Big Buisiness

Question Answer
Capitalism Economic system in which private buisness runs most industries, competition determines how much goods cost and workers are paid.
Free Enterorise Belief that the economy will prosper if buisinesses are left free from government regulation and allowed to compete in a free market.
Communism Political theory that proposes that all people should collectivly own property and the means of production and that individual ownership shoould not be aloud
Social Darwinism Theory adapted by Philospher Herbert Spencer from Charles Darwins theory of evolution; argued that society progresses through competition, with the fittest rising to positions of wealth and power
Corporation Company that sells shares of ownership called stock to investers in order to raise money
Trust Arrangment grouping several companies under a single board of directors of directors to eliminate competition and to regulate production
Monopoly economic control of an industry
Vertical Integration Ownership of buisness involved in each step of a manufacturing process
Horizontal Integration Ownership of several companies that make the same product
Comelius Vanderbilt an american business magnate
George Pullman an american engineer and industrialist
Horatio Alger Jr. Writer, best known for his young adult novels
Andrew Canegie industrialist, business magnate, and philanthropist. Led the expansion of the American Steel Industry.
John D. Rockefeller American oil industry business magnate, industrialist, and philanthropist