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Economic History

Short answer test

QuestionAnswer
What is the American System of manufacturing? The sequential series of operation carried out on successive special purpose machines that produce interchangeable parts
In the nineteenth century, Americans typically thought of what type of solutions to problems of manufacturing? American typically thought by inventing new machines was a way to solve the problems with manufacturing
How did Thomas Blanchard’s gun-stock lathe solve the problem of machining irregular shapes? Thomas Blanchard’s gun-stock lathe solved the problem of machine irregular shapes by tracing a gun stock, recreating the same shape each time.
Why was the Springfield Armory so important to the development of the American System of manufacturing? The Springfield Armory was the nerve center of the American Military’s drive toward high tech weapons, and that drive led to the consistent progress and innovation in manufacturing. Those innovations led to the American System.
What were three reasons for the Connecticut River Valley emerging as a center for manufacturing? 1. Unlimited H2O power 2. Iron ore (natural resource) 3. Near major export port New York
Why did Americans embrace machine solutions to manufacturing problems? 1. Labor shortages not enough American workers 2. Quality of those workers/American worker were better 3. America spent more money on educating ordinary people
What was Alfred Chandler’s idea of the visible hand? Conscious planning in organization..."all successful companies must have a structure that matches their strategies."
When did the two stages of 19th century railroad development begin and end? 1st period: RR boom in late 1840s to the coming of the economic depression of the 1870s in 1873
What were the three ways that Americans tried to improve transportation to the nation’s interior? Funding/improving the National Road of 1808 (Toll Roads) 2. Water transportation by steamboats and canals 3. The development of RRs (new in 1830-> grew to 31,000 miles by 1860)
Why did technology dictate that railroads operate their own right-of-way? Canals were owned entirely or in part by the government. The speed of locomotives and one-way traffic down tracks made it impossible for companies to share railroad tracks
Where did the Western Railroad look for a solution to the problem of operating a complex, big business? Use of the U.S. Army’s command structure, they organized their business into Line officers who supervised day to day operations and they reported to staff officers who made the business decisions at company headquarters
What are the responsibilities of staff officers? What are the responsibilities of line officers? The responsibilities of the staff officers to make strategic decision at headquarters, whereas the responsibilities of the line officers were day to day operations.
What is financial accounting? What does it let businessmen calculate? Financial accounting replaces simple product and loss statements, examines operating ratio, and determines return on investment. This allow businessmen to determine whether their business is making a profit.
What is cost accounting? What does it let businessmen calculate? Cost accounting is what it cost to make a specific product. This allows businessmen to calculate how much is being spent per product.
What is capital accounting? What does it let businessmen calculate? Capital accounting is accounting for the cost of expensive equipment. It lets businessmen calculate the amount of product that is being manufactured
Why did New York City become the center for raising investment capital? New York City became the center of fund raising investment capital as they were familiar foreign currency, due to handling large amount of foreign trade.
What happened in Europe during 1848? In 1848, there was political unrest culminating in a revolution. Many aristocrats where worried about their finances and was looking other places to invest their money.
What were the other two significant developments on 19th century Wall Street after Civil War? The other significant developments on Wall Street after the Civil War was the invention of the Ticker Tape machine and the formation of 4 to 5 banks merging together to better handle the large amount of money.
What does production theory explain Production theory explains how firms take inputs and turns them into desirable outputs
What are the three ways of organizing businesses he three ways of organizing a business is individual proprietorship, partnership, and corporation
What are the main advantages and disadvantages of corporations? The main advantages of a corporation is limited liability and the main disadvantage is corporate taxes being taxed twice.
What is the definition of a production function? The definition of product function is it tells you the maximum output that can be produced with a given amount of inputs. It is defined for a given state of engineering or technological knowledge
How do you calculate the total product? the total product is calculated as output counted in units of production. The total of what is produced
How do you calculate the average product? Average product is calculated by dividing the total output by the total units of inputs
What is vertical integration? Be sure to distinguish between forward and backward vertical integration. Illustrate your answer with an example. Vertical integration is where a business brings together all stages of production under itself. The difference between backwards integration and forward integration is that backward is where the company
What innovation did Samuel Van Sickle perfect in the late 1860s, and how did it change the refinery business? Van Sickle perfected the continuous process in multiple-stage distillation of oil. It changed the refinery business because it moved the production of oil from the “small-batch method of production” to large-scale continuous process production of oil.
. How did John D. Rockefeller use railroad rebates to create a monopoly? to make a deal with the heads of the three major railroad companies by guaranteeing a minimum amount of oil to be transported every month. He established the South Improvement Company in 1872. This allow him monopolize the transportation
How did Carnegie become known as a high-tech whiz? because he used as much new technology as he could find, he stole some factory technology from the British while visiting their factories and used Henry Bessemer's innovations to make steel more efficiently
What is process innovation? The process of innovation occurs when new engineering knowledge improves production techniques for existing products
What are the three possible returns to scale (increasing all inputs equally) The 3 possible returns to scale are: Constant returns to scale, decreasing returns to scale and increasing returns to scale
Created by: Southern64