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Corporations - Coggle Diagram
Corporations
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Economic Impact
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Late 1800s Society
Giant Corporations taht controlled entire industries made big profits by reducing the cost of producing goods.
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Definition
a business owned by stockholders who share in its profits but are not personally responsible for its debts.
Corporations are not part of government, instead, they are considered to be private institutions .
Examples
Past (late 1800s)
Standard Oil, founded by John D. Rockefeller
Carnegie Steel Company, founded by Andrew Carnegie
Modern
Walmart, founded by Sam Walton
summary
engages in retail and wholesale business, also offers merchandise and services at everyday low prices.
Positive effects
Brought convenience to the consumers. It operates more than 11,700 stores under 59 companies, with 2.3 million employees in 28 different countries. Thus it has an effective and efficient supply chain management strategy.
Negative Effects
Walmart may hurt small businesses and lower wages for local workers, they could be forced to take losses if they choose to sell through Walmart.
Apple, founded by Steve Jobs
Summary
Designs, manufactures and markets smartphones, tablets, computers, acesssories and wearables. The popular products invented by Apple are iPhones, iPads, and iMac.
Postive Effects
Considerably incluenced the modern society, in which most of the people use smartphones. It brought convenience to our life.
Negative Effects
Apple were used to be known to brought negative environmental impact since they use toxic chemicals like mercury and cadmium in their products.
How did it start?
Building businesses required great amount of money, therefore entrepreneurs sold shares of stock. So people who bought stock will have part of the ownership of the business, which is called corporations.
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