Vocabulary Flashcards
Laissez faire
Supporters of this version of capitalism believe that the government should interfere in the economy as little as possible
Command Economy
In this type of economic system, the government makes the decisions about what to make, how much to make and who to make it for
In this type of economic system, prices and wages are determined by supply and demand.
Market Economy
This is the type of economic system embraced by the United States.
Market Economy
It is often referred to as capitalism, and promotes free enterprise
Market Economy
Department Store
This was a new type of shopping that brought together a huge array of different products in a large elegant building
Chain Store
This type of shopping focuses on thrift and low prices over elaborate services and décor
This invention led to the expansion of electricity.
Light Bulb
It was important to industrialization because it allowed people to work longer hours and produce more. Electricity in general was significant because it allowed factories to be built away from a natural source of power.
Light Bulb
Combining many companies, who are engaged in the same type of business, into one large corporation.
Horizontal Integration
Rockefeller used this to achieve a near monopoly in the oil refining industry
Horizontal Integration
Product
Horizontal Integration
Combining companies that supply raw materials, equipment and services needed to create a finished product in a particular industry.
Vertical Integration
Carnegie used this to achieve a near monopoly in the Steel industry
Vertical Integration
Process
Vertical Integration
