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Big Business and Labor
1. Describe two ways in which Carnegie tried to control the steel industry.
Carneige tried to take control over the entire steel industry through vertical integration and horizontal integration. Vertical integration is which a company buys out its suppliers so we bought companies that supplied his raw materials such as iron, coal, and railroads to transport the steel. Horizontal integration is when a company that produces similar products merge together so he used that technique to buy out or merge with other steel companies.
2. Why did entrepreneurs form trust?
Entrepreneurs wanted to form trust because they were trying to control competition because their goal was to create a monoply by buying out competitors or driving them out of business.
3. What were the two types of unions?
The two main types of labor unions are craft unions and industrial unions. Craft unions represent workers only in specific occupations. Industrial unions represented workers in a particular industry, regardless if they are skilled or unskilled in the industry.
1. Vertical integration
a. Vertical integration is which a company buys out its suppliers.
b. It helped the industries when he bought companies that supplied his raw material so they could transport steel.
2. Horizontal integration
a. Horizontal integration is when a ocmpany that produces similar products merge together.
b. The technique helped them so they could buy out or merge with other steel companies to make more money.
3. Social Darwinism
a. Is a theory that taught only the strong survived.
b. The taught the ideas based on Charles Darwin that enabled people to suceed by supporting the ideas of competition, hard work, and responsibility.
4. Monopoly
a. It to take exclusive possession, control, or exercise of something.
b. It helped the business when the entrepreneurs tried to control competition so their goal was to form a monopoly by buying out competitiors or driving them out of
1. Describe two ways in which Carnegie tried to control the steel industry.
Carneige tried to take control over the entire steel industry through vertical integration and horizontal integration. Vertical integration is which a company buys out its suppliers so we bought companies that supplied his raw materials such as iron, coal, and railroads to transport the steel. Horizontal integration is when a company that produces similar products merge together so he used that technique to buy out or merge with other steel companies.
2. Why did entrepreneurs form trust?
Entrepreneurs wanted to form trust because they were trying to control competition because their goal was to create a monoply by buying out competitors or driving them out of business.
3. What were the two types of unions?
The two main types of labor unions are craft unions and industrial unions. Craft unions represent workers only in specific occupations. Industrial unions represented workers in a particular industry, regardless if they are skilled or unskilled in the industry.
1. Vertical integration
a. Vertical integration is which a company buys out its suppliers.
b. It helped the industries when he bought companies that supplied his raw material so they could transport steel.
2. Horizontal integration
a. Horizontal integration is when a ocmpany that produces similar products merge together.
b. The technique helped them so they could buy out or merge with other steel companies to make more money.
3. Social Darwinism
a. Is a theory that taught only the strong survived.
b. The taught the ideas based on Charles Darwin that enabled people to suceed by supporting the ideas of competition, hard work, and responsibility.
4. Monopoly
a. It to take exclusive possession, control, or exercise of something.
b. It helped the business when the entrepreneurs tried to control competition so their goal was to form a monopoly by buying out competitiors or driving them out of