Reconstruction Flashcards
Intrastate Commerce
Trade within a state
Define The Following:
Interstate Commerce
Trade between states
Horizontal Integration
When two companies merge from the same industry
Vertical Integration
When different companies from different industries merge
Corporation
Issues shares of stock
Partnership
Is the favored business in law firms, profit is split
Sole Propietorship
Just one person in business and is in for self
Philanthropy
Giving money away
Volume discount
Bigger things or volumes of items are sold for less
Time Zones
California is 3 hours behind us
Entrepreneur
Someone who starts a business
Economies of scale
Large factories make things faster
“Laissez faire”
“Hands up”
Social Darwinism
Survival of the fittest
What were the three main things that enabled the United States to evolve into an industrialized nation?
- Abundant natural resources
- Lots of workers
- Government Support
