USH Midterm Review Part 1

Front

What was the impact of industrialization on the standard of living for most Americans?

Back

It increased the standard of living

Front

What is the concept of laissez-faire in relation to the economy?

Back

Government should have no involvement in the economy

Front

Who introduced vertical integration in the steel industry?

Back

Andrew Carnegie

Front

What is horizontal integration?

Back

The merger of competing companies in an industry

Front

Who used horizontal integration to dominate the oil refining industry?

Back

J.D. Rockefeller

Front

Which person would most likely have been a "new" immigrant during the late 1800s? A farmer from Northwestern Europe, A Catholic Priest from Italy, A businessman from England, A Protestant minister from France

Back

A Catholic Priest from Italy

Front

What is the process which made steel more affordable and profitable?

Back

Bessemer Process

Front

______________ is the term used to describe the wealthy that used ruthless business practices.

Back

Robber Barons

Front

This robber baron/ industrialist made his fortune in the banking industry before buying US Steel.

Back

JP Morgan

Front

How did railroads contribute to industrialization in late 1800s America?

Back

They increased industrialization by improving transportation and distribution of goods.