john d. rockefeller

John D. Rockefeller

He made his money from oil.

He controlled Standard Oil – a

monopoly.

Cornelius Vanderbilt

He made his money by

buying up the railroads and controlling

prices.

J. P. Morgan

He made his money as a banker and

company owner. He was so rich

the government even borrowed

money from him!

Henry Ford

www.unconfirmedsources.com

people.hofstra.edu/.../conc1en/assemblyft.html

He didn’t invent the car – but

found ways to make them

affordable for everyone

(assembly line!

Mass production!)

Assembly Lines

history.grand-forks.k12.nd.us/NDhistory/Lesso...

Way of producing products where

one worker stays in one places as products move

along past them on a moving belt.(pretty boring way

to work!)

Mass Production

news.bbc.co.uk/.../img/1.jpg

The process of making large

quantities of a product quickly and cheaply. A

result of industrial growth!

Robber Barons

history.grand-forks.k12.nd.us/NDHistory/Lesso

Nickname for wealthy

industrialists like Carnegie and Rockefeller

because they seemed to “rob”

others to gain wealth.

MonopolyStandard OilStandard Oil

owns 95% of all companies that sell oil. You really only had one

place to buy it!

A company or group that has

control over all or nearly all of the businesses in an

industry.Ex.) If McDonalds owned all fast food

restaurants.

Vertical Integration

When one main company controls all the steps in an

industry – from raw materials up to the finished

product.

Sherman Antitrust

ActMonopolies and trust are illegal and unfair to

small businesses!

Law created in 1890 that

banned the formation of big businesses – like

trusts and monopolies.

Didn’t really work!

Strike

www.hu.mtu.edu/vup/Strike/1913strike.gif

When workers refuse to do

their jobs until their demands

are met.

Free Enterprise

System

Where businesses are

owned by private citizens (not the government) and they decide what to produce, how much, and the

price.

Trust

A group of corporations run by a single board of directors that control all the prices and get

very rich! (not fair for the little

businesses)

Urbanization

People

The movement of people to the city from rural areas – mostly

for work in factories