Unit 5 Industrialization (late 1800 s)

Transcription

1 Unit 5 Industrialization (late 1800 s) Name Date Period Learning Targets (What I need to know): Bellwork I am able to describe the new inventions and discoveries of the second Industrial Revolution and how they impacted the American economy and society. I can explain the growth of corporations, trusts and monopolies and their impact on the American economy and society. I can explain how the industrial revolution, immigration, and the rise of business monopolies led to the formation of labor unions. Date Answers Unit 5 Grading Rubric: Vocabulary (pg. 2 4) /16 First Industrial Revolution - HW (pg. 5-6) /5 Inventions Scavenger Hunt (pg. 7) /16 Notes I (pg. 8) /5 Graph/Cause Effect HW (pg. 9-10) /5 Wright Brothers - HW (pg ) /5 Free Enterprise (pg. 15) /10 Notes II (pg ) /10 Monopolies -HW (pg ) /5 Bellwork: Robber Barons (pg. 21) /5 Big Business - HW (pg ) /5 Political Cartoons (pg ) /30 Score for Unit 5 /125= % 1

2 Unit 5 Vocabulary 1. Mass production: Details/Examples: Picture 2. Interchangeable parts: Details/Examples: Picture 3. Bessemer process: Details/Examples: Picture 4. Supply and Demand: Details/Examples: Picture 5. free enterprise: Details/Examples: 2 Picture

3 6. corporation: Details/Examples: Picture 7. trust: Details/Examples: Picture 8. monopoly: Details/Examples: Picture 9. robber baron: Details/Examples: Picture 10. capitalism: _ Details/Examples: Picture 3

4 Other words to define and learn: 11. philanthropy: Use philanthropy in a sentence: 12. consumer: Use consumer in a sentence: 13. market: Use market in a sentence: 14. process: Use process in a sentence: 15. industry: Use industry in a sentence: 16. revolution: Use revolution in a sentence: 4

5 Review: The First Industrial Revolution in America The Industrial Revolution had its early beginnings in Great Britain. Other European countries were either reluctant to move towards industrialization or did not have the resources. However, another nation soon followed England s lead in developing its industry and mechanization the young United States. In 1790, the United States was less than a generation old. Its second constitution had just been ratified. The new nation was overwhelmingly agricultural and rural, having only three cities Philadelphia, Boston, and New York - with a population of over 25,000. American house, clothing, and farming methods were considered crude at the time. Manufacturing in 18 th -century America was almost nonexistent. People made their own clothes, candles, soap, blankets, and furniture. The leading industries were textiles, clothesmaking, and iron-making, which employed only about 15,000 workers combined. Yet over the next 50 years, America embraced the industrial era with great fervor. Some important improvements to earlier inventions too place in the United States. Leading the way in this move towards mechanization was factory building. The textile industry was centered in New England. Early American manufacturers longed to import British technology to their textile mills. However England had forbidden the export of spinning and weaving machinery. In 1789, a 20-year-old British textile worker named Samuel Slater ( ) smuggled himself and machinery plans out of England (skilled textile workers were officially banned from leaving the country) and sailed to America. By 1790, he agreed to build and operate a cotton spinning plant. In England, he had worked for a former partner of Richard Arkwright who had invented the early cotton-spinning machinery. Slater s work led to an explosion in textile factories in the United States. By 1820, 350,000 Americans were at work in factories or mills. By 1860, the number had risen to two million. Such workers produced everything from clothing to metal goods, to farm machinery, to umbrellas. An important contributor to the American manufacturing system was Eli Whitney ( ). Whitney was an early pioneer in the use of interchangeable parts for manufacturing, which standardized the manufacture of many products. In 1793, his invention of the cotton gin, a cotton cleaning device, helped make cotton production in America profitable. Early factories and mills often used water power, but later manufacturing plants relied on steam. Steam power proved as important to America s industrial growth as it had been to England s. In the 1790s, an American, Oliver Evans ( ), built a steam-powered land vehicle he called the Orukter Amphibole. As early as the summer of 1787, an American builder and inventor named John Fitch ( ) constructed one of the first steamboats in America. It was a crude craft powered by a series of oars, which proved impractical. Twenty years later, another American, Robert Fulton ( ), invented a practical steamboat which proved a commercial success as well. In 1807, Fulton launched his Clermont, a 160-ton-sidewheeler, on the Hudson River where it carried freight and passengers along the river from New York City to Albany. Railroading came to America first with the importation of English locomotives. But in 1830, an American inventor, Peter Cooper ( ), built the first American locomotive, the Tom Thumb. By 1837, over 200 railroads had been built or were under construction in Americas. Three years later, 200 miles of track had been laid; by 1850, over 9000 miles. Such industrialization and mechanization helped develop the United States into one of the leading industrialized nations of the 19 th century. 5

6 Follow-up Questions 1. In 18 th -century America (1700s), where were most products made? 2. The first factories, especially those in New England, were part of the industry. 3. How did Samuel Slater spark the first Industrial Revolution in America? 4. What were two important inventions/contributions of Eli Whitney? 5. Early factories used power, but later factories relied on power. 6. Who invented the first practical steamboat? What was it called? 7. Who built the first American locomotive? What was it called? 6 /5

7 Second Industrial Revolution Inventions Scavenger Hunt Our Guess: Correct Answer: 1)_ 2)_ 3)_ 4)_ 5)_ 6)_ 7)_ 8)_ 9)_ 10)_ 11)_ 12)_ 13)_ 14)_ 15)_ 16)_ 7

8 Thomas Alva Edison I Second Industrial Revolution 1. The first Industrial Revolution at the beginning of the 18th century began with the development of factories. In the late 19th century, America entered a second Industrial Revolution that began with several discoveries and inventions leading to improvements in many different industries. As a result America became the world s by the mid-1890 s. 2. Steel Industry: The was a method that removed impurities from melted iron quickly allowing the steel production to increase. The of steel dropped. Steel was used in the building of, tall, and suspension. 3. Railroads: : Steel tracks allowed for heavier loads; steel locomotive boilers allowed for travel at higher speeds. Air Breaks: made travel at high speeds. Pullman Cars: made overnight long-distance travel more comfortable. Shipping Cars: kept food fresher, longer Consolidation: Railroad owners such as, bought up smaller companies; resulted in improved and travel. Impact of railroads: 1. manufacturers and farmers could get products to market. 2. promoted 3. large cities grew where 4. one of the largest in the US 4. Energy Sources: Oil was used to power machinery and could be refined into for lamps, cooking and heating. An engine powered by was invented. invented the light bulb and built a power system that could send electricity across many miles. 5. Transportation: The gasoline engine was used to power the first. Eventually would introduce the Model T in 1908, the first automobile by making use of the assembly line. Wilbur and Orville will make use of the gasoline engine for their. 6. Communication: Alexander Graham Bell invented the. Hey! What s the BIG IDEA? The Second Industrial Revolution led to new sources of power and advancements in transportation and communication. 8

9 Reading a Line Graph: Steel Production DIRECTIONS: Study the line graph. Then answer the questions that follow. 1. What is the subject of this line graph? 2. What is the period of time covered by this graph? 3. In what year was steel production about 4 million tons? Total Production (in tons) 14,000,000 12,000,000 10,000,000 8,000,000 6,000,000 4,000,000 2,000,000 0 Production of Steel Year 4. About how many more tons of steel were produced in 1900 than in 1885? 5. During what five-year period did steel production increase the most? 6. Drawing Conclusions: What conclusions can you draw about the economy of the United States during the period of time covered on the graph? 9

10 Understanding Cause and Effect In history an event may have one or more causes other events that make it happen. An event also has effects or results. For Example: Cause: Steam-powered factories needed a lot of coal to heat the boilers. Effect: As a result, the coal industry boomed Directions: Look for word clues such as because, resulted in, in order to, so that, led to, therefore to help you determine causes and effects in the sentences below. Once you identify the cause in each sentence, underline it. After you identify the effect in each sentence, draw a box around it. For example: Because Megan did not do her social studies homework, she received a zero. 1) The coal industry needed trains with powerful engines and strong rails made of high quality steel to bring the coal to the factories. Fortunately at the same time, a technology that allowed the production of large quantities of high-quality steel came along. Therefore, many railroads were built in the United States. 2) Because of all the new railroads, the mail delivery was speeded up. 3) The invention of the telegraph by Samuel Morse speeded up communication even more. Americans could quickly find out prices from distant cities and place orders, and newspapers were able to report news from across the nation. 4) In the 1860s, a British scientist named James Maxwell showed that invisible waves could be given off by a high frequency oscillating electric current. In 1888, German scientist Heinrich Hertz used that information to build an electrical gadget that gave off invisible radio waves. 5) Guglielmo Marconi, and Italian scientist, varied waves so that they could carry messages between a sender and receiver without the use of a connecting wire. In 1901, he was able to send wireless radio messages all the way from Europe to North America. 6) At first, radio messages used Morse code, but later, radio receivers were able to change the waves into electrical signal and feed them into a loudspeaker to make sounds. As a result, in the 1920s home radios became common. 7) Scientists found ways to send pictures by radio waves. In the 1920s, Vladimir Zworking devised the electronic television system we use today. 10 /5

11 When Man Took to the Skies One 110 years ago, in Kitty Hawk, N.C., the Wright brothers gave the world powered fight. by: Sean Price On December 8, 1903, Samuel Langley watched helplessly as 17 years of hard work crashed into the Potomac River near Washington D.C. His winged aerodrome, shot over the water from a catapult, briefly soared upward, then plummeted backward THE WRIGHT BROTHERS in 1915, Orville (left) and Wilbur. into the waves. The pilot barely survived. As secretary of the Smithsonian Institution in Washington, D.C., Langley was considered the most likely inventor to create the first powered airplane. But his botched experiment was the latest in a string of failures. By 1903, flops by many would-be aviators had convinced skeptics that powered flight by humans might never take place. In October, a New York Times editorial said: The flying machine which will fly might be evolved by the combined and continuous efforts of mathematicians and mechanicians in from one million to 10 million years. TWO BROTHERS FROM OHIO Unbeknownst to most of the world, that flying machine was being readied near Kitty Hawk, N.C., by two brothers named Wilbur and Orville Wright, bicycle mechanics from FIRST SUCCESSFUL FLIGHT at Kitty Hawk in Dayton, Ohio. They had struggled for four years to create a workable airplane. On the day of Langley s December disaster, they were a little more than a week away from proving that powered flight was indeed possible. 11

12 The Wrights interest in flight was first stirred about 1878, when Wilbur was 11 and Orville 7. The boys father had brought home a toy helicopter powered by rubber bands that they played with until it fell apart. (Real helicopters didn t come into regular use until the 1940s. The boys became self-taught tinkerers and inventors. In 1892, a bicycling craze prompted them to open their own bicycle shop in Dayton, which was successful enough that by 1899, when Wilbur was 32 and Orville 28, they could turn their attention to powered flight. Humans had been flying since the French brothers Joseph and Etienne Montgolfier invented hotair balloons in However, balloons relied on lighter-than-air gasses like hydrogen and could not be steered with any precision. There had also been some successful flights of gliders since the 1890s. But no one had been able to put an engine on aircraft and send it aloft with a person on A 1908 BUFFALO EXPRESS NEWSPAPER ARTICLE about the Wright brothers. board. CONTROL WAS THE KEY When the Wright brothers began studying the problem, they found that even the experts didn t know very much. Most inventors focused on an aircraft s shape or the size of its engine. But the Wrights saw that controlling the craft was the bigger issue. To test their theories, they headed to Kitty Hawk, an isolated stretch of North Carolina s barrier islands, in September It was a great place for flying gliders; it was private, with a good wind for takeoffs and sand for soft landings. By the end of the Wrights first two seasons in Kitty Hawk, they could get their glider airborne with one of them on board, but still had trouble controlling it. On the way back to Dayton in 1901, a discouraged Wilbur declared that humans would not fly for another thousand years. Once they got home, the gloom subsided as the brothers began using a homemade wind tunnel a six-footlong box with a fan on one end. It showed them how different model wings would perform. Quick Facts 1927: Charles A Lindbergh completes the first solo transatlantic flight, from New York to Paris. 1952: The predecessor of British Airways inaugurates commercial jet service, from London to Johannesburg. 12

13 With precise data from the wind tunnel, the next glider soared around the dunes near Kitty Hawk in the summer and fall of It allowed the Wrights to refine their theories about controlling aircraft, in part by bending the wings and using a tail rudder. Designing a suitable engine and propellers took months of work back in Dayton. The Wrights returned to North Carolina on September 25, 1903, ready to make history. Unfortunately, bad weather and mechanical problems dogged them for weeks. Finally, on December 17 nine days after Langley s failure the plane was ready and the weather was clear. A coin toss determined that Orville would go up first. With some local men helping, the Wright Flyer was set on a 60-foot launching track, and at 10:35 a.m., Orville took off. The plane rose slightly and then bucked as high as 10 feet in the chilly wind before landing 12 seconds later. It had flown 120 feet. The brothers made three more flights that day, the longest by Wilbur lasted 59 seconds and covered 852 feet. Press reaction to this momentous event was muted, to say the least. A few newspapers carried stories, but most did not run them prominently. The Associated Press ran an item about a month later, after the Wrights sent out a press release to correct errors in several newspaper accounts. The Times did not run a story about the brothers until May 1904, when it reported on a subsequent test of their airship. The Wright brothers were initially less concerned with publicity than with perfecting their designs and keeping them secret, says Peter L. Jakab, curator of the aeronautics division at the Smithsonian s National Air and Space Museum. By 1908, they had their patent secure, they had contracts for the sale of the airplane, and that s when they made their first public demonstrations and became world famous overnight, he WRIGHT BROTHERS FLIGHT says. Less than a decade later, the first fighter planes and bombers were in the skies during World War I. Nobody watching the Wrights early, tentative flights could have foreseen that within 70 years, planes would largely replace ships for long-distance travel, the sound barrier would be broken and men would walk on the moon. But the Wrights understood clearly that their invention would change everything. I cannot but believe that we stand at the beginning of a new era, said Orville, the Age of Flight. 13

14 Follow Up Questions: 1. What childhood event stirred the Wright brothers interest in flight? 2. What was Orville and Wilbur Wright s profession? 3. Man had already conquered air travel through hot-air balloons and gliders. What were the Wright brothers and other inventors trying to achieve? 4. Why did the Wright brothers choose to test their designs in Kitty Hawk, North Carolina? 5. By 1901, the brother returned to Dayton, Ohio discouraged. What did they do at home to continue their experiments? 6. How long was the Wright brothers longest successful flight on December 17, 1903? 7. How did the Wright brothers success change history? Use at least two details from the article to support your answer. 14 /5

15 The Free Enterprise System A system in which businesses operate free from government involvement Pros Cons /10 15

16 II BIG BUSINESS, MONOPOLIES, AND TRUSTS Directions: In the spaces below, read Chapter 19, Section 2 to fill in the missing words. The paragraphs do not match exactly, so you will need to read and look closely for similar words and similar wording to find the missing terms. 1. Big Business The rise of big business occurred when entrepreneurs formed and sold stocks or shares of. Stockholders make money by receiving a of. Corporations had several advantages including they were not personally responsible for and they could their stock when they wanted to. was born in Scotland and came to the U.S. as a poor immigrant. He started working with the and worked his way up to. By, Carnegie focused more on steel production. In 1901, his mills produced more steel than all of Great Britain. He succeeded mostly because of, which allows the business to be involved in all aspects of. To support his steel industry, he bought or owned, and. was also successful in oil refining. His company was the country s largest oil refiner. His company developed a system called where he owned every business in a field. By 1890, his company controlled of all oil refining in the United States. Rockefeller also created a where several companies worked under one board of directors. Trusts eliminated competition and controlled means of production. Questioning Big Business Methods is the idea that society is organized by natural selection, also known as. However, some believed the had an obligation to help the. This was known as. Some industrialists that gave away money were,, and. Many were critical of big business and their unfair practices. Some companies had too much power and controlled the cost of goods in all markets. A is when a company has total ownership over a product or service being provided. Many citizens and small businesses wanted the to control trusts and monopolies. In 1890, Congress passes the which made it illegal for companies to create trusts and monopolies. 2. Images: Look at the cartoon on page 621 answer the questions below. 1. Who is the man shown in the picture? 2. How is the U.S. Capitol Building and land around it shown or depicted? 3. Why might the White House be so small compared to the man holding it? 4. What do you think cartoon suggests about the relationship between businesses and the government? 16

17 3. Vertical Integration: Ownership in businesses involved in each step of the manufacturing process, like a latter starting at the bottom or with nothing and reaching the top with a finished product. Think of a company and list the types of company that the business would need to own to be an example of vertical integration. Use the example on page 620 for help if you need it. MAIN BUSINESS: TRANSPORTATION: PRODUCTION: PRODUCTION: PRODUCTION: RAW MATERIALS: 4. Horizontal Integration: Owning all businesses in a certain field. Try to make your own example of horizontal integration. Think of businesses that are all in common or sell the same things and list them below. Business 1 Business 2 Business 3 Business 4 Type of Business 17

18 5. People: Find or think of at least three businessmen. In the boxes below, list their name, business types, and business name. There is an example of another big business industrialist to help get you started. PERSON TYPE OF BUSINESS NAME OF THE BUSINESS Cornelius Vanderbilt Railroads New York Central Railroad 6. Monopolies: Use the information on page 622 to help answer the questions below. Start by reading the subsection The Antitrust Movement. It will be easier if you read it not skim through it. 1. How do or how did monopolies work? 2. What was the Sherman Antitrust Act? 3. Did the law work in ending monopolies? 18

19 Monopoly BACKGROUND: In 1830 the Best Friend of Charleston, America s first steam locomotive, pulled a train for six miles along iron track. Its success prompted the building of several more steam locomotives. By 1835 over 1,000 miles of railroad track had been laid, with trains operating in 11 states. In 1850 the federal government began granting land to railroad companies. By the end of the 1800s, six transcontinental rail lines crossed the United States. Trains brought a new wave of settlers to the West who depended on the trains for their supplies. Trains soon brought huge profits to the few companies that controlled the railways. TH E GROWTH OF MONOPOLIES Competition between businesses occurs when several companies offer a similar service or product. When there are a number of companies competing, the companies keep the cost of that service or product low to attract customers. When several companies come together and are managed by the same board of directors, a trust is formed. Trusts can create monopolies where a single producer of a good or service has total control of that industry. No competition occurs in a monopoly because there are no other companies to force prices lower. The monopoly can then set higher prices than it would if there were competing companies. The rapid growth of railroads resulted in the rise of both trusts and monopolies in the Unites States during the late 1800s. The demand for steel railroad track, for example, made Andrew Carnegie wealthy because he owned the mines supplying the raw materials and the factories producing the steel. Business deals resulted in the exclusive use of a few railroads by sugar trusts, oil trusts, and other trusts. The trusts, in turn, paid lower rates for shipping their products. Competition decreased. A few railroads grew rich and so did the trusts. DIRECTIONS: Use the diagram to answer the following questions. 1. How does competition offer the possibility for lower prices for products or services? 5. The monopoly determines price. 4. A monopoly emerges. 3. A trust forms; price competition is eliminated 2. One company buys other companies. 1. Several companies offer similar services or products. 19

20 2. What is the first step a company might take to eliminate competition? 3. How is competition eliminated by a monopoly? 4. At which level of the pyramid is competition the strongest? The weakest? THE SHERMAN ANTITRUST ACT Trusts became very powerful in the late 1800s because the monopolies that formed them controlled both prices and the trade that occurred between states. Because of their power, it became very difficult to pass antitrust laws. However, Congress attempted to halt the control of the trusts on the American economy by passing the Sherman Antitrust Act. This law made it a felony, or serious crime, to control prices or in some way restrict trade between the states. The government used this law to break large trusts into smaller, more competitive companies. For example, in 1911 the federal government used the Sherman Antitrust Act to break the Standard Oil Company into 30 smaller companies. DIRECTIONS: Answer the following questions. 5. Why were trusts so powerful? 6. What actions were felonies under the Sherman Antitrust Act? 7. Why do you think Congress wanted to limit trusts control of the economy? CRITICAL THINKING 8. Competition can lower prices of goods and services. Besides attractive pricing, what other consumer benefits does competition provide? 20

21 Bellwork: The Robber Barons Speak Directions: The Gilded Age was dominated by incredibly wealthy leaders of industry and finance. Most of them were in pursuit of their own interests, and so were called robber barons. Can you match each quote and description with the correct with the correct name? J. P. Morgan Cornelius Vanderbilt Andrew Carnegie John D. Rockefeller Law? What do I care about law? Hain t I got the power? The public be damned! I am not in Wall Street for my health. 1. Richest and most powerful of the railroad magnates. Who: 2. The nation s most powerful banker; his bank was named after him. Who: No idol is more debasing than the worship of money. Individualism has gone, never to return. 3. Man who controlled the nation s steel industry. Who: 4. Man who controlled the nation s oil industry through his monopoly, Standard Oil. Who: 21

22 Understanding Analogies Analogies are pairs of words that are related to each other in some way. Study the first set of words to determine their relationship, then fill in the missing word in the second pair. For Example: You try: green : grass :: blue : SKY man : woman :: boy : St. Valentine s Day : heart :: St. Patrick s Day : hot : cold :: weak : Now complete the following analogies about the Second Industrial Revolution. 1. Carnegie : steel :: Rockefeller : 2. partner : partnership :: stockholder : 3. Edison: electric light :: Bell : 4. railroad : transportation :: telephone : 5. Morgan : banking :: Vanderbilt : 6. oil : kerosene :: iron : 7. competition : lower prices :: : higher prices 8. Rockefeller : horizontal integration :: Carnegie : 9. Ford : automobile :: the Wright Brothers : 10. Irish : Old Immigrants :: Italian : 11. Northern & Western Europe : First Wave :: Southern & Eastern Europe : 12. Ellis Island : East Coast :: : West Coast DIRECTIONS: Read the following excerpt from the Sherman Anti-Trust Act. Then, answer the questions that follow. Pop-up Law 22

23 commerce: trade misdemeanor: a criminal offence pursuant: following Like proceedings: same process recover: get back contract: formal written agreement Sherman Anti-Trust Act, 1890 Sec.1 Every contract or conspiracy in restraint of trade or commerce among several States, or with foreign nations, is hereby declared to be illegal Sec. 2 Every person who shall monopolize, or attempt to monopolize any part of trade or commerce among several States, or with foreign nations, shall be deemed guilty of a misdemeanor, and, on conviction thereof, shall be punished by fine not exceeding five thousand dollars, or by imprisonment not exceeding one year, or by both said punishments, in the discretion of the court. Sec. 6 Any property owned under any contract or by any combination, or pursuant to any conspiracy may be seized and condemned by like proceedings as those provided by law for the forfeiture, seizure, and condemnation of property imported into the United States contrary to law. Sec. 7 Any person who shall be injured in his business or property by any other person or corporation by reason of anything forbidden or declared to be unlawful by this act, may sue and shall recover threefold the damages by him sustained, and the costs of suit, including a reasonable attorney s fee. Sec. 8 That the word person, or persons, wherever used in this act shall be deemed to include corporations and associations. 1. Is this a primary or secondary source? conspiracy: a secret, unlawful plot restraint: hold back; control monopolize: to obtain exclusive possession of conviction: found guilty of a crime discretion: to power or right to act or decide according to one s judgment seized: taken by force threefold: three times 2. How is this law meant to protect people? 3. Based on the usage in Sections 7 and 8, it can be concluded that a corporation is a. An individual in business. c. Some kind of company. b. A local or state court. d. A business property. 4. According to this law, what was the punishment for someone convicted of creating or attempting to create a monopoly? 5. If a person, or business is damaged as a result of the creation of a monopoly, what is he/she eligible to receive? /5 23

24 Political Cartoons This is a Senate of the monopolists, by the monopolists, and for the monopolists. The Bosses of the Senate 1. What does the image of the people entrance suggest? 2. What are the trust figures supposed to look like? 3. What does the entrance for the trusts symbolize? 4. What does the sign titled This is the Senate satirize? 5. What is the point of view of this cartoon? 24

25 6. What symbol is the cartoonist using to represent trusts? 7. Who is the figure about to walk the plank and what does he represent? 8. What is point of view of this cartoon? 25

26 9. What is the main figure in this cartoon, Standard Oil Co., doing? 10. What do you think the cartoonist was saying about the company? Explain. 11. The cartoonist shows that Standard Oil had a lot of control over things. How do you think it could have become so powerful? 26

27 The Trust Giant s Point of View What a funny little government! 12. Who is the Trust Giant in this cartoon? 13. What has happened to the Capitol Building in the background? 14. What is the Trust Giant holding in his hand? 15. What is the point of view of this cartoon? /30 27

28 Review Sheet for Unit Test Vocabulary: Bessemer process Free enterprise Laissez-faire Corporations Stocks Trust Monopoly Robber barons Social Darwinism Sherman Antitrust Act Supply and demand Capitalism Concepts to study: What advancements were made in the railroad industry? What were the effects of the railroad on the US? What advancements were made in the field of energy sources? What advancements were made in the field of communication? Who were the Wright brothers? Why did the price of automobiles and other products go down? What were the results/effects of the industrial revolution on the U.S.? What was the point of forming corporations and trusts? What was the effect trusts on competition and prices? Who were the major robber barons and what were their industries? Describe how price is affected by supply and demand. Describe the economy of the late-1800s. 28