an industrialist who made his fortune in the steel industry.

What is capital?

Capital is money used to get business started.

what are four things Andrew Carnegie invested his money in.

Andrew Carnegie invested his money in railroads, bridges, railroad sleeping cars, and oil derricks.

Who did Andrew Carnegie sell his steel company to in 1901?

Andrew Carnegie sold his steel company to J.P. Morgan in 1901.

What did John D. Rockefeller start?

John D. Rockefeller started the first oil monopoly and became one of the world's wealthiest men.

What company did John D. Rockefeller found?

John D. Rockefeller was the founder of Standard Oil.

What was the first use of oil?

The first use of oil was kerosene for lamps.

Name three reasons why people thought Rockefeller was a villain.

1. Put other companies out of business. 2. Paid workers low wages. 3. Closed mines and hired troops to kill strikers and families.

What were some positives of Rockefeller?

He gave away half a billion dollars, lowered prices for consumers, and created the University of Chicago and the Rockefeller Institute for Medical Research.

How did J.P. Morgan become wealthy?

J.P. Morgan became wealthy through his founding of private banks.

What does integrity mean?

Integrity means to keep your promises and to be honest.

What corporation did J.P. Morgan found?

J.P. Morgan was the founder of U.S. Steel Corporation, which was the nation's first billion-dollar corporation.

What did J.P. Morgan buy from John D. Rockefeller?

J.P. Morgan bought huge metal ore reserves from John D. Rockefeller.