Inventors And Big Business

Inventors and Big Business ReviewDirections: Under each complete the phrase, answer the question, fill in the blank, or define the definition. Describe inventions of Edison and their effect on US: Edison created the light bulb, which now gives light in many buildings of the world. Edison made plans for Central power, which harnesses the electricity we use.Describe inventions of other such as Bell, Bessemer, and Marconi:Bell created the telephone, and in 24 years, there were over 1 million telephones in the US. Bessemer made steel, which is widely used. It leads to skyscrapers and suspension bridges. Marconi invented the wireless telegraph. His invention leads to the radio.Describe how big business tried to maximize profit:Corporations worked to maximize profits by decreasing workers’ pay, paying as little as possible for raw materials, advertising widely, funding research labs for new products, and some looked to form monopolies.Describe how Rockefeller and Carnegie changed big business in the US:Rockefeller used horizontal integration to maximize profits which meant he consolidated all firms in the firms in the business making one giant company. Instead of breaking the law and making a monopoly, he assigned stock to board of trustees who worked companies in his favor called a trust. Carnegie and Rockefeller used vertical integration which was lowering production cost by gaining control of all businesses that went into finished product development.Describe how the gov regulated big business:Congress created interstate commerce commission which investigated unfairness in railroad industry. Congress also passed Sherman Antitrust act which prohibited any trust that acted in restraint of commerce, but took a long time to enforce.