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Chapter 6-2

Capitalism Which private business run most industries, and competition determines how much goods cost and workers are paid.
Free Enterprise Supply, demand, and profit margin determine what and how much business produce.
Communism This theory proposes that individual ownership of property should not be allowed.
Social Darwinism Application of ideas about evolution and the survival of the fittest to human societies.
Corporation Another form of business.
Trust The purpose was to eliminate competition in business.
Monopoly If a trust gains exclusive control of an industry.
Vertical Integration Combine into one organization all phases of manufacturing from mining to marketing.
Horizontal Integration Is an act of joining with ones competitors to create monopoly.
Cornelius Vanderbilt Railroad owner who built a railway connecting Chicago to New York.
George Pullman One of the most successful railroad giants.
Horatio Alder Jr. Released a series of novels that reflected the increasing importance placed on individualism.
Andrew Carnegie The steel king, basically every operation was owned by him.
John D. Rockefeller Created an oil empire. Controlled 95% of all oil operations in the U.S.
Created by: Joe Montez