state of the economy Flashcards
name three staple industries
shipbuilding, coal mining, cotton mills, steel
which counties did GB face iron competition from
Germany and the USA
what was the coal output by 1913
287m tons
what were the three most prominent technological based new industries
electrical engineering, chemical and motor vehicle production
what percentage of employment was still based in agriculture by 1914
10%
what were invisible earnings
banking, leading, investing money
by 1913 what percentage of Britain’s national wealth was based in overseas investment
32%
what is the trade gap
when a countries visible imports exceeds visible exports
why was there a lack of research into new tech
technology well established and less modern, GB had industrial revolution early tech had not changed much.
give an example of where competing nations took the lead in new industries
Germany, chemical industry’s, dyes
Britain had a low wage economy what does this mean
only the rich and middle class could afford to buy manufactured goodshow
did the liberals free trade policy affect trade
foreign countries had free access to British markets, while other foreign countries had tariffs on their goods
what was Britain not producing enough of
inventors, designers and technicians
how many chemistry graduates were there per year from Germany in 1908
400
in global economics what did London remain the centre of
commercial centre of the world
