Economics Quiz Flashcards
Intrastate commerce
Trade within a state
Interstate commerce
Trade between states
Horizontal integration
Two very similar businesses combining
Vertical integration
Two different yet similar businesses combine
Corporation
Issue shares of stock
Partnership
Two or more people in a business who share profit
Sole proprietorship
One person in a business alone
Philanthropy
Giving away money to better society
Volume discount
Larger use of product, cheaper price
West coast to east coast (time zone)
West coast is three hours behind the East coast
Entrepreneur
Business creator/organizer
Economies of scale
Large factories produce cheaper and faster
Larissa faire
Hands off government
Social Darwinism
Survival of the fittest for human society
John D. Rockefeller
Owned a refined oil company
Andrew Carnegie
Owned a steal company
What enabled the U.S. to evolve into an industrialized nation
Abundance of natural resources
Lots of workers
Hands of government/government support
What was the Rockefeller railroad deal
Some railroads get his business while Rockefeller gets half priced freight delivery and the knowledge of knowing where his competitors ship products
