term1 Definition1term2 Definition2term3 Definition3
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Bessemer process
a method of making high-quality steel at a reasonable price
capital
wealth used for investment to make more wealth
corporation
a business owned by many people called stockholders
hybrid economy
an economic system that is a combination of both command and market economies; also called a mixed economy
Sherman Antitrust Act
an act of Congress (1890) that made monopolies illegal, forbade businesses from limiting competition, and prohibited any contract, conspiracy, or combination of business interests from inhibiting foreign or interstate trade
market economy
a system in which people earn wages and buy the goods and services they choose
tariff
a tax on imports or exports
traditional economy
an economic system in which people do the same work their parents did
trust
a form of monopoly in which many different companies in one industry are owned and run by the same people
megalopolises
enormous cities or very thickly populated areas that encompass several cities
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