John D. Rockefeller. He made his money from oil. He controlled Standard Oil – a monopoly.

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Presentation transcript:

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 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.

Monopoly Standard Oil Standard 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 Act Monopolies 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

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

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