Business Integration and Gilded Age Tycoons

What industry did Andrew Carnegie dominate, and what was his philosophy regarding wealth?

• Railroads; believed wealth should be passed down to heirs.

• Oil; believed in accumulating as much wealth as possible.

• Steel; believed wealth should be used for the betterment of mankind.

• Banking; believed in investing wealth in new technologies.

Which business strategy did John D. Rockefeller primarily use to build his Standard Oil Trust?

• Diversification into multiple unrelated industries.

• Horizontal and vertical integration.

• Focusing solely on raw material extraction.

• Government subsidies and partnerships.

What is horizontal integration in business?

• Owning all the different businesses a company depends on for its operations.

• Purchasing and combining many companies in the same business into one large corporation.

• Expanding a company's operations into international markets.

• Selling finished products directly to consumers through retail stores.

What does it mean for a company to be vertically integrated?

• It focuses on selling its products in a wide geographical area.

• It owns all the different businesses it depends on for its operations.

• It merges with its direct competitors to eliminate competition.

• It relies on outsourcing most of its production processes.

What were the two contrasting viewpoints regarding the Gilded Age tycoons?

• They were either inventors or politicians.

• They were either philanthropists or revolutionaries.

• They were either "Great Captains of Industry" or "Robber Barons".

• They were either small business owners or government officials.