WESTWARD EXPANSION INDUSTRIALIZATION URBANIZATION 1870 1900
SECOND INDUSTRIAL REVOLUTION
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Economic system in which the government does not intervene in business practices
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A business practice in which a single manufacturer controls all of the steps used to change raw materials into finished products
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A business practice in which a company takes over all of its competitors
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Theory that claims the best people in society are the ones who rise to the top
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Detailed explanation-1: -Vertical integration is the business arrangement in which a company controls different stages along the supply chain. Instead of relying on external suppliers, the company strives to bring processes in-house to have better control over the production process.
Detailed explanation-2: -What Is Vertical Integration? Vertical integration is a strategy some manufacturers use to manage all aspects of the product development-to-delivery process. Manufacturers with these robust internal capabilities can design, engineer, test, mill, mold, mass produce, and distribute from one source.
Detailed explanation-3: -Vertical integration is the method by which an organization acquires or creates its own suppliers, manufacturers or distributors in an effort to manage its supply chain directly. Vertical integration offers many benefits to businesses, including the potential for economies of scale and increased market control.
Detailed explanation-4: -Backward integration is a form of vertical integration in which a company expands its role to fulfill tasks formerly completed by businesses up the supply chain. In other words, backward integration is when a company buys another company that supplies the products or services needed for production.