Social Studies Vocab

supply

The amount of a product available for sale

demand

Willingness and ability to purchase a good or service

surplus

Too much of a product

deficit

Not enough of a product

competition

Two or more companies in the same industry fighting for the consumer’s business

monopoly

A company or group having control of all or nearly all of the business in an industry.

trust

A group of corporations run by a single board of directors

consolidate

To combine business with the motive to eliminate competition and increase profits

rebate

A partial refund to someone who has paid too much for tax, rent, utility, or any other required payment.

stock

A share of ownership in a corporation

vertical integration

The practice of when a single manufacturer controls all steps to change raw material to the finished product.

capital

Money raised for a business venture

corporation

A business owned by investors (In the stock market)

dividend

Share of a corporation’s profit

free enterprise

Businesses are owned and operated by private citizens, not the government

assembly line

Method of production in which workers stay in one place as products move past them on a machine.

mass production

Process of making large quantities of a product quickly and cheaply

John Rockefeller

Founder of the Standard Oil Company, becomes one of the richest people ever.

Andrew Carnegie

Led US steel and steel industry in the late 19th century and became one of the richest Americans in history.

JP Morgan

American financier and industrial organizer, one of the world’s foremost financial figures.

Cornelius Vanderbilt

American business icon who was wealthy from railroads + shipping.

Labor Union

An organized association of workers, often in a trade or profession, formed to protect and further their rights and interests.