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23 Cards in this Set
- Front
- Back
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gauges
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width of a railroad track
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network
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series of connected railroad lines
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consolidate
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to combine
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rebate
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discounts
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pool
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a group of companies would get together and divide up the territory to eliminate competition so they can raise prices
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new inventions
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light bulb, automobile, telephone
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vertical intergration
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complete control of manufacturing process from beginning to end (raw material to finished product)
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horizontal intergration
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owning many businesses in the same industry
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corporation
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business owned by investors
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stocks
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shares of ownership in a corporation
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dividends
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shares of a corporation's profit
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panic at the banks
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people get nervous and take out money from banks-lead to reaction with more people taking out money
lead to banks failing |
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trust
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a group of corporations run by a single board of directors
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supply and demand
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basic business principle-the more demand the higher the price and vice vera
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Tammany Hall
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democratic political machine run by boss tweed in nyc
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william "boss" tweed
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best recognized ex of political corruption-stole over 200 million by accepting , had rr pay annual fees
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monopoly
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when one corporation owns all the business in one industry
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workers strike
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when employees dont report to work, causes employers to lose money until terms are met
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bessemer process
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allows you to make steel stronger and cheaper-used by carnegie
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Andrew Carnegie
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-scottish immigrant that had controlled the steel industry
-used bessemer process -vertical integration -wrote gospel of wealth...rich have obligation to help the poor |
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John D. Rockerfeller
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-oil tycoon
-built oil refineries -used profits to create standard oil trust and a monopoly |
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JP Morgan
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-most powerful banker in 1800's
-used profits to control other corporations -gained control of most rail lines -bought carnegie steel (Us steel company) and became the first business worth over 1 billion |
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Cornelius Vanderbilt
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-@ age 17 opened own steamship company to transport ppl over hudson river
-saved money and purchased more ships -went into railroad business and ruthlessly crushed competition and made millions |
