Monopolies+(2-2)

Vertical Integration

Andrew Carnegie introduced vertical Integration. It describes a form of management control and the hierarchy of business. It's helpful because it avoids hold ups and problems in production. Also, it promoted better financial growth and efficiency in companies and businesses. This type of business is used a lot in today society. It helps to ensure that we have products that are always in stock and the owners of these businesses make a lot of profits.

Horizontal Integration

Horizontal integration describes a type of ownership and control. It's used by businesses in order to sell products in many different markets. These businesses were considered horizontal monopoly businesses because they sold for example, the only steel in the industry, so all the markets had to buy from them.

Mass production is the production of large amounts of standardized products to use for industry. It promotes high rates for production and buying in bulk saves money for businesses. Henry Ford made buying in bulk popular. This directly effects the twenty first century because this mass production has been done the same since Henry Ford. Sure there has been some minor changes but it is almost the same.

Group (2-2)