Final answer:
In capitalism, private individuals or businesses own and control the means of production and distribution for profit. A monopoly is when a single company has exclusive control over a product or service. Horizontal integration is when a company acquires or merges with other companies in the same industry.
Step-by-step explanation:
Capitalism: Capitalism is an economic system where private individuals or businesses own and control the means of production and distribution for profit. For example, in a capitalist society, individuals can start their own businesses and compete in the open market.
Monopoly: A monopoly exists when a single company or entity has exclusive control over a product or service in a particular market. For example, Microsoft had a monopoly on operating systems with its Windows OS for many years.
Cartel/Trust: A cartel or trust is an agreement between competing companies to control prices or limit competition. For example, the Organization of the Petroleum Exporting Countries (OPEC) is a cartel that controls the production and pricing of oil.
Horizontal Integration: Horizontal integration refers to a business strategy where a company acquires or merges with other companies in the same industry or at the same level of production. For example, Disney acquiring Pixar Studios is an example of horizontal integration.
Vertical Integration: Vertical integration is when a company controls multiple stages of the production and distribution process within a single industry. For example, Amazon's acquisition of Whole Foods allows them to own both the online retail platform and physical grocery stores.
Regulate: To regulate means to establish rules or laws to govern a certain activity or industry. For example, the government might regulate the airline industry to ensure safety standards are met.
Robber Baron: A robber baron refers to a businessperson who used unethical or exploitative practices to amass wealth and power in the late 19th century. For example, John D. Rockefeller is often seen as a robber baron due to his ruthless business tactics.
Captain of Industry: A captain of industry refers to a business leader who used their wealth and power to contribute positively to society. For example, Andrew Carnegie is considered a captain of industry for his philanthropic efforts, such as building libraries and funding education.