Indust 2

Question 0

a. Abundant Access to Natural Resources:

Answer 0

oil, iron, copper, lead, timber,

Question 1

2. When did the United States become a leading industrial superpower? (Before/ After Europe)

Answer 1

After Europe. 1880-1900

Question 2

b. immigrants traveling to the U.S = value of labor decreases, and wages decrease

Answer 2

Abundant Labor Supply:

Question 3

: Europe built railroad around the cities. U.S built cities around the railroad

Answer 3

c. Abundant Transportation Network

Question 4

d.When families have kids they spend more money à improves economy

Answer 4

Large Natural Growing Population:

Question 5

businessmen learned of the profit they could make from the Industrialization in Europe. Applied learned techniques to U.S businesses. Money à bigger factories, more workers, better tech, etc.….

Answer 5

Foreign Investment in U.S Businesses:

Question 6

Helped create U.S patent system.

Answer 6

Labor Saving Technology/Innovation:

Question 7

g. subsidies, Protective Tariffs, and Low Corporate Taxes.

Answer 7

Business Friendly Government Policies:

Question 8

h. Carnegie, Rockefeller, JP Morgan, Mellon

Answer 8

Talented Businessmen:

Question 9

4. What is a patent? Government right to ones invention.

Answer 9

Allows them to profit off of their invention

Question 10

5. What is a subsidy?

Answer 10

Payments to companies, not always money.

.

Question 11

6. Who are subsidies provided to?

Answer 11

Struggling and Essential Businesses

Question 12

7. What is a tariff? .

Answer 12

A tax. Protective Tariff= tax on imported goods. à raises price on foreign goods à decreases comp. for home goods

Question 13

Carnegie

Answer 13

steel

Question 14

rockefeller

Answer 14

oil

Question 15

morgan

Answer 15

bank

Question 16

mellon

Answer 16

bank

Question 17

15. What was the government’s response to trusts? N

Answer 17

nothing= Laissez fair capitalism then = idea of government intervention unheard of.

Question 18

17. What did the railroad encourage people to do? What was the result?

Answer 18

Encouraged people to move west. Resulted in mass production and mass consumption.

Question 19

21. What is the result of to many incentives to create railroads?

Answer 19

too many rail road companies

Question 20

22. What do the banks do with the bankrupt railroads?

Answer 20

Consolidated them and sold them as one company= monopoly à angered consumers and famers

Question 21

23. Why are patents awarded to the inventor who gets it done first and not the one who gets it done best?

Answer 21

It provides incentives for innovations; if people waited for their product to be perfect, then there would not be as much innovation.