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10 terms

Carpenito Chapter 19 Review

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Patent
a document granting an inventor sole rights to an invention
free enterprise
The freedom of individuals to start and operate private businesses in search of profits.
entrepreneurs
people who start and build a business
corporations
businesses that are owned by many investors who buy shares of stock
vertical integration
owning the business involved in each step of manufacturing process
horizontal integration
owning all the businesses in a certain field
trust
a group together of a number of companies under one board of direction
bessemer process
made steel making faster and cheaper
sherman antitrust act
an 1890 law that banned the formation of trusts and monopolies in the United States.
collective bargaining
the process by which unions and firms agree on the terms of employment