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12 Cards in this Set

  • Front
  • Back
horizontal consolidation
a large firm grows by buying out other similar firms, buying out your competition
vertical consolidation
controlling businesses that make up all phases of a product's creation
trust
companies with different names controlled by one group such as a board of directors
scabs
people employed to replace striking workers
collective bargaining
when workers negotiate as a group with their employer
monopoly
a company with no competition; it controls production of a good or service.
socialism
an economic and political philosophy that favors public control instead of private control of the means of production
social Darwinism
against government support of labor; believed the strong were the rich who would survive off the work of the weak
capitalism
economic systems in which investment in and ownership of the means of production, distribution, and exchange of wealth is made and maintained by private individuals or corporations.
sweatshop
businesses that work labor in horrid conditions for long hours with little pay
anarchists
radicals who oppose all government
mass production
production in great amounts