Unit 3: Concept Checkpoint #2 (Big Business)

What is a monopoly?

• Owning all of a certain industry

• Someone who pays extremely low wages to workers & charges high prices for the product

•  Group of companies that form one corporation

What is horizontal integration?

• buying each step of an industry’s process

• buying out all the competition

What is vertical integration?

• buying each step of an industry’s process

• buying out all the competition

Andrew Carnegie was the .....

• Oil Guy

• Steel Guy

• Railroad Guy

• Copper Guy

John D. Rockefeller was the .....

• Oil Guy

• Steel Guy

• Railroad Guy

• Copper Guy

What means "big business or big companies"?

• Monopolies

• Integration

• Robber baron

• Corporations

Select THREE characteristics of someone who would be called a Robber Baron

• Greedy

• Donates their money to charity

• Helps create jobs

• Pays very LOW wages but has high prices

• Corrupt the government

Select TWO characteristics of someone who would be called a Captain of Industry

• Greedy

• Donates their money to charity

• Helps create jobs

• Pays very LOW wages but has high prices

• Corrupt the government

What is an example of horizontal integration?

• John D. Rockefeller buying out all other oil companies.

• Cornelius Vanderbilt taking part in railroad auction.

• Andrew Carnegie owning all steps in the steel industry. 

• JP Morgan controlling the entire banking process