Gilded Age Vocabulary

Vertical Integration

• Economic system in which the government does not intervene in business practices

• A business practice in which a single manufacturer controls all of the steps used to change raw materials into finished products

• A business practice in which a company takes over all of its competitors

• Theory that claims the best people in society are the ones who rise to the top

Social Darwinism

• Economic system in which the government does not intervene in business practices

• A business practice in which a single manufacturer controls all of the steps used to change raw materials into finished products

• A business practice in which a company takes over all of its competitors

• Theory that claims the best people in society are the ones who rise to the top

exclusive control over a service or product on the market.

• Standard Oil Company

• monopoly

• tycoon

• JP Morgan

Horizontal Integration

• Economic system in which the government does not intervene in business practices

• A business practice in which a single manufacturer controls all of the steps used to change raw materials into finished products

• A business practice in which a company takes over all of its competitors

• Theory that claims the best people in society are the ones who rise to the top

A license that gives an inventor exclusive rights to an invention for a set period of time.

• permit

• patent

• title

• certificate

Process in which workers negotiate as a group with employers.

• Collective bargaining
• Individual negotiation
• Union representation
• Workplace mediation

A radical who opposes all government.

• Libertarian
• Anarchist
• Socialist
• Monarchist

A term used to describe industrialists that earned their power and wealth by being ruthless to competitors.

• robber barons
• entrepreneurial leaders
• philanthropists
• captains of industry

Phenomenon that as production increases, the cost of each item produced is often lowered.

• Fixed costs
• Diminishing returns
• Market saturation
• Economies of scale

A market structure dominated by only a few large, profitable firms.

• Monopolistic Competition
• Oligopoly
• Perfect Competition
• Monopoly