Big Business & Industry Vocab 1

Front

What is a monopoly?

Back

Total control of an industry.

Front

What is collective bargaining?

Back

Discussion between workers and bosses.

Front

What is an assembly line?

Back

A production method with repeated tasks.

Front

Who invented the telephone?

Back

Alexander Graham Bell.

Front

Who led the steel industry and controlled every step in production?

Back

Andrew Carnegie.

Front

What is free enterprise?

Back

An economic system where private businesses operate competitively for profit with minimal government regulation.

Front

What is mass production?

Back

The process of producing large quantities of goods using standardized methods.

Front

What is a labor union?

Back

An organization of workers formed to protect their rights and interests.

Front

What is vertical integration?

Back

A business strategy where a company controls multiple stages of production.

Front

What is horizontal integration?

Back

A business strategy where a company acquires or merges with competitors.