Chapter 6 Section 3 – Big Business and Labor: Guided Reading and Reteaching Activity – Flashcards
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Businesses buying out suppliers, helped them control raw material and transportation systems
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Vertical Integration
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Businesses buy out competing producers, limits competition
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Horizontal Integration
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Success & failure were governed by natural law, the marketplace wasn't regulated, the rich stay rich and the poor stay poor
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Social Darwinism
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Exclusive control by 1 company of a service or product, eliminated competition
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Monopoly
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A company created to buy and possess the shares of other companies, created to control other companies
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Holding Company
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A fiduciary relationship in which 1 party gives another the right to hold title to property or assets for the benefit of a third party, so businesses can continue to run in the owners absense
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Trust
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Rockefeller made HUGE profits by paying his employees very low wages and driving his competitors out of business by selling his vast oil at a lower price than it cost to make it. Once he controlled the market, he would jack up the prices.
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The perception of tycoons as "robber barons"
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Made it illegal to for a trust that interfered with free trade between states or with other countries.
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Sherman Antitrust Act
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B
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1
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A
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2
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B
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3
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C
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4
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D
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5
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C
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