Unit 6 United States History The Growth Of Big BusinessWrite the correct key term in the blank preceding each definition.a. Monopoly : A situation in which a company, or group of companies, has enough control over an industry to be able to affect prices and availability of products.b. land grants : Land that is given by a government to a person or organization.c. Pacific Railway Act : A law passed in 1862 that called for the building of a railroad from the Missouri River to the Pacific Ocean. The law gave millions of acres of land to railroad companies. The companies sold some of this land to farmers and ranchers.d. Corporation : A business formed by many shareholders who each own a part of the company. Shareholders split the profits based on their level of ownership.e. Fourteenth Amendment : The 1868 amendment that overruled the Dred Scott decision and gave blacks the right to citizenship. It also ensured that all men had equal rights under the law.2. How did the Slaughterhouse Cases effect the relationship between the government and big business? Louisiana had a few slaughterhouse companies who had a statewide monopoly because they were working with politicians. In the slaughterhouse cases, the supreme court explained that this was not unconstitutional and the states had the right to do this. This meant that if you're a member of the big business elite, you can do whatever you want as long as you'reworking together with the government.4. Why did the federal government use a laissez-faire approach to big business? Because laissez-faire means freedom and the government gave business to sell the goods at the prices that they would like.5. How did the federal government help railroads to grow during this period? It help them give supplies to places that where farleaders of industry Write the correct key term in the blank preceding each definition.a.Andrew Carnegie : (1835 – 1919) An immigrant from Scotland who became very rich in the U.S. steel industry. He used much of his wealth to build libraries, schools, and colleges in the United States and other countries.
b. John D. Rockefeller: (1839 – 1937) An American businessman who became very rich in the oil industry. He founded the Standard Oil Company, which operated as a monopoly — that is, without much competition. He used much of his wealth to pay for research in medicine, education, and science.c. Trust : A company that is formed by a group of companies in order to control an industry. The trust consists of a board of directors that controls the companies' activities, including setting prices and market conditions.d. Cornelius Vanderbilt: (1794 – 1877) An American businessman who became very rich in the shipping and railroad industries. He gave money to churches in the New York City area, as well as$1 million to a university that was later named after him in honor of the gift.