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20 Cards in this Set
- Front
- Back
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What was Cornelius Vaderbilt able to do?
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Gain control of most of the railroad industry.
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What did the growth of railroads benefit?
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Lumber, steel, and coal industries.
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Who did the railroad industry often offer to their bigger customers, putting smaller companies out of business.
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The offered them discounts.
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What did some people criticize and why?
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They criticized monopolies because they felt that larger corporations reduced competition.
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Why did steel become important after the Civil War?
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It was because railroads used it for making rails.
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What improved communication?
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The telephone.
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What affected the auto industry and why?
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The assembly line, because cars could be made quicker and cheaper which reduced the price for the consumer. Now more people could afford cars.
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What did the early labor unions try to do?
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End child labor, make workdays shorter, and increase wages.
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In the labor strikes of the 1800s, who usualy supported the factory owners?
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The government.
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What were factories in the late 1800s like?
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Dangerous, unclean places to work.
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Who is a consumer?
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Someone who purchases something for their use.
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What is producing?
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Turning resources into services and products.
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What are renewable resources?
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Narural resources that can be replaced after being consumed.
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What are capital?
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Machines and tools used in producing.
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What is profit?
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The difference between revenue that a business generates from its goods/services and the cost os producing those goods/services.
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What is minimum wage?
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A guaranteed hourly wage.
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What is an oppurtunity cost?
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Choosing to buy one thing instead of another due to money limitations/
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What is an assembly line?
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A manufacturing process that uses standerdized parts for the mass production of goods.
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When does a barter occur?
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When someone a valueable good for another item of value.
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What is the name of our store?
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Winter Wonderland Gift Shoppe.
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