1. Section 3 An Age of Big Business

2. Edwin L. Drake Oil was used for medicine…later to produce heat medicine…later Oil was used for medicine…later to produce heat medicine…later Titusville, Pennsylvania, 1859

3. 15 barrels a day Today – thousands a day 42 gallons in a barrel of oil

4. Factors of Production Land, Labor, & Capital *Land – land and natural resources *Labor – workers *Capital – equipment, machinery, tools & money for investment

5. Corporation: A company that sells shares, or stock, of its business to the public.

6. Shareholders: The people who invest in the corporation by buying stock. Dividends: Cash payments from the corporation’s profits – on the stock they own.

7. First business to incorporate? railroads

8. New ways of producing steel? Henry Bessemer:  Bessemer process  Open-hearth process

9. Steel capital of the U.S.? Pittsburgh, PA

10. Andrew Carnegie STEEL

11. Carnegie Steel Company Andrew Carnegie’s steel company… J. Pierpont Morgan: formed U.S. Steel Co. 1 st Billion dollar corporation

12. Philanthropists The use of money to benefit the community. Andrew Carnegie donated $350 Million to organizations. Built Carnegie Hall in New York, 2000 libraries around the world

13. Sherman Antitrust Act Protected people from monopolies (big business combinations) Protected people from monopolies (big business combinations)