| 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 |
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