Supplies: Folder, BW graphic organizer, pencil

LT: I will be able to identify entrepreneurs during the Industrial Era and show knowledge of how a market economy works.

BW: List 3 New inventions or industries that came about in the late

19th-20th century. Which one do you think is most important? Why?

New steel: Henry Bessemer developed a new process in making steel that used less coal therefore cutting the cost of steal.

Electricity: Thomas Edison light bulb led the lighting of homes and cities.

Alexander Graham Bell: invented the telephone Switchboard: allowed more people to connect

to a telephone network Sewing machine: became a best seller and

created a new industry. People began purchasing ready-made clothes.

Inventions & Industries

What makes an invention successful?

What is an entrepreneur?

Corporation: a business owned by shareholders Shareholder: investors who buy a portion of the

company Market Economy: competition among producers is

encouraged. Prices are regulated based on supply and demand.

Trust: legal body that holds stock in many companies, often in the same industry.

In the 1800’s few laws regulated corporations.

Monopoly: A company that wipes out its competition and controls the industry.

Business terms:

An Ohio businessman who started the Standard Oil Company. He created many good ideas for better production and refining of oil into products

like kerosene. Criticized for using "hard-ball" tactics to take over competing oil companies and tried

to eliminate competition. Created Standard Oil Trust and controlled 95% of all oil refining. Because of the monopoly he created, he wiped out all competition and raised the

prices of oil. Although rich he gave away hundreds of millions of dollars to medical, educational,

and scientific causes.

John D. Rockefeller

An immigrant from Scotland famous for working his way up from a job as a boy in a textile factory to owner of the nation's largest steel business.

His steel mills were located in the Pittsburgh area. Steel was used to build bridges and skyscrapers and brought numerous jobs.

Tried to beat out competition by creating the cheapest product Gave away hundreds of millions of dollars to improve society.

Andrew Carnegie

An American banker. He became one of the richest men of

his era. In 1901 he bought Carnegie Steel

Company and merged it with other steel companies to create US Steel.

He was criticized for manipulating the nation’s financial system for his own

gain.

J.P. Morgan

Thursday BW: Compare and contrast Andrew Carnegie and John Rockefeller. How did they each try and beat their competition? What is

a robber baron?

Supplies: Folder, BW graphic organizer, notes from yesterday, and a pencil

An American inventor and businessman.

Developed many devices that greatly influenced life around the world, including the phonograph, the motion picture camera, light bulb.

Thomas Edison

A New York businessman who made a fortune in shipping, and later, railroads in the 1800s.

After working as a steamship captain, Vanderbilt went into business for himself and eventually became one of the country’s largest steamship operators.

Gained a reputation for being fiercely competitive. Later he shifted his focus to the railroad industry, where he

built another empire and helped make railroad transportation more efficient.

Cornelius Vanderbilt

Henry Ford is the founder of the Ford Motor Company, and sponsor of the development of the assembly line technique of mass production.

Ford did not invent the automobile, but he developed and manufactured the first automobile that many middle class Americans could afford to buy.

As owner of the company, he became one of the richest and best-known people in the world.

Henry Ford

Rockefeller goes to court. What is a “Captain of Industry?” Was

Rockefeller a robber baron or “Captain of Industry?”

The Men Who Built America

As new inventions come about, they are used to support each other and make business more profitable and efficient.

As a group, using the following inventions and industries, quick write how they are all connected.◦ Carnegie Steel◦ Thomas Edison’s light bulb◦ Alexander Graham Bell’s telephone◦ Switchboard◦ Sewing Machine◦ Standard Oil◦ J.P Morgan◦ Vanderbilt shipping

Connect the industries

Carnegie Steel built the frame of the factory

The factory uses Thomas Edison’s light bulb

The “rags to riches” stories of millionaires was unrealistic.

The majority of America lived below the poverty line

Just as a gold leaf can cover an object of lesser value, the wealth of a few masked societies problems.

Corrupt politics Widespread poverty

(Underneath your notes)

Gilded Age

Predict what kind of problems will come

about during this time period.

Post it on the door on your way out.