Unit+I

How to Become a Successful Businessperson
Today, I learned that people became very wealthy by creating monopolies. If a person controlled every business in a certain field, he or she could raise the prices as high as he or she wants, because people would pay as much as they need to in order to buy what they want. People also became wealthy by creating something new. If Americans wanted something, whoever creates it will make a lot of money because of America's demand for it. Also, if someone created something and Americans loved it, they would want more of it, so the creator would get a lot of money. John D. Rockefeller made his money from establishing the Standard Oil Company. Bill Gates is the fifth wealthiest American of all time.

Wealthiest Americans of All Time

**John D. Rockefeller (1839-1937)**

 * Standard Oil Company
 * 90% of nation's oil business
 * made $192 billion
 * Charity: $550 million



Andrew Carnegie (1835-1919)

 * Built steel company as the demand for steel skyrocketed.
 * Gave fortune back
 * made $75 billion
 * Charity: $350 million



J. P. Morgan (1837-1913)

 * General Electric, U.S. Steel
 * Helped in the gold crisis in 1895
 * made $38 billion
 * Charity



Commodore Cornelius Vanderbilt (1794-1877)
__Summary:__ These four businessmen all made billions of dollars and donated millions of dollars. They were all from the same time period. They have places or buildings named after them, i.e. Carnegie Hall.
 * steamboat entrepreneur
 * illegal runs across NY Bay
 * built railroad lines
 * made $143 billion
 * Charity

The Second Industrial Revolution (1870-1920) is the time period that these businessmen were from. It is called the Second Industrial Revolution because it was a more recent version of the First Industrial Revolution. Iron, steel, coal, and textile mills were created. Railroads were made and being used for transportation of goods. More products were improved because of the new machinery and factories. There was CHANGE with ways of communication and transportation.

Inventions of the Second Industrial Revolution
Inventions Timeline

The first American car was invented in 1895 by the Duryea brothers. Charles and J. Frank Duryea also launched America's first automobile company. The car changed the lives of Americans at that time and of the Americans of the future. It made it easier for people to travel. They could travel almost anywhere with a car instead of walking or riding an animal.

In 1879, Thomas Edison invented the lightbulb. In 1880, Edison built a generating station in London to power street lights. The lightbulb drastically changed the daily lives of Americans. With lightbulbs, people can see without the hastle of lighting a candle. The simple electric lightbulb is used in many different inventions. For example, street lights were made in order to organize traffic. Also, people can dim or brighten lights to their desire.

In 1876, Scottish-American Alexander Graham Bell invented the telephone. People can communicate with anyone across the world if they both have phones. News and information can travel faster.

Ten Other Inventions from the Second Industrial Revolution

 * 1) Air Brake (1868)
 * 2) Transcontinental Railroad (1869)
 * 3) Typewriter (1874)
 * 4) Refrigerated Railroad Car (1875)
 * 5) Fountain Pen (1884)
 * 6) Skyscraper (1885)
 * 7) Kodak Camera (1888)
 * 8) Motion Picture Projector (1888)
 * 9) Electric Elevator (1889)
 * 10) Zipper (1891)

Two Important Inventors
Alexander Graham Bell: Bell invented the first telephone in 1876. He was interested in educating the deaf, and after experimenting with the "electric speech" and telegraph instruments, he created the first telephone. People can talk to others at far distances and talk to each other more often. News and information can travel faster. Thomas Edison: Edison invented the first light bulb in 1879. The light bulb. People are able to see in the dark without using candles. The lightbulb is used in many other newer inventions.

America's economic system. Businesses compete with each other for customers.
Coca Cola competes with Pepsi. Coca Cola is the number one brand in the world, while Pepsi is twenty-third.

Budweiser competes with Smirnoff. Budweiser is 30th in the world, while Smirnoff is 89th. This could be because people usually buy beer when they want alcohol for a lot of people, because beer is easier and cheaper.

Yahoo competes with Google. Google is winning. It is ranked 4th best in the world. Yahoo is 66th. This could be because Google has better advertisement. People started using the phrase "Google it" when they mean "Look it up online."

Dunkin' Donuts competes with Starbucks Coffee. Starbucks is ranked 97th for the world's best global brands. Dunkin' Donuts is not in the top 100. America has places where people are always in a rush to go places, such as New York City and Boston. Those people are more likely to go to Dunkin' Donuts so they can quickly get their coffee or donut and leave for work. However, a lot of America has places where people like to sit down and enjoy their coffee or whatever they buy. People will meet others in a coffee shop, do their work while they sit down and drink their coffee, etc. These people are more likely to go to Starbucks, because it is more of a sit-down coffee shop.

Blockbuster and Netflix are competing. Netflix is winning and Blockbuster is bankrupt. People nowadays are lazy, so someone came up with an idea that would suit American's laziness. By using Netflix, people can get their movies sent to them instead of having to go out and get the movie. This is what more of the people want, so Netflix's business is better than Blockbuster's.



Parts of the Economy:

 * Government: sets taxes and regulations for businesses
 * Consumers: pay for things which circulates money
 * Banks: Loan people money
 * Businesses: Competes for more power
 * Workers: Work for businesses and they are consumers

Workers - Pictures and Quotes:
The workers look miserable. The workers are children. This is probably not a safe working environment. I think this is a cotton mill. It looks like the debris could get into their breath and lungs.The children could get hurt and/or sick. They probably work long, unreasonable hours. I think this was before the child labor laws and before working conditions were made better.

8.
==="Labor is prior to, and independent of, capital. Capital is only the fruit of labor, and could never have existed if labor had not first existed. Labor is the superior of capital, and deserves much the higher consideration."===

-Abraham Lincoln
People started working before Capitalism was formed. If people never started working, there would be no such thing as capitalism. The workers are the ones who do the jobs for the businesses, so the workers should get some credit. People tend to overlook the workers and praise the business owners, when in fact the business would be nowhere without its workers.



Working Conditions Video
-As production increased, more workers were needed, and millions of immigrants came to America (between 1900-1910 = 9 million immigrants) -no legal protections for unions -Thousands of workers died in workplace accidents. -government started protecting workers after works were published about the horros of working conditions -4700 workers died from building the Panama Canal -1913 Department of Labor -Owners would say that workers' carelessness was cause of deaths and injuries

Unions work to address these problems. They have worked for: 40 hour work weeks, child labor laws, healthcare benefits, minimum wage, overtime pay, paid leave, etc.

Labor Day Video
-workers marched together in a parade -wanted a day to show how hard they have been working -1894 railroad workers on strike, federal troops went to break strike and 2 strikers were killed. Cleveland signed to make Labor Day a legal holiday.

Factories and Child Labor
-In factories, workers' jobs were taken over by machines. "Robots are doing the jobs that people used to do." -Assembly lines to make the work faster -A lot of factory owner's didn't pay attention to workers' safety -Children: no laws against it, could be paid less than adults -Children couldn't be educated because they worked all the time -unions fought for unemployment compensation, protect workers' safety, child labor laws, etc.

Vocabulary

 * 1) Industrial Revolution - when an economy changes by the new use of factories and technology
 * 2) Industry - production of things to be sold (Food and Furniture)
 * 3) Company - a group of people who join together to form a business (Standard Oil Company and McDonald's)
 * 4) Tycoon - a wealthy businessperson (Rockefeller and Bill Gates)
 * 5) Monopoly - a company that has all the control in that section of business (no monopolies exist)
 * 6) Entrepreneur - Someone who starts a new business with considerable risks (Henry Ford, Bill Gates)
 * 7) Corporation: A big business that people are able to buy parts of (Carnegie Steel, iRobot Corporation)
 * 8) Philanthropy: Charity
 * 9) Capitalism: Economy in which businesses that are run by the people control most of the industry (American Economy)
 * 10) Robber Baron: A person who makes a lot of money in a business by ways that are not always good (John Jacob Astor, J.P. Morgan)
 * 11) Captain of Industry: A wealthy business leader who uses his/her wealth to benefit the country
 * 12) Union: A group of employees who join together to improve their working conditions and to protect their interests (Stop n Shop Union)
 * 13) Urbanization: the change of a rural place to a place based on industry.
 * 14) Social Darwinism: survival of the fittest. Social Darwinism applies to businessmen because whichever businessman works the hardest will get to the top and make the most money and have a better, easier life. Workers have to keep working and can not give up, or else they will lose their job because there were no laws to protect them. If they lose their job, they can't make money for food, etc. Social Darwinism applies to the 2nd I.R. by both of these examples.
 * 15) Ellis Island: Immigration station near New York City. Where the Europeans entered America.
 * 16) Angel Island: Immigration station near San Francisco. Where the Asians entered America, though many Chinese were not allowed into America.
 * 17) Nativist: A native-born person who favors their own kind over immigrants.
 * 18) Tenement: run-down, overcrowded apartment

If I had to start a business, I would be an __entrepreneur__ for a chocolate factory. Americans in general like chocolate, so there would be a high demand. I would want to make my __company__ into a __monopoly__, but that would be illegal, so I would have to settle with having a good company with competition.

Google Doc on Immigration
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