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TCI VOCABULARY

TCI

QuesAnswer
Bessemer process a process of producing steel, in which impurities are removed by forcing a blast of air through molten iron.
horizontal integration a situation in which a company buys another company that has the same activities
laissez-faire leave it alone
Sherman Antitrust Act law which prescribes the rule of free competition among those engaged in commerce and consequently prohibits unfair monopolies
social Darwinism a discredited sociological theory suggesting that strong people naturally increase their wealth and power, while weaker people are biologically prone to being poor
vertical integration when a company buys another business in the same supply chain
Created by: user-1868468
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