The Rise of Big Business Flashcards
What is a entrepreneur?
An individual who seeks large profits through risk-taking.
What does Laissaiz-faire mean?
“ Let the people do as they choose.”
How do Laissaiz-faire apply to business and economics?
The workers will no longer have government protection.
What is a trust?
A group of companies turn control over to a band of trustees who run all the companies as a single enterprise.
What is a monopoly?
It is gaining/forcing exclusive control over an industry.
What is vertical integration?
A company buys the companies that produce the materials it needs.
What is a philanthropist?
One who uses his wealth to benefit others.
What is a horizontal integration?
Uses ones companies power to control competing companies and run them out of business.
What sorts of things did Andrew Carnegie do to “give back”.
He donated numerous libraries and cultural centers.
