Gilded Age. Time period from 1870-1910 when a small number of Americans became extremely wealthy due to few regulations by the U.S. Government.Railroads, The Steel industry and Oil companies controlled their business sectors with complete control.Competition between businesses was limited and pr
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1. Macro Concepts Conflict-problem or issue that is controversial and can cause problems without compromise Change-the transformation of a person, place or thing. Innovation-improvement and advancement in the way something is done. Power-the authority of a government to carry out the law. Supply and Demand-The belief that the amount of an item and people’s desire for it will influence the price. Laissez Faire-the belief that the government should leave businesses alone. Social Darwinism-Belief that certain people are born superior than others. People are successful because they earned it and unsuccessful people did not. Monopoly-type of business that runs its competition out of business and takes over the entire industry. Vertical integration-a strategy used by business to control every aspect of production. Horizontal integration-another term for monopoly.