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22 Cards in this Set
- Front
- Back
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List 5 key reasons for the Rapid Industrial Growth: |
- Higher Productivity, Labour Supply and Demand - Agriculture, Natural Resources and Oil - Political Conditions -World War 1 - World Economy |
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Why was productivity higher? |
- innovation and efficient management - technological improvements |
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Why did the Labour supply increase?
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- influx of immigrants
- cheap and plentiful labour |
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Why did rising demand help the economy? |
- European countries could not keep up - opportunities and markets for cheap American exports |
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How did agriculture help the economy? |
- Golden Age of Agriculture - production boomed - exported agricultural goods - fed a growing and working population |
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How did natural resources help the economy? |
- natural resources could be used in the industry - vast increases in the consumption of coal and electric - growth in shipbuilding, construction and urban transport |
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Give an example of natural resources helping the economy: |
- Iron ore was found in Minnesota in 1892 - 1907 this ore had been bought up by Carnegie Steel - 75% - production rose by 400% by 1913 |
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How did oil help the economy? |
- available in abundance -By 1910 US oil production equaled that of the rest of the world |
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How did political conditions help the economy? |
- little regulation of Big Business - support for Big Business |
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How did WW1 help the economy? |
- ramped up industrial production -provided goods and finance to European countries - growing influence on the world's economy |
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How did the world economy help the US economy? |
- provided US with a market to exploit the movement of goods - peaceful trading lines with Canada and Latin America |
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Why did farmers initially struggle to make a profit? |
- Panic of 1893 - dependent on banks and the railroads- few sharecroppers made it to being independent |
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What factors affected Farmers? |
1) Falling prices 2) Shortage of credit- difficult to gain funding, many ended up in debt 3)The climate- Rainfall was unusually high and by 1887 this returned to normal dry conditions |
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Why did the economic conditions for Farmers improve in the 1900s? |
1) Demand 2) Technology 3) Actions of the FED Gov't 4) Market Conditions 5) World War 1 |
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How did demand change for farmers? |
Global growth and exports from the USA increased |
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How did technology help the farmers? |
Improved technology improved productivity |
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What actions did the Federal Gov't take to aid the Farmers? |
- The Reclamation of Land Act 1902 - Meat Inspection Act 1906 - Federal Farm Loan Act 1916 |
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What was the Reclamation of Land Act? |
helped irrigate land in arid areas |
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What was the Meat Inspection Act? |
regulated food quality |
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What was the Federal Farm Loan Act? |
improved Farmers access to money and loans |
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How did the market conditions improve? |
- 1905 there was a stabilisation of prices for farmers - farmers had more buying power - they could increase the amount of land under cultivation and produce more |
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How did WW1 help the farmers? |
- damaged the output of their competitors - pushed up the prices of agricultural goods - however this was only temporary |
