The Rise of Big Business – Chapter 4L2

Entrepreneur: Andrew Carnegie

Steel business Pittsburg, PA Controlled all of the steps of the steel-making process

“Do not make riches, but usefulness, your first aim.”

Entrepreneur: John D. Rockefeller

One 42-gallon barrel of oil creates 19.4 gallons of gasoline. The rest (over half) is used to make things like:

perfumes, insecticides, dice, sweaters, ballpoint pens, paint, footballs, dresses, roofing, umbrellas, shoe polish, hair coloring, lipstick, trash bags….

6000 different items!

Refine oil; turn it into useful products

Standard Oil Company Monopoly – company that controls an entire industry so that there is no competition

Entrepreneurs:

• William Randolph Hearst

Newspaper • Madame C.J. Walker Shampoo• George Westinghouse Alternating Current• J. P. Morgan Banker

Economics - Manufacture, Distribution, and Consumption of Goods and Services

Free EnterpriseConsumerProducer

Resources: human – people capital – tools, money natural – things found in nature

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