Mr. Gibson's Social Studies Classes
U.S. History
Chapter 3 Sections 3 & 4 Name______________
Section 3: Big Business
The Rise of Big Business:
1. What is a corporation?
2. How does the selling of stock help a company?
3. What did companies do with the money raise from the selling of stocks?
4. What is the difference between fixed costs and operating costs?
5. How do economies of scale affect corporations?
Consolidating Industry:
1. Why did pools generally not last long?
2. How did Andrew Carnegie use the Bessemer Process to his benefit?
3. What was vertical integration, and how was this used by Carnegie in the steel industry?
4. How did horizontal integration help John Rockefeller control 90 of the U.S. oil refining industry by
1880?
5. Define the following types of organizations:
a. Trusts –
b. Holding Companies –
c. Investment Companies –
6. How did the investment banker J.P. Morgan form U.S. Steel?
7. What was notable about N.W. Ayer and Son?
8. Who were two of the largest mail-order catalog companies during the late 1800’s?
9. How have advertising and mail order catalogs been changed or altered in today’s business world?
Section 4: Unions
Working in the United States:
Ten Notables:
a.
b.
c.
d.
e.
f.
g.
h.
i.
j.
Struggling to Organize:
Ten Notables:
a.
b.
c.
d.
e.
f.
g.
h.
i.
j.
New Unions Emerge:
Ten Notables:
a.
b.
c.
d.
e.
f.
g.
h.
i.
j.
U.S. History
Chapter 3 Sections 3 & 4 Name______________
Section 3: Big Business
The Rise of Big Business:
1. What is a corporation? (an organization owned by many people, but treated as one)
2. How does the selling of stock help a company? (allows it to raise money and spread financial
risk)
3. What did companies do with the money raise from the selling of stocks? (invest in new
technologies, hire large workforces, and purchase machines)
4. What is the difference between fixed costs and operating costs? (fixed costs are costs a company
pays even when not operating, and operating costs are from a company running)
5. How do economies of scale affect corporations? (the corporations can produce large quantities
of goods, which lowers the production costs of those goods.)
Consolidating Industry:
1. Why did pools generally not last long? (one member would cut prices to steal market shares
from others)
2. How did Andrew Carnegie use the Bessemer Process to his benefit? (he could make high quality
steel cheaply and quickly)
3. What was vertical integration, and how was this used by Carnegie in the steel industry? (owning
the raw materials to the finished product)
4. How did horizontal integration help John Rockefeller control 90 of the U.S. oil refining industry by
1880? (he took over his competitors, thus minimizing competition)
5. Define the following types of organizations:
a. Trusts – (a legal arrangement that allows one person to manage another person’s property)
b. Holding Companies – (it does not produce anything but owns the stock of companies that
do produce goods)
c. Investment Banking – (they began to help putting holding companies together)
6. How did the investment banker J.P. Morgan form U.S. Steel? (he bought out Carnegie Steel,
merged it with other steel companies to form U.S. Steel)
7. What was notable about N.W. Ayer and Son? (the first advertising company)
8. Who were two of the largest mail-order catalog companies during the late 1800’s? (Montgomery
Ward and Sears, Roebuck and Co.)
9. How have advertising and mail order catalogs been changed or altered in today’s business world?
(fewer paper catalogs, more online ordering, walk in stores, other…)
Section 4: Unions
Working in the United States:
Ten Notables:
a.
b.
c.
d.
e.
f.
g.
h.
i.
j.
Struggling to Organize:
Ten Notables:
a.
b.
c.
d.
e.
f.
g.
h.
i.
j.
New Unions Emerge:
Ten Notables:
a.
b.
c.
d.
e.
f.
g.
h.
i.
j.
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