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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.


people who start and build a business


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


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

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