Mr'C's Big Business fast and curios #1

What innovation revolutionized steel production during the late 19th century?

• A) Second Industrial Revolution

• B) Bessemer Process

• C) Thomas Edison

• D) Monopoly

What is the legal protection for inventors giving them exculsive rights to makes or sell inventions?

• monopoly

• vertical intergration

• horizontal integration

• patent

What term refers to the period of rapid industrial growth in the late 19th and early 20th centuries, characterized by advancements in technology and manufacturing processes?

• Vertical Integration

• Second Industrial Revolution

• Patent

• Industrial Revolution

A legal arrangement grouping together a numner of companies under a single board of directiors.

• Trust

• Patent

• Corporation

• Integration

Which of the following did NOT increase demand and production of oil?

• Railroad

• Airplane

• Automobiles

• Assembly line

Which term refers to a large business organization typically involved in multiple aspects of a particular industry, such as production, distribution, and retail?

• Capitalism

• Mercantilism

• Trust

• Corporation

What term describes the process of a company expanding its control over its suppliers and distributors to reduce costs and increase efficiency?

• Monopoly

• Horizontal integration

• Vertical integration

• Patent

What term describes the strategy of acquiring competing companies in the same industry to eliminate competition and increase market share?

• Implement

• Trust

• Monopoly

• Corporation

Our modern economic system is where the people (the market) determine what is bought and sold, and competition benefits the consumer.

• Mercantilism

• Capitalism

• Socialism

• Communism

What term describes ownership of businesses involved in each step of the manufacturing process?

• Vertical integration

• Monopoly

• Trust

• Horizontal Integration