USA HISTORY

Detailed explanation-1: -Larger companies began to form. These firms strove to dominate the economic arena. They formed trusts, monopolies, and pools to limit competition from other companies. Business owners formed trusts, where one person or a group of people controlled several companies, to reduce production costs and to set prices.

Detailed explanation-2: -Trusts are the organization of several businesses in the same industry and by joining forces, the trust controls production and distribution of a product or service, thereby limiting competition. Monopolies are businesses that have total control over a sector of the economy, including prices.

Detailed explanation-3: -Today, the term pool refers to a resource management tool where assets, equipment, personnel or other resources are grouped together to maximize advantage or minimize risk. In the days of the robber barons, however, pooling was a different type of business practice now considered to be unfair.

Detailed explanation-4: -During the late nineteenth and early twentieth centuries, businesses aspired to form monopolies. To have a monopoly, a business would be the sole manufacturer of a product or be able to dominate a particular industry because it could produce so much more of a product than its competitors.