Question Answer
Capitalism The united states operated under an economic system known as capitalism. Economic system in which private business runs most.
Free Enterprise Economy has no govt intervention. in a free market economy, supply, demand, and profit margin determine what and how much businesses produce.
Communism This theory proposes that individual ownership of property should not be allowed.
Social Darwinism Survival of the fittest regarding social rank
Corporation Companies you can buy stocks of.
Trust A group of companies giving control of their stocks to a board of trustees
Monopoly If a trust gains exclusive control of an industry, it holds this. With little or no competition, a company with this has almost complete control over the price and quality of a product.
Vertical Integration Carnegie acquired companies that provided the materials and services upon which his enterprises depended.
Horizontal Integration One company's control of other companies producing the same product.
Cornelius Vanderbilt Was a pioneer of the railroad industry. Prior to the Civil War, Vanderbilt operated a profitable shipping business. When the war disrupted water traffic, he invested more in railroads.
George Pullman He designed and manufactured railroad cars that made long-distance rail travel more comfortable.
Horatio Alder Jr. During the Second Industrial Revolution, published a popular series of novels that reflected the increasing importance placed on individualism.
Andrew Carnegie Steel leader/entrepreneur who used vertical integration
John D. Rockefeller One founder of the Standard Oil Company, who followed a course similar to Andrew Carnegie's. After earning a small fortune in the wholesale food business, he entered the growing oil-refining industry in 1863.

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