https://padlet.com/criley23/tr1n9wtny54e Made with fortitude en-us 2018-09-17 18:32:39 UTC 2018-09-18 20:07:44 UTC hello@padlet.com criley23 https://padlet.com/criley23/tr1n9wtny54e/wish/282538096 explanation: the combination in one company of two or more stages of production normally operated by separate companies.

historical context: In microeconomics and management, vertical integration is an arrangement in which the supply chain of a company is owned by that company. Usually each member of the supply chain produces a different product or service, and the products combine to satisfy a common need.

]]> 2018-09-17 18:34:40 UTC https://padlet.com/criley23/tr1n9wtny54e/wish/282538096 criley23 https://padlet.com/criley23/tr1n9wtny54e/wish/282538232 explanation: a policy or attitude of letting things take their own course, without interfering.

historical context: Laissez faire is the belief that economies and businesses function best when there is no interference by the government. It comes from the French, meaningto leave alone or to allow to do. It is one of the guiding principles of capitalism and a free market economy

]]> 2018-09-17 18:34:53 UTC https://padlet.com/criley23/tr1n9wtny54e/wish/282538232 criley23 https://padlet.com/criley23/tr1n9wtny54e/wish/282538384 explanation: theory that individuals, groups, and peoples are subject to the same Darwinian laws of natural selection as plants and animals

historical context: Now largely discredited, social Darwinism was advocated by Herbert Spencer and others in the late 19th and early 20th centuries and was used to justify political conservatism, imperialism, and racism and to discourage intervention and reform.  is used to refer to various ways of thinking and theories that emerged in the second half of the 19th century and tried to apply the evolutionary concept of natural selection to human society.

]]> 2018-09-17 18:35:08 UTC https://padlet.com/criley23/tr1n9wtny54e/wish/282538384 criley23 https://padlet.com/criley23/tr1n9wtny54e/wish/282538552 explanation: TheSherman Antitrust Act of 1890 was the first measure passed by the U.S. Congress to prohibit trusts. ... Several states had passed similar laws, but they were limited to intrastate businesses.

historical context: Sherman Anti-Trust Act was the first Federal act that outlawed monopolistic business practices.

]]> 2018-09-17 18:35:22 UTC https://padlet.com/criley23/tr1n9wtny54e/wish/282538552 criley23 https://padlet.com/criley23/tr1n9wtny54e/wish/282540042 explanation: Contrary to horizontal integration, which is a consolidation of many firms that handle the same part of the production process, vertical integration is typified by one firm engaged in different parts of production (e.g., growing raw materials, manufacturing, transporting, marketing, and/or retailing).

historical context: Horizontal integration is the process of a company increasing production of goods or services at the same part of the supply chain. A company may do this via internal expansion, acquisition or merger. The process can lead to monopoly if a company captures the vast majority of the market for that product or service.

]]> 2018-09-17 18:37:38 UTC https://padlet.com/criley23/tr1n9wtny54e/wish/282540042 criley23 https://padlet.com/criley23/tr1n9wtny54e/wish/282540087 explanation: a steel-making process, now largely superseded, in which carbon, silicon, and other impurities are removed from molten pig iron by oxidation in a blast of air in a special tilting retort (a Bessemer converter ).

historical context: The Bessemer process was the first inexpensive industrial process for the mass production of steel from molten pig iron before the development of the open hearth furnace. The key principle is removal of impurities from the iron by oxidation with air being blown through the molten iron.

]]> 2018-09-17 18:37:42 UTC https://padlet.com/criley23/tr1n9wtny54e/wish/282540087