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18 Cards in this Set

  • Front
  • Back
monopoly
company that completely controls the market of a certain industry
vertical integration
controlling all aspects of production of an industry
rebate
discount on services or merchandise
free enterprise
economic system in which businesses are owned by private citizens, not by the government
stock
share in a corporation
corporation
business owned by investors
How did Rockefeller reduce competition?
-Slashed prices to drive rivals out of business
-Pressured customers to not deal with other oil companies.
-Persuaded railroad companies to give him rebates.
network
system of connected railroad lines
consolidate
to combine, as in business
J.P. Morgan
powerful banker

influential in industry
Cornelius Vanderbuilt
most powerful railroad baron of the time

believed in consolidation
dividend
payment to stockholders from a coporation's profit
pool
method of ending competition by controlling businesses in an industry and fixing prices
How did big business threaten the free enterprise system?
-Trusts and monopolies ended competition that lowered prices.
-Hard for new companies to start up.
-Workers treated badly by big business.
-Heads of big businesses can buy political power
trust
group of corporations run by a single board of directors
J.D. Rockefeller
made millions in the oil industry
Andrew Carnegie
made huge profits in steel industry

used vertical integration

philanthropist
What was John D. Rockefeller's company?
Standard Oil of Ohio