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Lesson 13 The Age of Innovation and Industry

Horizontales
This type of INTEGRATION happens when you BUY UP all the competing companies that make the SAME product: Oil, steel,sugar
Companies that produce quality products at low prices
Pulling together many resources to make a product coal:electricity, livestock: food , grain:bread
Just like the game you try to own ALL the businesses that make your product. Usually ends up with poor quality products that are higher in price than if you had competition from smaller companies
Use of 2 metals, Gold and Silver to increase the number of dollar bills printed. This increase causes inflation, higher prices AND helps farmers and factory workers get better pay.
Law passed to stop companies from charging high prices, making low quality products AND allow smaller companies to compete with bigger companies
The marketplace (consumers) and manufacturers (those who make the product) decide what products to purchase, NOT the government
Sold oil at very low prices to drive out small oil companies considered unfair business practice. Drove small businesses out
Something that from the outside looks “shiny” as if covered in gold but when you look closer, on the inside, it is rotten and corrupt: US economy
“ LAZY GOVERNMENT” where in the US the government is more concerned with creating jobs and NOT the PAY or SAFETY of the worker. You are on your own!
This type of INTEGRATION happens when you BUY UP up all the resources that MAKE UP a product
Verticales
An entrepreneur who seeks to take advantage of workers with long hours of work and low pay to maximize their personal wealth
Efficiency effort to make workers work harder despite low pay Yet boosted products made and lowered their cost
A person who organizes and operates a business, with a patent, taking on greater than normal financial risks in order to do so.
An entrepreneur who seeks be fair to his employees, pay fair wages and make quality products
The marketplace (buyers) decide what products to purchase not the government
Costs to farmers to ship their food products and businessmen (Robber Barons) to ship oil and iron ore
Companies that try to buy smaller competing companies to eliminate lower prices
Speech that told Americans something MUST be done to increase their pay
This is the description given to CONSUMERS of a product interacting with the MANUFACTURERS of a product
Illegal practice to give Robber Barons a refund. Farmers did not get the refund.
Farmers and factory workers wanted to limit power of the corrupt businesses and politicians
Protects your invention from others making money from your idea