Industrialization and Major Industries

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Questions and Answers

Which industry is primarily associated with Chicago?

  • Textiles
  • Meatpacking (correct)
  • Steel
  • Automobiles

Laissez Faire means the government has a strong regulatory presence on businesses.

False (B)

What is a negative effect of industrialization that involves overcrowded and unsafe working conditions?

sweatshops

A __________ is when one company eliminates all other competitors, becoming the only option in an industry.

<p>monopoly</p> Signup and view all the answers

Match the cities with their major industries:

<p>New York = Textile Detroit = Automobiles Pittsburg = Steel Cleveland = Oil</p> Signup and view all the answers

What was a significant negative aspect of monopolies for consumers?

<p>Limited buying options (C)</p> Signup and view all the answers

The assembly line was credited to Thomas Edison.

<p>False (B)</p> Signup and view all the answers

Who was the leader of the Steel Industry during the Gilded Age?

<p>Andrew Carnegie</p> Signup and view all the answers

The process of replacing human labor with machinery is known as __________.

<p>mechanization</p> Signup and view all the answers

Match the following industry leaders with their respective industries:

<p>Alexander Graham Bell = Telecommunications Cornelius Vanderbilt = Railroad and Shipping John D. Rockefeller = Oil Henry Ford = Automobile</p> Signup and view all the answers

Flashcards

Laissez-Faire

A policy where the government doesn't regulate or restrict businesses.

Mass Consumption

Customers buying the same product, in large quantities, at the same time.

Labor Union

Groups of workers who unite to improve their working conditions

Sweatshop

A factory with harsh conditions, poor pay, and unsafe practices.

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Monopoly

When one company controls an entire industry.

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Lack of product diversity

When consumers only have one company to buy from, they have limited choices.

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Consumer disadvantage in monopolies

With only one company controlling an industry, consumers have no leverage to negotiate prices or demand better products.

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Forced to buy

In a monopoly, consumers are required to purchase from the single controlling company.

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Monopoly impact on consumers

Monopoly hurts consumers by limiting choices, raising prices, and reducing product quality.

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Monopolies and competition

Monopoly eliminates competition, which leads to reduced consumer choices and higher prices.

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Mechanization

Replacing human labor with machinery, increasing production speed and efficiency.

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Gilded Age

A period of rapid economic growth marked by wealth, but also widespread poverty and corruption.

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Alexander Graham Bell's Invention

The invention of the telephone, revolutionizing communication and connecting people across vast distances.

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Industrialization - Positive Impacts

Increased economic growth, new inventions, easier transportation, and mass production.

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Industrialization - Negative Impacts

Worker exploitation, factory accidents, pollution, and monopolies.

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Study Notes

Major Industries During Industrialization

  • New York State/England: Textiles
  • Chicago: Meatpacking
  • Detroit: Automobiles
  • Pittsburgh: Steel
  • New York/Nationwide: Railroads
  • Cleveland: Oil

Key Economic Concepts

  • Laissez-faire: A policy where the government has minimal involvement in regulating businesses.
  • Mass Consumption: The ability of large numbers of consumers to purchase the same products simultaneously.
  • Philanthropy: Donating resources to improve society.
  • Labor Union: Organizations of workers advocating for better working conditions and wages.
  • Sweatshop: A factory characterized by poor working conditions, low pay, and mistreatment of workers.
  • Mass Production: The efficient production of identical goods in large quantities.
  • Monopoly: A situation where one company dominates an industry, eliminating competition.
  • National Market: The ability of consumers and producers to buy and sell goods across the entire country, facilitated by railroads and mail order catalogs.

Negative Impacts of Industrialization

  • Sweatshops: These factories provided harsh conditions, low pay, and mistreatment for workers.
  • Monopolies: The dominance of large corporations stifled competition, limited innovation, and potentially led to economic instability.

Facilitating Factors of Industrialization

  • Mail Order Catalogs: Made it easier for consumers to locate and purchase products nationwide, improving the national market.

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