Growth of Big Business Industry Corporation A business

Growth of Big Business & Industry

Corporation • A business that is owned by many investors. • Examples: Facebook, Verizon, Microsoft

Stock • Share of ownership in a corporation. • A part owner of a corporation.

Dividend • A share of a corporations profit.

Monopoly • A company or group having control of all or nearly all of the business of an industry. • This would create no competition and higher prices for a bad product.

Trust • Group of corporations run by a single board of directors.

Free Enterprise System • An economic system in which businesses are owned by private citizens who decide what to produce, how much to produce and how much to charge. • Examples: The stores on Main Street in Chatham

Vertical Integration • A single manufacturer controls all of the steps used to change raw materials into finished products. • Furniture company, saw mill, trucking company

Patent • License for a new invention.

Sherman Anti-Trust Act • A law passed in 1890 that banned the formation of trusts and monopolies in the United States. • Prevents one person or company from controlling the entire market.

Mass Production • Process of making large quantities of a product quickly and cheaply.

Moving Assembly Line • Method of production in which workers stay in one place as products edge along a moving belt.

Sweatshop • Workplace where people labor long hours in poor conditions and low pay.

Collective Bargaining • Process by which a Union representing a group of work negotiates with management for a contract.