12-1 Flashcards
This is the total value of goods and services produced by a country.
GNP (Gross National Product)
What raw materials did the US have an abundance of? (5 things)
water, timber, iron, coal, and copper
How did the transcontinental railroad increase industrialization? (2 things)
- brought settlers and miners to the west
- moved resources to factories in the east
What can petroleum or oil be used to make?
kerosene for lanterns and stoves
Who drilled the first oil well and where did he do it?
Edwin Drake, Pennsylvania
What two sources led to population growth? (2 things)
- large families
- flood of immigrants (>20 million)
What does laissez-faire translate to?
“let-do” and hands off.
What do laissez-faire supporters believe?
The government shouldn’t interfere in the economy other than to protect private property or maintain peace.
What did laissez-faire supporters want?
supply and demand to regulate price and wages
What did laissez-faire supporters believe about a free market?
That with competing companies, would lead to greater efficiency and more wealth.
What advocations were to keep people in control of their money?
low taxes and limiting government’s debt
These are people that risk their capital in organizing and running a business.
Entrepreneurs
Where does capital come from?
banks? (ask vard abt this)
Under laissez-faire, what was the role of state and federal governments? (4 things)
- keep taxes and spending low
- don’t impose regulations on industry
- government not controlling wages or prices
- adopting policies to help industry
How did the North feel about tariffs?
They wanted them high.
