Intro to Industrialization

Henry Ford’s main contribution to the US industry was the idea of the assembly line and __________.

• Airplanes

• mass production

• sports cars

• philanthropy

John D. Rockefeller is associated with which industry?

• The Steel Industry

  (U.S. Steel)

• Railroads

• Banking

• Oil

  (Standard Oil)

Andrew Carnegie is associated with which industry?

• The Steel Industry

• Railroads

• Banking

• Oil

J.P. Morgan is associated with which industry?

• The Steel Industry

• Railroads

• Banking

• Oil

Cornelius Vanderbilt is associated with which industry?

• Automobile

• Railroads / Transportation

• Banking

• Oil

The wealthy industrialists often give away a portion of their earnings to charitable causes. This practice is known as...

• economics

• philanthropy

• monopoly

• laissez-faire

How was the mass production and use of the assembly line for products a good thing?

• Made it easier to own companies & build corporations

• It organized labor in the factories

• Made products cheaper & more available

• Made communication easier

What are corporations?

• Business owned by farmers

• Big banks that supply money to companies

• Businesses that are owned by one person

• Business that are owned by many investors who purchase stock

Corporations sell shares of "stock." What are stocks?

• Parts or “shares” of ownership in a corporation

• Monopolies

• The money made by a company

• Businesses that are owned by investors

How did business monopolies hurt the free-enterprise system (capitalism) in the United States?

• They drove production costs.

• They let owners decide what products to make.

• They reduced competition and made it difficult for new companies to compete.

• They gave consumers too many options.