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