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Chapter 6-2
Question | Answer |
---|---|
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. |