Monopolies-(2-7)

a.) vertical integration. -One successful entrepreneur of the late 1800s was Andrew Carnegie. He made money in several industries, but he focused on steel. Carnegie bought all of the businesses involved in making steel. This process is called vertical integration. Ownership of businesses involved in each step of a manufacturing process.

b.) Horizontal integration is the widening of a business. Horizontal integration occurs when the firm is in the same industry and in the same stage of production is taken over or combined with another firm. Horizontal integration is a strategy used by a business or corporation that seeks to sell products in numerous markets.

c.) Mass production and Baying in Bulk. Mass product is a production of large amounts of products on product lines. Henry Ford popularized it in the early 20th century in his ford model. It uses a high proportion of machinery instead of workers.