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| economic system in which private businesses own and operate most industries |
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| economic system in which there is a competition between businesses with little government control |
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| people who start new businesses |
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| companies that sell shares of ownerships called stocks to investors to in order to raise money |
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| ownership of a business involved in each step of a manufacturing process |
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| ownership of all businesses in a particular field |
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| legal arrangement grouping several companies under one board of directors to eliminate competition and regulate production |
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| Owned the company U.S. Steel which was vertically integrated. Started working initially in rail road industry. Then switched to steel. During this time, he helped America to produce more steel than Great Britain. |
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| Started the company STANDARD OIL. believed in horizontal integration and controlled 90% of the US oil businesses at the time. |
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| Law that made it illegal to create monopolies or trust that restrained trade. |
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| Developed a car for the common man. Made the model T (black called Tin Lizzy). Controlled 55% of the U.S. auto industry and created the assembly line. |
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| a system that moves parts and partly assembled products throughout the factory to be put together. |
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| the first type of car (created by Henry Ford), black car called Tin Lizzie |
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| products that are sent out of the country |
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