1. Gaining the Competitive Edge
Monopoly:
Complete control of a
product or service
Cartel: A loose
association of
business that make
the same product
Example: OPEC
2. The Standard Oil Trust
John D.
Rockefeller:
Formed the
Standard Oil
Company
Transported oil at a
low cost=could set
prices lower than
competition
Wanted to buy out
competition=
against the law
3. Trust: A group of
several
businesses that
get together
under one group
of people (a
single managing
board) without
merging their
companies.
Trusts limit
competition