Final - Big Business Flashcards
(6 cards)
1
Q
Andrew Carnegie
A
Created a steel monopoly - US Steel,
richest company in the US
2
Q
Horizontal Integration
A
Buying out competition to form 1 company - not entire market
3
Q
Vertical Integration
A
A Company buys suppliers to make a specific product
Car maker produces components and sells cars
4
Q
John D Rockefeller
A
Standard Oil – John D Rockefeller 40 competing firms are
forced to join or be destroyed.
Standard controls the market and fixes prices for a maximum profit
5
Q
Monopoly
A
Dominating an entire market
1870’s companies begin “pooling” so they don’t have to compete with each other
6
Q
Trusts
A
Several companies in one field entrust their stock to a board, board makes decisions
