1. By:Janaesha, Ashley and Morgan
Chapter 12:3 Big Business
By:Janaesha, Ashley and Morgan

2. The Rise of Big Business
Corporations could produce goods more efficiently, which allowed the rise of big business.
Big business dominated the economy, operating vast complexes of factories, warehouses..
The rise of big business was accompanied by the emergence of new class of millionaires. At the beginning of the Civil War, there were only 400 millionaires in the U.S
Corporation: an organization that is authorized by law to carry on an activity but treated as though it were a single person

3. Andrew Carnegie
Before Andrew had got interested in business, he was a bobbin boy in a factory earning $1.20 per week.
Andrew expanded his business because, he knew that he could make more money by investing in more companies that served the railroad industry.
He owned limestones, coal mines, and iron mines, etc.
By then he was earning $50,000 per year.
His sold his control domain to J.P Morgan

5. What is Vertical Intergration? What is Horizontal Intergartion?
Vertical Intergration: a company owns all of the different business on which it depends for its operation.
Instead of paying companies for coal,lime,and iron, carnegie's steel company bought coal mines,limestone quarries, and iron ore fields.
Horizontal Intergartion:A combining firm the same business into one large corporation .

6. What is Bessemer Process?
The Bessemer Process was the first inexpesive industrial process for the mass-production of steel from molten pig iron.
The process is named after its inventor, Herny Bessemer, who took out a patent on the process in

7. What Is A Monopoly?
A monopoly is when a single company achieves control of an entire market.
Monopoly had to keep their prices low.

8. What Is Andrew Carnegie Known For?
Andrew Carnegie is known for being associated with the steel industry.
In 1883, Congress passed the Pendleton Act, Requiring that some jobs be filled by competitive written examinations, rather than through potronage.
A philosophy that Carnegie advocated that held that wealthy Americans should engage in philanthropy and use their great fortunes to create the conditions that would help the people help themselves.