1. The Growth of Business and a National Market

2. Importance of transportation
Foods able to be sold to other regions in the US
Great Plains (wheat)
Ranges on the west (beef)
Gustavus Swift
Refrigerated Car
Citrus fruits/meats

3. Rise of Corporations McCormick Harvesting Machine Co.
Mechanized farm equipment

4. Woolworth’s 5 and 10 cent stores National chain
Changed the way people shop
John Wanamaker
Fixed pricing
Gives way to advertising

5. The Robber Barons
) Modern-day businesspeople who allegedly engage in unethical business tactics and questionable stock market transactions to build large personal fortunes

6. Andrew Carnegie Rags to riches story Began working for the railroad
Made his money through the Carnegie Steel Company

7. JD Rockefeller
Made money with the Standard Oil company

8. JP Morgan Bought the Carnegie Steel Company
Made money building railroads

9. Capitalism
An economic system in which the means of production and distribution are privately or corporately owned and development is proportionate to the accumulation and reinvestment of profits gained in a free market
Capitalism is a social system based on the principle of individual rights.

10. Big Business The structure of a company Owners are stockholders
Run by a Board of Directors
Headed by the CEO
No laws regulate the conduct of business

11. Mergers Vertical—obtain all materials that produce a product
Horizontal --- purchase all of the competition
Monopoly
Made illegal after the Sherman Anti-Trust suit (1890)
Was not enforced until Roosevelt
Oligiopoly
When few companies control a market
Pepsi/Coke/

12. Social Darwinism Survival of the fittest Theory of natural selection
Natural process that weeds out the weak or less suited individuals