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19 Cards in this Set
- Front
- Back
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Define Gross National Product |
The total value of goods and services produced by a country during a year |
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Define Consumerism |
promoted the industrialization revolution when shopkeepers and producers began to realize that wants and needs were infinitely stretchable |
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Define Gross Domestic Product |
the total value of goods and services produced by a domestic economy |
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Describe how new inventions contributed to the rise of industry in the US |
1. increased production levels and communication networks 2. improved transportation and communication networks 3. Unskilled laborers boom in the industry |
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Describe how the American Civil War Contributed to the rise of industry in the US |
It created huge demand for weapons, war supplies, farm equipment and machinery. |
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Describe the causes of industrial growth in the US |
1. abundant natural resources 2.cheap labor-immigrants 3. investments-US&Europe 4. Tarrifs and subsides by the gov't 5. millitary needs for the civil war 6. advancement in the communication and transportation 7.Growing Population 8. Formation of Corporations 9. Business Leaders-Entrepienuers 10. Laissez-Faire Gov't |
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Describe the results of the industrial growth in the US |
1.National wealth was increased 2.Rise in standards of living 3.acceleration of urbanization 4.Encouragement of immigration 5.concentration of wealth and economic power in the hands of a few |
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Define Capitalism |
economic system in which private individuals and business firms carry on the production and exchange of goods and services through a complex network of prices and markets |
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Describe some of the key characteristics of the economic system of capitalism discussed in class |
1. markets- a market exists when or where and howeve buyers and sellers interact to exchange goods, services, or resources 2.private property- property rights the rights of the people to themselves and their posessions 3.Rule of Law-Nobody is above the law 4.entreprenuership- people motivated by promit and take the risk of production. innovation |
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Define socialism |
an economic system in which the gov't owns and controls manufactering and is responsible for planning the economy |
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Describe some of the key characteristics of the economic system of socialism discussed in class |
-eliminates differences between rich and poor -Karl Marx |
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Describe the construction of the Transcontinental railroad: Pacific Railway Act, Land grants, railroad companies |
The two main railroad companies are the union pacific and the central pacific. They were given land grants so they could add more transportation to the US. Pacific Railway Act- provided for the construction of a transcontinental railroad by two coorporations |
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Describe the types of businesses |
Sole proprietorship: a one person business, makes all the decisions, money, investments. Works alone of hires others to help Partnership: two or more persons start a business, pool money together so they have more capital. both partners are liable for the other partners decisions and debt Corporation: composed of usually 3 or more people, sell shares of stock to interested investors,boards of directors to make all of the decisions, if company does well the stockholders recieve profit.` |
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Describe how industry leaders attempted to consolidate industry: |
Monopolies: When a single company achieves control of an entire market Pools: agreements to keep prices at a certain level Trust: legal arrangement that allows one person to manage another persons property Vertical integration:owns all of the different businesses on which it depends for its operations Horizontal intergration: combining firms in the same business into one large coorporation Holding Companies: owns the stock of companies that produces goods |
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Define Deflation: |
a decline in the volume of available money or credit that results in lower prices and therefore increases the buying power of money |
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Describe the different types of unions: |
Trade Unions: an organization of workers with the same trade or skill Industrial Unions: an organization of common laborers and craft workers in a particular industry |
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Describe strategies utilized by labor and management |
Management- limit the power and success of unions Settle differences- find a compromise Labor-put pressures on management |
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Describe the following events and their outcome: |
Haymarket Riot- a protest to demand an 8 hr work day, police fired on public after bomb was thrown, killed 11 people, injured 100. End of Knights of Labor Homestead Strike- strike because carnegies steel mill cut wages by 20%. They locked employees out of the mill and then replaced them, gunfire, many injured, few dead, lasted 4 months Pullman Railroad Strike-Strike because the company completely slashed wages,company refuses to negotiate,members refuse to hand the pullman cars, tied up railroads, put us mail cars on them which forced them to do their job because it would break federal law if they didnt, deds went to jail |
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Identify the following unions and leadership: |
Knights of Labor- led by uriah s stephens. open to all workers, 1st big national union. took part in a number of railroad strikes, only won 1. AFL- Led by samuel grompers, only open to skilled workers, favored settling disputes peacefully, limits on foregin competition CIO- led by John L Lewis. includes both skilled and unskilled workers, automobile, wanted higher pay |
