WESTWARD EXPANSION INDUSTRIALIZATION URBANIZATION 1870 1900
AMERICAN INDUSTRY DEVELOPMENT IN THE GILDED AGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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A business practice that contracted out all of its operations to smaller businesses, which results in profits that are much lower than wanted.
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A business strategy in which one corporation owns not only the company that produce the finished product, but also the companies that provide the materials necessary for production.
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The belief that business should purchase all of their materials necessary for production from companies other than their own.
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An ideology that you should build your corporation’s office buildings taller, so that your business looks more important.
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Detailed explanation-1: -Included in the list of so-called robber barons are Andrew Carnegie, Cornelius Vanderbilt, and John D. Rockefeller. Robber barons were accused of being monopolists who earned profits by intentionally restricting the production of goods and then raising prices.
Detailed explanation-2: -Whereas Carnegie employed vertical integration to create his steel empire, Rockefeller used horizontal integration, essentially buying out all the other oil companies so that he had no competition left.
Detailed explanation-3: -Carnegie became a tycoon because of shrewd business tactics. Rockefeller often bought other oil companies to eliminate competition. This is a process known as horizontal integration.
Detailed explanation-4: -Vertical Integration was a process in which Andrew Carnegie bought out his suppliers such as, coal fields, , iron mines, ore freighters and railroad lines. b. How did it help businesses such as the Carnegie Company and tycoons like Andrew Carnegie? He did this to control the raw materials and transportation systems.