Document A cont. John D. Rockefeller Standard Oil INFO METHODS POSITIVES NEGATIVES Graduated from high MONOPOLY Greater efficiency and Used dishonest methods school, good in math secret deals led to to become successful, Lowered his prices so much LOWER PRICES for like creating a monopoly that his competitors went oil so he could control Started first company out of business prices, and making secret before he was 20 years Increased output of oil deals old Bought up companies that went out of business Provided jobs Paid workers low wages. Because he had a Founded University of When some miners tried MONOPOLY, he could Chicago to form unions, he closed charge high prices and mines and let workers because there was no Started the Rockefeller starve competition Foundation to give away money for Other workers on strike Also used idea of purposes like were shot at and killed VERTICAL INTEGRATION, improving teaching in which he bought all the and medical research steps in the production process. Ex: owned the Helped fund high believe that the power to company that made the schools in the South ”I make money is a gift from wooden barrels for the oil and helped rid the South of hookworm God”. Made secret deals with the railroads to get cheaper Gave away half of his shipping prices money
Document A cont. John D. Rockefeller Standard Oil INFO METHODS POSITIVES NEGATIVES Graduated from high school, good in math Started first company before he was 20 years old ”I believe that the power to make money is a gift from God”. MONOPOLY Lowered his prices so much that his competitors went out of business Bought up companies that went out of business Because he had a MONOPOLY, he could charge high prices and because there was no competition Also used idea of VERTICAL INTEGRATION, in which he bought all the steps in the production process. Ex: owned the company that made the wooden barrels for the oil Made secret deals with the railroads to get cheaper shipping prices Greater efficiency and secret deals led to LOWER PRICES for oil Increased output of oil Provided jobs Founded University of Chicago Started the Rockefeller Foundation to give away money for purposes like improving teaching and medical research Helped fund high schools in the South and helped rid the South of hookworm Gave away half of his money Used dishonest methods to become successful, like creating a monopoly so he could control prices, and making secret deals Paid workers low wages. When some miners tried to form unions, he closed mines and let workers starve Other workers on strike were shot at and killed
Grade-7-Unit-VI-Mini-PAT.docx