1/26 Class

Question 1

crop lien system

Answer 1

corps are collateral for loans, caused people to be very poor helped keep southerners tied to cotton and constantly in debt
system squeezed by lower world demand
eroded soil quality

Question 2

civil war

Answer 2

A. Yankee Leviathan
B. The legacies of War in the South
C. A Spur to Northern Industry
drove industrialization in the North

Question 3

economies of scale

Answer 3

when products have less cost to make because they are mass produced

Question 4

fixed costs

Answer 4

costs that do not vary with the number of goods produced

high fixed costs create incentive to keep factory going - and to lower prices - during downturn

Question 5

short haul rates

Answer 5

short haul rates were not much lower than long haul rates