13. U. S. Patents Granted 1790s 276 patents issued. 1990s 1,119,220 patents issued.
14. Causes of Rapid Industrialization Unskilled & semi-skilled labor in abundance. Abundant capital. New, talented group of businessmen [entrepreneurs] and advisors. Market growing as US population increased. Government willing to help at all levels to stimulate economic growth. Abundant natural resources.
21. New Type of Business Entities Pool: A temporary grouping of two or more people to manipulate a businesses’ price and/or volume. Pooling resources is an example Trust: A legal organization set up for the control and management of assets and property of a business. It’s a way to manage several companies (Standard Oil)
22. Vertical Integration: A supply chain united by a common owner. Usually each member of the supply chain produces a different product but contribute to a final product (Carnegie & US Steel) Horizontal Integration: Occurs when a firm is being taken over by, or merged with, another firm which is in the same industry and in the same stage of production as the merged firm, e.g. a car manufacturer merging with another car manufacturer (a "buy out" or "take-over“) Types of Trusts
26. Economy moves through three phases: Peak Recovery Panic (Recession; Depression—long recession) Panic of 1893: Worst until Great Depression of 1930s: Businesses cut production & fired workers (no unemployment insurance)—see Pullman Strike in next Powerpoint Jacob Coxey took unemployed men to D.C. to demand public works jobs (1st March on Washington) Laisez-faire government said no! Downside: Business Cycle
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