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vocab
| Question | Answer |
|---|---|
| Capitalism | an economic and political system in which a country's trade and industry are controlled by private owners for profit, rather than by the state. |
| Free Enterprise | an economic system in which private business operates in competition and largely free of state control. |
| Communism | a political theory derived from Karl Marx, advocating class war and leading to a society in which all property is publicly owned and each person works and is paid according to their abilities and needs. |
| Social Darwinism | the theory that individuals, groups, and peoples are subject to the same Darwinian laws of natural selection as plants and animals. |
| Corporation | a company or group of people authorized to act as a single entity (legally a person) and recognized as such in law. |
| Trust | confidence placed in a person by making that person the nominal owner of property to be held or used for the benefit of one or more others. |
| Monopoly | the exclusive possession or control of the supply or trade in a commodity or service. |
| Vertical Integration | the combination in one company of two or more stages of production normally operated by separate companies. |
| Horizontal Integration | In business, horizontal integration is a strategy where a company creates or acquires production units for outputs which are alike - either complementary or competitive. |
| Cornelius Vanderbilt | Cornelius Vanderbilt, also known informally as "Commodore Vanderbilt", was an American business magnate and philanthropist who built his wealth in railroads and shipping. |
| George Pullman | George Mortimer Pullman was an American engineer and industrialist. He designed and manufactured the Pullman sleeping car and founded a company town, Pullman, for the workers who manufactured it. |
| Horatio Alder Jr. | Horatio Alger, Jr. was a prolific 19th-century American author, best known for his many juvenile novels about impoverished boys and their rise from humble backgrounds to lives of middle-class security ... Wikipedia |
| Andrew Carnegie | Andrew Carnegie was a Scottish-American industrialist who led the enormous expansion of the American steel industry in the late 19th century. He built a leadership role as a philanthropist for America and the British Empire. |
| John D. Rockefeller | John Davison Rockefeller Sr. was an American business magnate and philanthropist. He was a co-founder of the Standard Oil Company, which dominated the oil industry and was the first great U.S. business trust. |
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