Economic Foundations
This economic policy or attitude means "letting things take their own course" without government interference in the market.
What is laissez-faire capitalism?
This Standard Oil founder used horizontal integration to consolidate his industry and build a massive monopoly.
Who is John D. Rockefeller?
The practice of buying out direct competitors operating in the exact same step of the production process to reduce competition.
What is Horizontal Integration?
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These are the three distinct types of capital used by industrial entrepreneurs to start and grow businesses.
What are Investment Capital, Financial Capital, and Real Capital?
This steel magnate dominated his industry by adopting the Bessemer Process and utilizing vertical integration.
Who is Andrew Carnegie?
Controlling every stage of production from raw natural resources to manufacturing to final delivery to lower production costs.
What is Vertical Integration?
The debate asking whether 19th-century industrial tycoons were abusive exploiters or innovative builders of American prosperity.
What is "Robber Barons vs. Captains of Industry?
This market condition occurs when the quantity of a product supplied by producers perfectly matches the quantity demanded by consumers.
What is Market Equilibrium?
This railroad giant was notorious for executing aggressive hostile takeovers to consolidate railroad transportation lines.
Who is Cornelius Vanderbilt?
This technological innovation enabled the cheap and rapid mass production of steel from raw iron.
What is the Bessemer Process?
These worker organizations developed during the Industrial Revolution to fight for safer working conditions, higher wages, and reasonable hours.
What are Labor Unions?
This market outcome happens when supply exceeds demand; the opposite outcome happens when demand exceeds supply.
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What are a Surplus and a Shortage?
He revolutionized automobile manufacturing with the assembly line to make cars affordable for the common person.
Who is Henry Ford?
An aggressive business strategy used by Cornelius Vanderbilt to gain control of a company against the wishes of its existing management.
What is a Hostile Takeover?
A company that has complete control over a product or market, eliminating competition and setting market prices at will.
What is a Monopoly?
This driving force encourages producers to maximize profits, which often led unregulated companies to cut worker wages and ignore factory safety.
What is the Profit Motive?
Along with Rockefeller, Carnegie, and Vanderbilt, this financier helped combine resources and technology to form big business trusts during the Industrial Revolution.
Who is J.P. Morgan?
This production method allowed Henry Ford to increase automobile supply, lower unit costs, and expand consumer access.
What is the Assembly Line?
The foundational network of transportation and communication systems, such as railways and telegraphs that combined with technology to fuel big business.
What is Infrastructure?