Lesson 1.03 Growth of Big Business

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Match the information with the appropriate industry leader.

Information:

1. Made his fortune in the steel industry; later sold to another millionaire
2. His business was deemed a monopoly by the U.S. government
3. Formed a trust with his business that reduced competition
4. Made his fortune in the oil industry
5. Purchased Carnegie's steel company and formed U.S. Steel
6. Born into a family of great wealth
7. Was a Scottish immigrant to the United States
8. Purchased production elements (railroads and mines) to reduce costs
9. Gave away half his fortune to churches / other institutions before his death
10. Made his fortune off the steel industry

Industry Leaders:

• John D. Rockefeller
• J.P. Morgan
• Andrew Carnegie

Answers:

1. John D. Rockefeller
   • Formed a trust with his business that reduced competition
   • Made his fortune in the oil industry
   • Gave away half his fortune to churches / other institutions before his death
2. J.P. Morgan
   • His business was deemed a monopoly by the U.S. government
   • Purchased Carnegie's steel company and formed U.S. Steel
   • Born into a family of great wealth
3. Andrew Carnegie
   • Made his fortune in the steel industry; later sold to another millionaire
   • Was a Scottish immigrant to the United States
   • Purchased production elements (railroads and mines) to reduce costs