1496182
Description
Mind Map by Fadila Farag, updated more than 1 year ago
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Created by Fadila Farag
over 9 years ago
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Industrial Expansion
- Inventions
- Edwin Drake first to successfully
create drilling technology that
removed oil from the ground
leading to start of the oil industry.
- Thomas Edison invented the first
incandescent light bulb and many
electric components leading to the
distribution of electric power and
creation of the General Electric
Company.
- Andrew Carnegie used the
Bessemer Process (air was injected
into molten iron removing carbon and
other impurities) which lead to mass
production of steel.
- Henry Ford invented mass transport
and designed a manufacturing system
that saved human time and energy, yet
increase jobs for unskilled workers and
increased productivity.
- John D. Rockefeller bought his
first oil refinery and se tup the
Standard Oil Company in Ohio. He
eliminated competition by enforcing
fixed prices and ensuring
efficiency in manufacturing leading
to his control over 85% of
American Oil Production.
- Transcontinental
Railroad is a continuous
railroad connecting the
U.S. and marking the
golden spike of spanning
within the nation.
- Edwin Drake first to successfully
create drilling technology that
removed oil from the ground
leading to start of the oil industry.
- Labor
- Hardships included 7 day workweeks with
12+ hours/day, no vacations, no
consideration of illness or injury, and low
and unequalwages. Example: children
working 14 hours per day received only
$0.27 and women $267 per year while men
received $498 per year.
- Labor unions such as the American
Federation of Labor and the Industrial
Workers of the World formed to focus on the
equality amongst races, genders, and skill
levels while improving wages, working hours,
and working conditions.
- Eugene V. Debs formed the American
Railway Union to employ both semi-skilled
and unskilled workers.
- Henry Ford's manufacturing system gave
job opportunities for unskilled workers.
- Eugene V. Debs formed the American
Railway Union to employ both semi-skilled
and unskilled workers.
- Labor strikes began to form of those people
demanded better working conditions and higher
wages. These strikes included the Great Strike of
1877, in which railroad workers protested against
cutting of wages, the Haymarket Affair many
protested for the same, but dispersed when the
police arrived, yet one threw a bomb killing 7 police
officers and several workers. Strikes continued as
the public turned against labor movements.
- Hardships included 7 day workweeks with
12+ hours/day, no vacations, no
consideration of illness or injury, and low
and unequalwages. Example: children
working 14 hours per day received only
$0.27 and women $267 per year while men
received $498 per year.
- Law
- Interstate Commerce Act established
the right of federal government
supervision on railroad contributing
difficulty to regulating railroads' rates.
- Sherman Antitrust Act made it
legal to form trusts interfering
with free trade limiting formation
of monopolies.
- Interstate Commerce Act established
the right of federal government
supervision on railroad contributing
difficulty to regulating railroads' rates.
- Economic Growth
- Factors of production are the inputs
used in the production of goods or
services in the attempt to make
economic profits.
- Land is where the firm is located or what
natural resources are found in that location.
- Labor is the people and machinery that make
or sell the good or service.
- Capital is the money or material
needed to start the firm and produce
the goods or services.
- Enterprise is the creation of new
ideas to keep the firm going.
- Land is where the firm is located or what
natural resources are found in that location.
- Physical capital is the tangible tools that help an
individual worker produce more (i.e. tractors,
ports, buildings, etc.) If the quality or quantity of
physical capital increases the potential of
increased productivity is more likely.
- Human capital is the potential an
individual worker has on their own. The
quality is improved as they are healthier or
more educated and the more the people
working the more productive.
- Appropriate technologies that are
suitable for their environment increase
productivity.
- Infrastructure is the basic physical
and organizational structure needed
for the operation of a society or
enterprise.
- Institutions are systems or organisations
within the economy include governments,
insurance companies, and
educational/healthcare systems have
policies determining whether economic
growth will be promoted or not.
- Natural resources found in the
environment promote the
production of specific goods and or
services if found in abundance.
- Factors of production are the inputs
used in the production of goods or
services in the attempt to make
economic profits.
- Companies
- Credit Mobilier is a construction
company that's stockholders gave a
contract that was about 2-3 times
the actual cost and pocketed the
profits.
- Monopoly
- Vertical Integration which was the process of
buying out suppliers raw materials and
transport systems to gain control.
- Horizontal Integration which is the merging of
companies that produce similar products limiting
competition.
- Vertical Integration which was the process of
buying out suppliers raw materials and
transport systems to gain control.
- Credit Mobilier is a construction
company that's stockholders gave a
contract that was about 2-3 times
the actual cost and pocketed the
profits.
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