1. Capitalism
an economic and political system in which a country's trade and industry are controlled by private owners for profit, rather than by the state.
thrives from a competitive marketplace

2. Laissez-faire
a policy or attitude of letting things take their own course, without government interfering.

3. Free Enterprise
An economic system in which private business operates in competition largely free of state control.

4. Socialism
a political and economic theory of social organization that advocates that the means of production, should be owned or regulated by the community as a whole.

7. Wealth Gap

10. Corporation a business owned by investors (legally a person).
Protects owners with limited liability.

11. Stock
the capital raised by a business or corporation through the issue and subscription of shares.

12. Merger
combining several companies into one large corporation; used by JP Morgan and the banking industry

13. Horizontal Integration
The purchase of competing companies in the same industry

14. Vertical Integration
Acquiring control of all steps required to change raw materials into finished products

15. Consolidation
When companies combine. Larger companies buy out smaller companies or force them out of business.

16. Pool
Several companies divide up business in an area. They then fix their prices at a high level.

17. Trust A group of corporations run by a single board of directors.
Lack of competition

18. Monopoly
Control of all or nearly all business in an industry

19. Is Home Depot monopoly?

20. Rebates
Big railroad companies secretly offered rebates –discounts- to their biggest customers. The practice forced many companies out of business.

21. Bessemer Process
The Bessemer process was the first inexpensive industrial process to convert iron into steel

22. Industrialists and Their Corporations
J.D. Rockefeller
Henry Ford
Andrew Carnegie
J.P. Morgan
Standard Oil
Ford Motor Company
Carnegie Steel
U.S. Steel