Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
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
|