Big Businesses and Big Cities

What was the purpose of the oil cup? Kept trains and other machines running longer by dripping oil over moving parts Record player Define phonograph.

What were some of the benefits of Edison’s light bulbs? cleaner safer brighter People saved time by typing instead of writing Telephones allowed instant communication In what ways did the inventions of the late 1800’s save time?

What product did Andrew Carnegie manufacture? Steel rails for railways What company did John D. Rockefeller own? Standard Oil Company

A business in which many people own parts of the business. Define corporation. A business in which many people own parts of the business. Define profit. The money earned by a business after all the costs of machinery, workers and raw materials are paid.

Why did Standard Oil buy other oil companies? To reduce competition Define competition. More than one business tries to sell the same goods or service

Define monopoly. (NOT THE GAME!) A company that has no competition Define philanthropist. A person who gives money to projects that help other people.

Why did Andrew Carnegie and Rockefeller practice philanthropy? Thy thought wealthy people should use some of their money for a good cause.