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☀️ C1 - GILDED AGE BUSINESS: GUIDED NOTES (MUST-DO)

Last updated over 3 years ago
21 questions
GILDED AGE BUSINESS: GUIDED NOTES
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A corporation is business that is _______ with the goal of _______.
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A trust is a _______ in the _______ that _______ to try to _______.
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A monopoly is a business that _______.
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Corporations often _______ as a way to _______, _______, and _______.
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Horizontal integration occurs when _______ (ex: if _______ buys out _______ or _______).
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Vertical integration occurs when _______ (ex: if _______ buys out _______, _______, _______, etc...).
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As corporations grew _______ and _______, they needed _______ to make their _______ more _______ and _______ so that their companies could become more _______.
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The Gilded Age was defined by its _______, each of which was _______ to create some of the _______ the world has ever seen. Examples of these dominant industries are: _______, _______, _______ _______, and _______.
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Most of the industries listed above were dominated by _______ (meaning the _______ to _______ so that they could ultimately _______.
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A number of Gilded Age corporations became _______ (meaning they were pretty much the _______ in the _______ - ex: Standard Oil was practically the _______ in the whole country), allowing the people who _______ to become _______.
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These businesspeople were known as "_______" and there was great debate about whether they were _______ who _______ or if they were _______ and _______, forcing the government to _______.
GILDED AGE BUSINESS: PRACTICE
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Match the term with the definition.

Draggable itemCorresponding Item
Corporation
Business owned by stockholders with the goal of making a profit
Trust
Group of businesses in the same industry that work together to try to eliminate the rest of their competition
Monopoly
A business that dominates an entire industry
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Place each of the following items in the appropriate category

  • Ex: If McDonald's were to buy out Burger King and Wendy's
  • When a business buys out all of its competition
  • Mostly done to eliminate competition (with the goal of making a bigger profit)
  • Ex: If McDonald's were to buy cow farms, paper goods companies, and soda companies
  • When a business buys all of the companies that supply it
  • Mostly done to streamline its business (with the goal of making a bigger profit)
  • Horizontal Integration
  • Vertical Integration
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As corporations grew larger and more complex, they needed to come up with new management strategies to make their companies more efficient, productive, and profitable.

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Check off all of the following that were considered dominant industries during the Gilded Age.

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Most of the dominant industries during the Gilded Age were part of trusts.

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What is the main goal of a trust?

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Laws in the Gilded Age prevented companies from becoming monopolies.

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Standard Oil was practically the _______ oil company in the entire country during the Gilded Age.
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People who own most of the stock in monopolies can become very wealthy.

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In the Gilded Age, everyone agreed that the business tycoons were heroes because they helped the U.S. become an economic superpower.