Honors American History Test 6.1

Horizontal Integration

When a company buys or merges with another business in the same industry, (absorbing a competitor)

Vertical Integration

When a company acquires control over multiple stages of production or distribution within the same industry, allowing it to manage supply chains more effectively.

Monopoly

A company where a single company is the only seller of a specific product or service in a market.

Corporation

a business that is legally separate from its owners, allowing it to have its own rights and responsibilities, similar to an individual.

trust

a group of separate companies that are placed under the control of a single managing board.

"captain of industry"

a powerful business leader, a person who gives back  to the community and helps them. They are seen as having a positive impact on the country through their business or inventions,

robber baron

a person who becomes wealthy through ruthless and often unethical business practices, such as monopolizing industries and exploiting workers. They are seen as people who don't help the community and are often people who like stealing from it instead.

what is a patent

an exclusive right granted by a government to an inventor for a new, useful, and non-obvious invention, preventing others from making, using, or selling it for a limited time

protective tariff

taxes that made imported goods cost more than those made in the U.S

Laissez-faire

Policies when allowed businesses to operate under minimal.

What is the Bessemer process

a method for making steel by blowing air through molten big iron to burn carbon.

what is an entrepreneur

People who build and manage businesses for profit.

free enterprise

freedom to run a business to make profit.

Social Darwinism

a discredited ideology that falsely applies Charles Darwin's concept of "survival of the fittest" to human society, arguing that social and economic inequalities are natural and justified

Cartel

Loose association of businesses that make the same product

Gospel of Wealth

“pay it Forward” free to make as much as they can and later give it away.

What was  the Sherman Anti-trust-Act

A. Outlawed companies that restrained trade and commerce

B. Ineffective because government was pro- business

C. hurt Unions

How did people think in the growth of big business

Gospel of Wealth and Social Darwinism .

Oligopoly

a market dominated by a few large profitable firms (Ex. Cars, Cell Service, Computers

Who was Andrew Carnegie

Created the Carnegie Steel Corporation(vertical integration)

Who was John D. Rockefeller

Created the Standard Oil Corporation (horizontal integration)

Name 5 key captains of industry/robber barons and what they did.

JP MORGAN—-Banking

JOHN D ROCKEFELLER—--OIL

HENRY FORD—-AUTOMOBILE

ANDREW CARNEGIE—-STEEL

CORNELIUS VANDERBILt—-RAILROADS