Big Business Vocab

Front

A company owns all businesses it depends on for operation.

Back

vertical integration

Front

Merging businesses without violating monopoly laws, allowing one to manage another's property.

Back

trust

Front

Group agreeing to maintain prices at a certain level.

Back

pool

Front

Corporations produce goods cheaply by manufacturing quickly in large factories.

Back

economies of scale

Front

Combining firms in the same business into 1 large corporation.

Back

horizontal integration

Front

An organization owned by many but treated as a single entity.

Back

corporation

Front

Control of an entire market by one company.

Back

monopoly

Front

Economic philosophy advocating minimal government interference in the economy; translates to "let people choose."

Back

Laissez faire

Front

Big business owner who used vertical integration in steel.

Back

Andrew Carnegie

Front

Big business leader who used horizontal integration to create an oil monopoly

Back

John Rockefeller