Big Business and Labor Vocabulary Quiz

Study Notes

Monopolies: Exclusive possession or control of the supply of a commodity or service.
Vertical Integration: A business arrangement where a company controls different stages along the supply chain. This allows for streamlined operations, and direct control of various stages in the production process.
Horizontal Integration: The strategy of acquiring other companies that operate in a similar area of the supply chain.

Andrew Carnegie: A Scottish-American industrialist and philanthropist who led the expansion of the American steel industry and became one of the wealthiest Americans in history.
John D. Rockefeller: An American industrialist and philanthropist. He was one of the wealthiest Americans of all time and one of the richest people in modern history.
J.P. Morgan: A leading American financier and banker whose company, JPMorgan Chase, is the largest bank in the United States and the world's largest bank by market capitalization as of 2023.
Henry Ford: An American industrialist and business magnate, credited as a pioneer in making automobiles affordable for middle-class Americans through the Fordism system.
Cornelius Vanderbilt: An American business magnate who made a fortune in railroads and shipping, nicknamed "the Commodore".

Labor Union: An organization of workers aiming to improve employment conditions, including establishing better wages and benefits.
Social Darwinism: The belief that certain individuals are naturally better suited for power and success within society, driven by the idea of "survival of the fittest"
Philanthropist: An individual who generously donates substantial resources (including time, expertise, and financial support) to a particular cause, social issue, or area.

Sherman Antitrust Act: Legislation intended to prohibit activities that reduce competition in interstate commerce.
Urbanization: The population shift from rural to urban areas, as well as the ways in which societies adjust to this shift.
Immigration: The international movement of people to a destination country where they don't usually reside, seeking to become permanent residents.
Transcontinental Railroad: A continuous rail line stretching across the United States, connecting locations on the Pacific Coast to the eastern part of the country. This significantly improved transportation and trade in the U.S.