Unit 7 - Quiz 2 Flashcards
What is the economic system where private business runs most industries and competition determines price and wages?
Capitalism or free enterprise
What is the term for the businessman who monopolizes certain markets to create extreme wealth?
Robber Barons
What is Laissez-Faire Capitalism?
It allowed competition to control the market
What are some aspects of communism?
No ownership of private property
There is no unemployment within the society
There is only one social class
Why are corporations used for steel, oil, and railroad industries?
Makes it easier to manage
Allows the companies to raise more money
These industries are too large
Who invented the air-compressed break?
George Washington
Who capitalized on luxurious rail cars?
George Pullman
Which industrialists monopolized the steel industry?
Andrew Carnegie
Which industrialist monopolized the oil industry?
John D Rockefeller
Why do Social-Darwinists NOT encourage helping the poor?
They believe in survival of the fittest - if the are strong they will find wealth
What is it called when corporations have a common board of trustees?
Trusts
What is the process called when a business forms a monopoly through buying out the competition?
Horizontal integration
What is the process called when a business forms a monopoly through owning all means of production?
Vertical integration
What is the name of the industrialist who monopolized railroads through purchasing out smaller companies to connect major cities to one another?
Cornelius Vanerbilt
