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Nation Industrialize

QuestionAnswer
What is an "ecosystem"? A community of living animals, plants, and microorganisms, considered together with the environment in which they live.
What is an "entrepreneur"? A person who takes on the risks of creating, organizing, and managing a business enterprise.
What were entrepreneurs able to do by the end of the Civil War? What is an example of this? They could draw on vast and virtually untapped natural resources. Iron ore, coal, oil, gold and silver, and copper. Exploiting these resources would need new tech.
What is "expansion"? In the economic cycle, a time when the economy is growing, characterized by increased production of goods and services and usually by low rates of unemployment.
Who was JP Morgan? He combined separate steel companies to create a vertically integrated operation
Who was Andrew Carnegie ? Manufacturer who didn't agree with vertically integrated operations but he did do manufacture products like wire barrels and tubes. (page 459) (expanded American steel comp)
What is a "contraction"? In the economic cycle, a time when the economy has ceased to grow, characterized by decreased production of goods and services and often by high rates.
What is "recession/depression"? A recession is an economic contraction of relatively short duration; a depression is an economic contraction of longer duration
What is "financial panic"? Widespread anxiety about financial and commerical matters; in a panic, investors often sold large amounts of stock to cut their own losses, which drove prices much lower. Banks often called in their loans, forcing investors to sell assets at reduced price
What are "boxcars"? An enclosed railroad car with sliding side doors, used to transport freight.
What are interchangeable parts and what were they first used for? Interchangeable parts are identical mechanical parts that can be substituted for one another. They were first used for guns and clocks.
How were banks important in mobilizing capital and where was capital established? Some bankers had begun to specialize in arranging financing for large-scale enterprises, and some had opened offices in Britain to tap sources of capital there. Capital became centered in the seaport cities of the NE (Boston, NY, Philadelphia)
What were stock exchanges? A place where people buy/sell stocks (shares in the ownership of a company). They raised capital for new ventures.
What happened in October 1873 and lasted until March 1879? That time was known as the Panic of 1873. It is known as the precursor to the Great Depression
How many businesses failed during the Panic of 1873? Nearly 54,000 businesses
What happened in January of 1893 and lasted until June of 1897? Another major depression took place where the railroads filed for bankruptcy. Businesses began to struggle again because things couldn't be ordered and brought to them or they couldn't sell their items to people in different areas.
What is was the major difference between the Western and Eastern Railroad? The Eastern Railroad was connected to major population centers it helped the economy. It was able to send supplies quickly and efficiently . The Western Railroad was very small and wasn't connected to any major population centers.
What were 3 crucial elements for industrialization? Use of interchangeable parts, capital, and exploitation of new resources.
What did the session of the southern states allow the Republicans to do? Allowed them to pass thing like the homestead act and the Pacific rail way act? (double check)
Why were western railroads built? To connect the West to the East.
Why did the government want to connect Nevada and California to the Union. Because they both were rich in gold and silver and having them in the Union would stimulate the already rapid economic development in the West.
What 2 things led to economic growth? Gov policies (protective tariffs) and federal land policies.
What did the Land-Grant College Act of 1862 do? Gave land to each state to fund a public university (required to have engineering and agriculture)
When did Congress approve the first transcontinental RR? 1862 (Finished in 1869)
What factors contributed to the decline in farm prices? Supply beat demand. Production increased more rapidly than the population. Farmers bought more fertilizer and machinery to produce more crops to combat these falling prices.
What is an Industry? basic unit of business activity in which the various participants do similar activities; for example the railroad in industry consists of railroad companies and the firms and factories that supply equipment.
What are Interchangeable Parts ? Identical mechanical parts that can be substituted for one another.
What is a Stock Exchange? it is where people buy and sell stocks and stockholders may participate in election of the company's directors and share with company profits.
In relation to RR cars, what finally allowed entrepreneurs to think on a national commerce level? 1886, last major RR lines converted to a standard gauge.
What was the Pacific Railway Act of 1862? Congress gave Union Pacific and Central Pacific sizable loans and 10 square miles of public domain for every mile of track laid.
What did the expansion of RR's do? Created potential for nationwide market, stimulated the economic development of the West, and created a demand for iron, steel, locomotives, and similar products.
What is a Protective Tariff? tax placed on imported goods for purpose of raising the price of imports as high as or higher than prices on same item produced within the nation.
What was the Pacific Railway Act of 1862? It was when the government assisted with expanding so more goods could be sent and more trades could happen.
What is a bond? a debt issued by the government to guarantee payment plus interest. Borrowers are penalized for cashing this in before the maturity date.
What is Laissez-faire? principle that government shouldn't interfere in workings of the economy.
What is a Veritcal Merger? when companies are involved in different stages of manufacturing or marketing.
What is a Horizontal Merger? when firms produce the same kind of products to join forces.
Who was Henry Grady? He was a journalist or orator who helped reintegrate the states of Confederacy after the American Civil War.
How did some RR companies combat intense competition prices? They formed a pool. (Divided the market and charged equal prices.)
What was the Confederacy? an organization of separate groups who have allied together.
What was Guerrilla Warfare? a small band of fighters who harass and attack their enemies.
What was the War of Attrition? a form of warfare based on the deprivation of food, shelter, and other necessities.
The development of refrigeration for rail cars and ships in the 1870's did what? Permitted fresh meat to be sent throughout the nation and to Europe. (Meatpacking process.)
What was the first American business to seek investors on a nationwide and international scale? Railroads. People could buy stocks or bonds.
Who was John Pierpont Morgan? He helped to stabilize RR companies in the late 1880's and took partial control of them.
Mining operations were vertically integrated. What did they include? Mines, ore-crushing, railroads, and companies that supplied them with fuel and water for the mining.
What Nevada mines have that made them so advanced? Huge air pumps, water pumps, powerful drills, ore-crushing machines.
Where was the richest hill on earth? Butte, Montana. (might not need)
What did miners union’s secure for their miners? Wages 5 to 10 times higher than miners in Britain or Germany.
With the Homestead Act immigrants from where flooded into the country? Europe, largely from Scandinavia, Germany, Bohemia, and Russia.
What happened with the cattle ranches in the plains in the 1880’s? What did it do to the economy? There were so many that the price of beef fell but 1886-7 many cattle died due to harsh winter and starvation. This caused many of those who invested in cattle to go bankrupt.
What was the first major crop that could be entirely mechanized? Wheat. (might not need but keep)
Which two companies received federal support to connect California and Nevada to the Union and where did they start Union Pacific west from Omaha, Nebraska. Central Pacific going east from Sacramento, California.
What slowed Central Pacific’s progress? =The sheer cliffs and rocky ravines.
Why was the Southern Pacific (successor of Central Pacific) called the “Octopus”? =Because of its efforts to establish a monopoly over transportation in California.
What was called the “Empire Builder” and why? =Great Northern was and they made sure to build up the economy and help the region where the rails were to become prosperous.
How much did the price change between the slaughter houses in Texas and in Chicago =Those in Chicago were ten times the price or more than the ones in Texas
Both Central and Union rail lines had labor shortages, how did they solve them? =Union solved it only after the civil war when soldiers and construction workers needed jobs. Central recruited chinese immigrants.
What was the main use/uses for the Rail lines? =Brought supplies and heavy equipment for mining. (?)
Created by: xstarryknightx