TCI chpt 13
Order by
14 terms
Terms | Definitions |
|---|---|
 Bessemer Process | A way to manufacture steel quickly and cheaply by blasting hot air through melted iron to quickly remove impurities. |
| Horizontal Integration | Type of monopoly where a company buys out all of its competition. Ex. Rockefeller |
| Vertical Integration | practice in which a single manufacturer controls all of the steps used to change raw materials into finished products |
| Laissez-faire | policy based on the idea that government should play as small a role as possible in the economy. "Hands off" |
| Social Darwinism | 19th century of belief that evolutionary ideas theorized by Charles Darwin could be applied to society. |
| Sherman Anti-Trust Act | an 1890 law that banned the formation of trusts and monopolies in the United States |
| Capitalism | an economic system based on private ownership and on the investment of money in business ventures in order to make a profit |
| Factors of Production | land, labor, and capital; the three groups of resources that are used to make all goods and services |
| Capital | money for investment |
| Corporation | an organization that is authorized by law to carry on an activity but treated as though it were a single person |
| Entrepreneur | (n.) a person who starts up and takes on the risk of a business |
| Monopoly | exclusive control of a commodity or service in a particular market, or a control that makes possible the manipulation of prices |
| Trust | A group of corporations run by a single board of directors |
| Philanthropist | someone who makes charitable donations intended to increase human well-being |
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