STEEL:
This
metal was very expensive to make until the ___________________ PROCESS
was perfected in the 1850s by Henry Bessemer and William Kelly of KY. It
involves blasting air into molten iron, which burns off carbon and other
impurities. By 1880, the leading
iron and steel producer in the US was ANDREW ___________________, who recognized
the need for efficiency in business. He cut costs while buying up bankrupt
mines, which led to the rise of his Carnegie ___________________ Co. Carnegie
wanted to work for charity after becoming rich. This help to the poor is
called ______________________. He sold his company to J.P. ___________________
in 1901, gaining $250 million for himself. Morgan then created U S. Steel.
Carnegieâs companies outsold all the competition because he owned
all of its parts. Building one phase of the business upon the next is called
___________________ ___________________.
OIL:John
D. Rockefeller's
___________________
Oil Company sold oil at low prices, forcing smaller companies out of business.
Oil was lust discovered by EDWARD DRAKE in ___________________, PA in 1859.
It soon became an important source of heat and electricity. Rockefeller
paid close attention
to detail, and after the Civil War, he bought up all of his competition.
He created the first ___________________ when he started STANDARD OIL Co.
[Cause
and Effects] [Big
Business] [Economic
and Electric Power] [Inventions]
[Quiz]