Ch. 5 Sect. 1 – Flashcards
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Gross National Product
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total value of all goods and services that a country produces
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Edwin Drake
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drilled the first oil well near Titusville, Pennsylvania
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Alexander Graham Bell
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suggested the idea of a telephone to his assistant, Thomas Watson
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Thomas Edison
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leading pioneer in new technology; invented lightbulb, phonograph, battery, dictaphone, motion picture etc.
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George Westinghouse
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engineer and industrialist who invented an air-brake system for railroad; created AC
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Laissez Faire
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french phrase meaning "let people do as they chose" supporters believe the gov. shouldn't interfere with economy other than to protect private property rights and maintain peace
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Entrepreneurs
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people who risk their capital to organize and run business
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Tarriff
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tax
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Morrill Tarriff
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greatly increased tariff rates
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When had Americans transformed the US into the world's leading industrial nation?
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1800s
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How much larger was the GNP in 1914 than at the end of the Civil War
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8x greater
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How did the railroads help the nation to develop?
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Railroads took settlers and miners to the region and carried resources back to factories in the East
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What product was petroleum turned into for use in lanterns and stoves
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Kerosene (fuel)
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How did a growing population help the nation's industrialists?
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Provided industry with an abundant workforce and also created greater demand for the consumer goods manufactured by factories
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How many immigrants arrived in the US between 1870 and 1910?
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17 million
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What inventions did Edison's laboratory produce?
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Phonograph, electric generator, light bulb, battery, the divtaphone, and the motion picture
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What innovation changed the textile industry?
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Northrop automatic loom
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How were standard sizes in clothing developed?
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Power driven sewing machines and cloth cutters rapidly moved the clothing business from tailor shops to large factories making ready-made clothes
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What was the effect of mass production on shoemaking?
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Small business to large factories
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What did laissez-faire supporters believe about the role of the government in economic affairs?
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The gov. shouldn't interfere in the economy other than to protect private property rights and maintain peace
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Who are the people that risk capital in order to organize and run a business?
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Entrepreneurs
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Where were the vast tracts of land that Congress gave to the railroads?
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Western land
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How was the US different from Europe in regard to the railroads?
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European factories had no tariffs to protect them
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What do laissez-faire supporters believe about tariffs?
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They believed they could now compete internationally and win sales in foregin markets
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How did high tariffs hurt many Americans?
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It hurt American companies trying to sell goods abroad, particularly farmers who sold their products over seas
