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US History #6

Chapter 5 Section 3

TermDefinition
Corporation - organization owned by many people
Stock - shares of ownership
Economies of scale - the reduction in the cost of a good brought about especially by increased production at a given facility
Pool - agreements to keep prices at a certain level
Vertical integration - owns all of the different businesses on which it depends for its corporation
Horizontal integration - combining firms of the same business into one large corporation
Monopoly - a single company achieves control of an entire market
Trust - a new way of merging businesses that did not violate such laws
Holding company - owns a stock of companies that produces goods
Andrew Carnegie - illustrates many of the factors that led to the rise of big business in the United States
John D. Rockfeller - most famous industrialist who achieved almost complete horizontal integration of his industry
Created by: summerharris