Corporations are large business entities that are owned by shareholders and operated by a board of directors. They have legal rights and responsibilities separate from their owners, allowing them to raise capital, make investments, and conduct business activities.
Related terms
Monopoly: A monopoly occurs when one corporation or individual controls the entire market for a specific product or service.
Trust: A trust is an arrangement where multiple companies in the same industry combine under a single board of trustees to eliminate competition and establish control over prices.
Robber Barons: Robber barons were wealthy industrialists who used unethical practices to accumulate immense wealth and power during the Gilded Age.