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Published byCandice Green Modified over 9 years ago
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Land or Natural Resources Labor or workers Capital & Capital goods
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U.S is lucky to have an abundance of natural resources! 1. minerals/oil 2. timber 3. crops 4. water
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U.S. needs lots of workers for its new factories U.S. encourages immigrants to come to America Between 1860-1900 U.S. population doubles
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Manufactured goods used to make other things 1. machines 2. factories 3. tools
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Money for investing Birth of corporations: ( A company that sells shares or stock to the public ) People who invest/ buy stock are considered shareholders: partial owners When the company makes money they give shareholders dividends: cash payments
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WRITING ASSIGNMENT Thursday September 11, 2014 3-2-1 on factors of production: 3 list/describe each factor 2 give two examples of each factor 1 explain why all 3 factors are necessary for the successful production of goods
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John D. Rockefeller creates Standard Oil He uses Horizontal Integration: purchase of competing companies in same industry He creates a trust: group of companies managed by the same board of directors This will drive out his competition creating a monopoly: total control of an industry by a single producer
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Andrew Carnegie becomes leader of steel business He uses vertical integration: purchase of companies at all levels of steel production 1. Iron/coal mines 2. Warehouses 3. Ore ships 4. R ailroads
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Mergers: the combining of companies caused several problems for consumers and workers: 1. No competition 2. High prices of goods 3. Poor work conditions Sherman Antitrust Act: government tried to outlaw trusts & monopolies
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WRITING ASSIGNMENT Use text evidence to describe the differences between vertical & horizontal integration.
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