american industry 3

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8 Terms

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Vertical Integration

a business strategy in which a company takes ownership of two or more key stages of its supply chain.

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Horizontal Integration

a business operating at the same level of the value chain in the same industry

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Bessemer Process

Making steel from pig iron

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Anarchy

Society without rulers, laws, rules, or government

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Reasons for child labor

Poverty, lack of resources, schools, education.

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Living conditions in urban areas

Poor air, water, overcrowding.

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Working conditions in factories

Long work hours, dangerous, low pay

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Laissez-Faire Economic Philosophy

The less the government is involved in the economy, the better off business will be