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I.T.P. PT. 1

Review Guide: Industrialization through Progressivism Pt 1

QuestionAnswer
location of the FIRST Industrial Revolution Great Britain
causes of the FIRST Industrial Revolution Coal and steam powered engines
time period of the SECOND Industrial Revolution Late 1800's
causes of the SECOND Industrial Revolution Rise in steel, chemicals, electricity and petroleum
significance of our natural resources (what kinds did we have, why were they important)
define:gross national product The total value of all goods and services that a country produces in a year
what are the SEVEN fundementals of a free market system (you should be able to identify and define them) Private property, limited government involvement, voluntary exchange, profit, competition, consumer sovereignty, specialization
define lassiez-faire Hands off
basic advantages of the free market system Own economic choices; own interests and talents; political progres; more responsive; profit motive; competition gives higher quality without higher prices
basic disadvantages of the free market system No public goods; can't provide security to people who are sick, etc.; greed causes poor economic decisions.
Congressional act that authorized the construction of the transcontinental railroad Pacific Railway Act of 1862
the two companies in charge of building the transcontinental railroad Union pacific railroad and central pacific railway
type of workers used by the Union Pacific Railroad Civil war veterans, irish immigrants, miners, farmers, cooks, adventurers, and ex-convixts
type of workers used by the Central Pacific Railroad Same as the Union Pacific Railroad plus the 10,000 Chinese
the five (5) main ways the transcontinental railroad affected the economic health and growth of American industry Faster way of transporting goods, decrease in production costs, national market, new management methods, stimulation and growth in other industries
#of time zones in the Continental US, names of the time zones 4; pacific, mountain, central, and eastern time
reasons for the creation of the time zones Organized schedules created more reliable and safe train arrivals
charcteristic of a "robber baron" Powerful, expense of the public, drained the country of its natural resources, persuaded public officials
charcteristics of a "captain of industry" Powerful, strengthened american economy, created jobs
Andrew Carnegie: country of origin, major industry in which he made his wealth, robber baron or captain of industry and why? Dunfermline, carnegie steel corporation, captain of industry, gave back to the community
Created by: 309185
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