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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.
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