Today is 9/11
quiz fri
Ch. 6.3:
- monopoly - a country has total control of a product
- Sherman antitrust act made it illegal to form a trust that hurt free trade
- helped break up microsoft
- Competition lowers prices, so without competition costs go up.
- standard oil was the biggest trust
- broke up because it was too powerful in 1911
- exxon and mobil
- trust = monopoly
-Tell me about Andrew Carnegie.
- immigrated here in 1848
- became the secretary to the owner of the penn. railroad
- he got paid in stocks and opened a steel company
- Carnegie Steel
- they made more steel than G.B.
-Tell me about John D. Rockefeller.
- owner of standard oil
- richest ever @ 600 bil
- joined with competitors in trust agreements
- merged with and bought out a lot of companies
- he made his oil cheap so that other companies would have to make it cheap
-What was Social Darwinism and how did it apply to business?
- survival of the fittest
- strong survive, weak don't
-Explain how companies formed monopolies(vertical/horizontal integration, trusts).
- vertical/horizontal integration
- horiz - manufacturing place buying
- vert - taking things that help the company and buying them so that he could have total control over his oil
- companies make other companies fail
9/11
- terrorists stole planes and crashed them into the twin towers
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