Definitions
This is what a corporation gives to those who have paid money to purchase shares in the company.
Stocks
An exclusive control of a certain product or market.
Monopoly
Offers, favors, or money in order to influence views or conduct.
Bribes
These are entitled to dividends (profits) and other rights, such as voting on company policies.
Stockholders
Those who own, direct, or have financial interests in a commercial enterprise.
Industrialists
Were big business and government linked closely?
Yes! Some U.S. Senators were even wealthy businessmen.
Because the U.S. was expanding, what business did many companies make a profit from?
The railroads!
These are legal business units with their own rights, privileges, and liabilities separate from those of their members.
Corporations
Those who initiate, operate, and assume the risk of a new business venture.
Entrepreneurs
Were there often scandals involving government officials doing shady deals with big business?
Yes! Even the secretary of war was forced to quit after taking bribes.
Gustavus Swift's meat business is an example of a vertical or horizontal integration?
Vertical! He controlled everything from the cows all the way up to the distribution wagons.
This is a name or symbol (legally registered and restricted to use only by the owner) that identifies a product.
Trademark
A wealthy and powerful business person.
Tycoon
Which scandal found a company using government bonds to pay a company they created in order to keep all of the profits?
The Credit Mobilier Scandal
Rockefeller's Oil business is an example of a vertical or horizontal integration?
Horizontal! He bought up and owned all of the other separate oil companies.
The combination of corporations in a specific industry in order to reduce competition and control prices.
Trust
A government-issued certificate of debt that guarantees repayment (plus interest) of a monetary investment by a certain date.
Bonds
What is a laissez faire policy?
A leave alone policy toward business that assumed businesses would grow if left alone by the government and politicians.
Does competition increase efficiency and lower costs for the consumer?
Yes! competition means each company has to become better to survive and their prices have to be lower to sell more products.