Chapter 12 Flashcards
Industrialization (42 cards)
one who organizes, manages, and assumes the risks of a businesses or enterprise.
An entrepreneur
are materials used in the production process, such as money, people, land, wood or steel.
Resources
What was the Second Industrial Revolution characterized by?
an increase in technology
Advocates of. believe that competition promotes efficiency and wealth, and that government regulation of the economy increases costs ant hurts society more than it helps.
Laissez-faire economics
Between 1860 and 1910, the population of the USA nearly ?
tripled
Laissez-faire economics believes that government should NOT interfere in the economy other than to ?
protect property rights and maintain peace
The is the total value of goods and services produced by a country during a year.
gross national product
Between 1870 and 1910, more than _ million immigrants arrived in the USA.
17
Laissez-faire economics relies on what to regulate wages of employees and the price of goods?
supply and demand
To _ is to do something repeatedly so it becomes the standard.
practice
The federal government gave what to railroad companies, which those companies then sold to for money to use on railroad construction?
land grants
On May 10, 1869, what was completed at Promontory Summit, finally connecting the east and west coast of the United States?
The Transcontinental Railroad
To _ is to combine two previously separate things.
integrate
What is a time zone?
a geographic region in which the same standard time is kept
An _ is someone who puts money into a company or business in order to gain a future financial reward.
investor
What is a land grant?
an allotment of land given by the federal government, especially for roads, railroads, or agricultural colleges
Because of a labor shortage in California, the Central Pacific Railroad hired about 10,000 workers from where?
China
How long did it take to complete the Transcontinental Railroad?
4 years
Where did the Transcontinental Railroad travel from
Omaha, Nebraska to California
Why were railroad owners condemned as “robber barons”?
the American public increasingly began to suspect them of bribery, cheating, and swindling
Several of the “Robber Barons” were so economically ruthless within their specific industries, that they created situations where they eliminated competition to control production, prices and profits within said industry. The term most associated with the result of this scenario would be ?
A monopoly
Economics of scale
when the cost of manufacturing is decreased by producing goods quickly and in large quantities
A person who buys what is produced by an economy is called a _.
consumer
When a company buys the methods of producing resources that make their product, instead of buying the reosurces from another company, this is called _ _. For example, a steel company buys iron mines, limestone quarries, and coal mines instead of buying iron, limestone and coal from other companies.
vertical integration
