1865-1890 Economic Flashcards
What phrase was used to describe the main focus of economy in the south?
king cotton
when were the ‘Panics’- over selling of stocks and shares which led to a collapse of businesses etc?
1873, 1893, 1907, 1929
the number of people living on farms rose 1865-1890, from what to what?
10 million to 25 million
why did millions move west?
- railroads made it easy/cheap
- the removal of Native Americans from their land
- free/cheap land e.g. Homestead Act 1832, Land Rush
why was steel so significant?
ploughs, barbed wire, railways, trains, rifles etc
what difficulties did farmers face?
- drought 1880s
- grasshopper infestations
- having to take loans to buy seed etc
- inefficient farming methods
- poor soil
what was the name of the large oil company which took over smaller ones from 1874 onwards?
Standard oil
which inventor contributed important technological inventions such as the telephone transmitter and phonograph?
Thomas Edison
Name three hugely important business ‘Magnates’?
- John D Rockefellar
- Andrew Carnegie
- H J Heinz
- Cornelius Vanderbilt
1865= 35,000 miles of railroad track in the US, by 1893, how much?
200,000
why were railroads important?
- supplying factories with raw materials, machinery and equipment
- transporting fuel
- transporting goods for exports
- movement of labour
where was the first major oil strike in 1859?
Titusville, Pennsylvania
Steel production by 1900?
60 million tonnes per year
what was a ‘Bull Market’?
- stocks and shares prices increasing
- confidence in market is high
what is a ‘bear’ market?
- stocks and shares falling
- business confidence is low
