progressive exonomy

Question 1

give 4 causes if the economic boom 1890-1920

Answer 1

abundance of natural resources
development in the West
immigration
industrialisation

Question 2

give 3 examples how the abundance of natural designed causes the economic boom

Answer 2

-1892 iron discovered in Messabe Hills Minnesota -> steel production increased 400% in 1913
-by 1919 US produced 2/3 of entire worlds oil
-1896 Alaska-Yukon gold rush doubled US gold reserves

Question 3

give 3 examples how development in the west caused the economic boom

Answer 3

-Native Americans forced off land and West carved by railroads ranches farms and mining towns eg Dodge City
-1889 Oklahoma land rush inc settlement
- rapid settlement 1860 population was 760,000, 1890 it was 6 mil+

Question 4

give 3 examples how immigration caused the economic boom

Answer 4

-1890 56% if labour force in mechanical and manufacturing industries were immigrants
-1900-1915 had 15mill+ immigrants in USA
-immigration = continuously growing cheap workforce and consumers

Question 5

give 3 examples how industrialisation caused the economic boom

Answer 5

-boom in extractive industries eg coal iron oil and copper
- smal companies expanded into bigger ones
-gilded age saw the rise of big business in all industries eg railroads mining meat packing

Question 6

explain how abundance of natural resources caused economic development using iron ore fact

Answer 6

natural resources allow for faster/ more production ; more factories built and steel used for railroads which increased infrastructure and trade

Question 7

explain how the rapid settlement of the west caused economic development

Answer 7

inc settlement means inc workers and achieved manifest destiny; more workers means more business/ industry in west more consumers and trade

Question 8

explain how mad influx of immigrants caused economic development

Answer 8

more workers for factories paid less but more efficient work force and more consumers

Question 9

explain how small companies expanding (industrialisation) led to economic development

Answer 9

inc competition inc innovation and bigger companies could afford more workers more efficient production less unemployment

Question 10

give 4 consequences of economic growth and say whether they are mostly negative or positive

Answer 10

agricultural hardship neg
agricultural boom 1900 pos
urbanisation pos
economic change neg

Question 11

give 3 examples how agricultural hardship was a negative consequence of economic growth

Answer 11

-farmers became too reliant on railroad companies and banks to invest in seed equipment etc
-AA farmers trapped as sharecroppers
-West and South faced bad weather conditions and economic ones eg 1887 drought

Question 12

give 3 examples how the agricultural boom 1900 was a positive consequence of economic growth

Answer 12

-inc exports and demand for agricultural production
-outbreak of WW1 helped agricultural boom
-fed gov aided with 1902 Reclamation Act (irrigation schemes) and Federal Loan Act 1916 (cheap loans)

Question 13

explain how urbanisation was a negative consequence of economic growth

Answer 13

-inc in urban populations and range of economic activity
-NYC doubled between 1870-1890 and again by 1910
-1900 38 US cities with 100,000+ population (south still dominated by plantation products)

Question 14

explain his economic change was a negative consequence if rapid economic growth

Answer 14

-significant poverty and gaps between rich and poor widened
-1893 and 1897 depression and financial crash in 1907
-however farmers and workers began to fight back against big businesses and gig eventually regulated banks

Question 15

when was the second industrial revolution

Answer 15

1895-1913

Question 16

give 2 facts about the second industrial revolution

Answer 16

americas economy grew more than 400% between 1860-90
1860 nations wealth = $16 billion by 1900 ig was 88bil