Us History current study of unit 3

What is the second industrual Revolution of (1865-1900)?

After the Civil war ended, America entered the second industrial Revolution marked by steel,oil, and also electricity.

what was the oil Innovation used for? and what was it effect?

used for?

• used for light and fuel

• first oil well drilled in 1859

The effect?

• Drilled oil was cheap to produce.

• Gave rise to kerosene and gas industries.

what was the electricity innovating of 1800 and who was behind it? and what was it effect?

Thomas Edison invented the light bulb in 1880.

The Effect?

Electricy lit city streets and powered homes and factories, increasing the number of hours a Americans could work and play.

what was the Telephone innovating of 1876 and who was behind it and what was it effect?

Alexander Graham Bell. invented the Telephone in 1876.

The effect?

by 1900, there were over 1 million telephones in the US providing easy long-distance communication.

fwhat was the innovating process of steel of 1850s? what is the name of the process? what is it effect?

Bessemer process invented in the 1850s.purified iron to make strong but light weight steel.

the effect?

made it possible the building of skyscrapers/elevators, and suspension bridges.

What is subsides and land grants? and what was the purpose of giving them to the railroad workers?

Gave railroad builders money and millions of acres of land to quickly link the East and west coasts.

what were protective tariffs?

To encourage the buying of American Goods, imports were taxed to make them cost more than American made goods.

what were the laissez-faire policies and what did it allow businesses to do?

allowed businesses to operate under minimal government rules or regulations.

example

there was no minimum wage for workers.

the American Economy based on capitalism what is capitalism?

Capitalism- a system in which individuals own most of the businesses and not the government.

what is cooperation? and what is a example of a cooperation?

Many share holders (investors) each own a small part of the company. can raise huge amounts of money to expand the business .

Example

Apple is owned by millions of shareholders who can buy and sell shares of the company.

What is a Monopoly? and what is a example of a monoply?

when a single corporation gains control of a product or service, by buying out its competitors, or driving them out of business.

Example

Standard Oil controlled most oil refining by the 1880s

what is Horizontal integration? and what is a example Horizontal integration?

When one company buys its competitors.

Example

McDonalds buys Burger king, Wendy’s, and cookout.

what is Vertical integration? and what is a example of vertical integration?

when one company buys different businesses to control its supply chain.

example

McDonalds buys farms to produce their own food.

what is a trust? and what is a example of a trust?

Puts many companies under the control of the same group of people. allowing them to operate like one giant company.

example

standard oil was many seperate companies controlled by the same group of trustees.

what is an entrepreneur?

A person who invest money in a product or service to make profit.

what is philanthropy?

Donating money to improve society

who built steel into the nation’s largest steel company? what is his name? and how did he do it?

Andrew Carnegie

• built steel inside the nation’s largest steel company.

• Used vertical integration by controlling iron mines, coal fields, railroads, and steel mills.

• Gave much of his fortune to libraries,schools,and universities .