chapter 24 knet.odt - 1 Union and Central Pacifc RR A...

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1. Union and Central Pacific RR A railroad that started in Omaha, and it connected with the Central Pacific Railroad in Promentary Point, UTAH 2. Transcontinental RR- The railroad line that spanned the continent from the Atlantic to the Pacific 3.Taylorism- scientific management increase factor production/ lower labor cost 4.Carnegie- Scottish-born industrialist who developed the u.s. steel industry; his is a rags- to-riches story as he made a fortune in business and sold his holdings in 1901 for $447 million. he spent the rest of his life giving away $350 million to worthy cultural and educational causes. 5.Horizontal Integration- A technique used by John D. Rockefeller. An act of joining or consolidating with ones competitors to create a monopoly. Rockefeller was excellent with using this technique to monopolize certain markets. It is responsible for the majority of his wealth. 6.Vertical Integration- was pioneered by tycoon Andrew Carnegie. It is when you combine into one organization all phases of manufacturing from mining to marketing. This makes supplies more reliable and improved efficiency. It controlled the quality of the product at all stages of production. 7.JD Rockefeller- was a man who started from meager beginnings and eventually created an oil empire. In Ohio in 1870 he organized the Standard Oil Company. By 1877 he controlled 95% of all of the refineries in the United States. It achieved important
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