US History Chapter 14 Flashcards

Questions and Answers

Explain the Transcontinental Railroad and its effects.

The first railroad built that crossed the nation from the Atlantic to the Pacific, finished in 1869 after being built for 6 years.

What state did the oil boom occur in and what were its consequences?

The oil boom started in Texas, leading to the emergence of leading oil companies like Exxon Mobil, Gulf Oil, and Texaco.

Define corporations and what are the advantages of this.

An organization authorized by law to carry on activity but treated as though it were a single person; advantages include raising large sums of money by selling stock and limited responsibility for stockholders.

Define Laissez-faire capitalism and its effects on society.

It allows companies to conduct business without government intervention, creating competition that determines prices and wages. Signup and view all the answers

Define monopoly and its effects on society.

Having complete control in the marketplace without competition, allowing for price increases and quality decreases. Signup and view all the answers

Define communism and list one country that is communist today that exemplifies this economic system.

A political and economic system where factors of production are collectively owned; North Korea is an example. Signup and view all the answers

John D. Rockefeller was the tycoon of what industry?

The Standard Oil Company, oil industry. Signup and view all the answers

Andrew Carnegie was the tycoon of what industry?

The Carnegie Steel Industry, steel industry. Signup and view all the answers

Frank Woolworth was responsible for introducing what type of store?

Chain stores. Signup and view all the answers

Define capitalism and identify which country is the leading capitalist of the world.

An economic system in which private businesses run most industries; Germany is the leading country. Signup and view all the answers

List the four time zones that stretch across the US from east to west.

Eastern, Central, Mountain, and Pacific. Signup and view all the answers

Define mixed economy and its effects on society.

A system allowing businesses to make their own choices with some government regulations; promotes business creation while maintaining certain regulations. Signup and view all the answers

Define socialism and list one country that exemplifies this.

A social and political philosophy advocating for economic equity through government ownership of major industries; Canada is an example. Signup and view all the answers

Cornelius Vanderbilt was the tycoon of which industry?

The railroad industry. Signup and view all the answers

List the three pioneer department stores of the following cities: New York, Philadelphia, and Chicago.

New York: Macy's; Philadelphia: Wanamaker's; Chicago: Marshall Fields. Signup and view all the answers

Study Notes

Transcontinental Railroad

First railroad to span the U.S. from Atlantic to Pacific, completed in 1869 after six years of construction.
Enhanced westward expansion, facilitated trade, and connected distant markets.

Oil Boom in Texas

Originated at Spindletop, marking the start of significant oil production.
Led to the rise of major oil companies such as Exxon Mobil, Gulf Oil, and Texaco.

Corporations

Legal entities treated as single persons authorized to conduct business.
Advantages include the ability to raise capital through stock sales, limited liability for shareholders, and continuity beyond individual ownership.

Laissez-faire Capitalism

Economic theory allowing businesses to operate with minimal government intervention.
Cultivates competitive markets, impacting wage and price settings based on supply and demand.

Monopoly

Condition where a single entity holds exclusive control over a market.
Can manipulate prices and product quality, often to consumers' detriment.

Communism

Economic system characterized by collective ownership of production, directed by the state.
North Korea exemplifies modern communist governance.

John D. Rockefeller

Prominent figure in the oil industry; founder of Standard Oil Company.
His business practices set standards for corporate dominance.

Andrew Carnegie

Key player in the steel industry; established Carnegie Steel.
Known for pioneering efficiencies in steel production and contributing to industrial growth.

Frank Woolworth

Innovator behind chain retail stores.
Created a large-scale retail operation with 59 stores, selling goods at lower prices through bulk purchasing.

Capitalism

Economic framework where private businesses dominate most industries.
Germany recognized as a leading capitalist nation in the global context.

U.S. Time Zones

Four distinct time zones: Eastern, Central, Mountain, and Pacific.
These zones reflect the geographic breadth and standardization of time for commerce and communication.

Mixed Economy

Economic system incorporating both private enterprise and government regulation.
Encourages individual entrepreneurship while imposing restrictions to ensure public interest.

Socialism

Political philosophy advocating for economic equity through democratic means and government ownership of critical industries.
Canada serves as a prominent example of a socialist-leaning economy.

Cornelius Vanderbilt

Industrialist known for his contributions to the railroad industry.
Played a pivotal role in the expansion of rail networks across the United States.

Pioneer Department Stores

New York: Macy's established significant retail presence.
Philadelphia: Wanamaker's became synonymous with large-scale retailing.
Chicago: Marshall Fields emerged as a major department store in the region.

Studying That Suits You

Use AI to generate personalized quizzes and flashcards to suit your learning preferences.

Description

Explore key concepts from US History Chapter 14 with these flashcards. Delve into significant events like the Transcontinental Railroad and the Texas oil boom. Ideal for students looking to enhance their understanding of these pivotal developments in American history.