Unit 2 Review Be amazing. Be wonderful. I miss you all. Make me a proud. See you soon!

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Presentation transcript:

Unit 2 Review Be amazing. Be wonderful. I miss you all. Make me a proud. See you soon!

CLICK ON THE LINK BELOW 1) I know I look chunky in the video: no judging 2) It was a quick video so I did not do any retakes… you get what you get. 3) Love you all. Sorry I am not here. me if you need me. 4) Leave the desks like this. IF I am not back by Wednesday morning, 1 st period please put the desks back where they go. 5) You need to bring a pencil for the test tomorrow.

Inventions / Inventors Alexander Graham Bell Thomas Edison Elias Howe Henry Bessemer Telephone Electric Light Bulb Sewing Machine Bessemer Process: Cheap & Effective manufacturing process for making steel You need to know how these inventions affected society and individuals.

Vertical Integration Vs. Horizontal Integration Buying out raw material producers Buying out distributors Used by Andrew Carnegie Process of trying to control a product or service by buying out competition through friendly and hostile takeovers Used by John Rockefeller

Entrepreneurs Andrew Carnegie & John Rockefeller improved the quality of their goods Believed that they were meant to make money & that they should help those who wanted to help themselves. That is why they gave money for libraries and universities instead of paying their workers more. Rockefeller owned 90% of all oil refining in the United States Used profits in philanthropic activities (donating $) Critics asked if it was right to pay the workers so little while donating such large amounts.

Unions Skilled craftsman are being replaced by unskilled machine operators. Knights of Labor : Terrence Powerderly American Federation of Labor : Samuel Gompers Organized Workers Demanded better working conditions Disputes often turned Violent

Legislation Interstate Commerce Act: Prohibited unfair business practices by railroads Sherman Anti-Trust Act: Outlawed the formation of trusts/monopolies that interfered with free trade Both were supposed to protect competition between businesses All were put into place to eliminate unfair business practices First Laws to regulate aspects of business

Big Business Consolidation and the creation of trusts and monopolies reduced competition Geographical Shift: Rural to Urban

Social Darwinism… we did not cover this Social Darwinism discourage: Government regulation

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