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2-7-08 Notes - Business Management The Changing Environment...

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2-7-2008 Business Management The Changing Environment of Business 4 Revolutions in American History I. Transportation a. Late 1700’s Early 1800’s i. Ships, boats, horse and carriage b. 1800’s Trains and Railroads i. First big business in America II. Farming III. Energy a. 1800’s top energy source is coal i. Moved steam engine, for ships, for industry, operate factories, ii. Moved economy into shape it is in today after civil war (million people) b. Oil first dug in Pennsylvania in 1870 but not used until 1900’s IV. Entrepreneurships - the old Bill Gates a. Rockefeller – oil b. Carnegie – steel c. John Morgan – banking d. Vanderbilt – Railroad The Rise of the Trusts I. Two concepts that will be on the exam a. Horizontal combination i. Two companies join in the same industry – one bank buys another bank ii. Good because less competition which means prices can be higher. b. Vertical Integration i. Buying company that makes part of your process. Carnegie buys oil mining company and owns the oil refinery and the trucks and the gas stations.
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