1. Unit 5 Part 1 – Industrial Revolution

2. I. Rise of Industry in America

3. oil - lubricate machines / fuel lamps - found in Ohio & Penn
A. Natural Resources
coal - power steam engines / machines - large coal deposits found in Penn, WV, Kentucky & Ohio
oil - lubricate machines / fuel lamps - found in Ohio & Penn
iron ore - make steel - found in Minnesota & Pittsburgh

5. B. Increased Labor Force
14 million immigrants
many Americans gave up farming to work in factories – Rural to Urban
large number of African Americans move to cities – Great Migration
increased number of consumers

7. C. Increased Capital
Cause = investors seek to make money by investing in companies (buying stock)
result = companies have more capital ($) to spend on raw materials & labor

10. . free enterprise supply and demand
individuals & private business are free to organize and operate for profit in competition with others
supply and demand
 supply  demand = Price Low
 supply  demand = Price High

11. C. entrepreneurs invested money in products in order to make profits.
Entrepreneurs fueled industrialization and helped spur innovation in the late 1800s.
They benefited from laissez-faire policies, which allowed businesses to work under minimal government regulation.
Congress enacted protective tariffs to encourage the buying of American goods. 11

13. D. Business Organization
corporations = groups of investors who buy shares of stock in a company
dividends = $ stock holders receive based on the number of stock they own
consolidation = corporations join together to compete with other companies protected them from losing more than their original investment.

14. Competitors forced out of business
Corporations used strategies to eliminate competition and decrease costs.
Competitors forced out of business
monopolies
cartels
horizontal integration
vertical integration
Better control of production, reduced costs 14

15. The ICC and the Sherman Antitrust Act began a trend toward government limits on corporate power.
Interstate Commerce Commission
oversaw railroad operations
Sherman Antitrust Act
Passed by the Senate in 1890
Outlawed trusts that operated “in restraint of trade or commerce among the several states”