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Stip - 11.2.5
CA 11.2.5 Review
| Question | Answer |
|---|---|
| Corporation | a type of business organization created when a group of individuals apply for a license or charter from a state legislature |
| State law treated the corporation as an ______. | Individual |
| How did corporations merge? | Corporations usually accomplished a merger by buying out the stock of another corporation |
| trust agreements | companies turned over their stock to a group of trustees who run the company as one large company |
| Mergers and trusts led to __________. | monopolies |
| one company controlled and entire industry | monopolies |
| a formal (explicit) agreement among competing firms. It is a formal organization of producers and manufacturers that agree to fix prices, marketing, and production. | Cartel |
| two of the most prominent industrial leaders of the late 19th century | Andrew Carnegie and John D. Rockefeller |
| Made his money in steel. | Andrew Carnegie |
| Sold his steel company and became one of the richest men in America | Andrew Carnegie |
| __________________________allowed a business to acquire the resources it needed to produce and market a product from start to finish. | Vertical Integration |
| When you control everything from the ground up in producing your product | Vertical Integration |
| Who started Standard Oil Company? | John D. Rockefeller |
| Purpose of a trust? | eliminate competition and drive up the profits of the trust |
| Eliminating your competition by either joining together in trusts or buying them out is called ________________________. | Horizontal Integration |
| how was Standard Oil organized? | Trust |
| insult term used to describe a class of enormously rich businessmen that emerged in the post civil war era | Robber Baron |
| Name for people who admired Carnegie and Rockefeller | Captain of Industry |
| Idea that the economic market should run freely without government interference | Laissez-faire |
| Governmetn keeps its "hands off" the economy | laissez-faire |
| The 1890 act that made it illegal for companies to create trust that interfered with free trade between states or with other countries | Sherman AntiTrust Act |
| Outlaws monopolies, prevent price fixing, prevent anti-competive business practices | Sherman Antitrust Act |
| Strategy Carnegie used to limit competition/build his business | vertical integration |
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