Industrialization and Economic Concepts Flashcard

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Even before the invention of the automobile, petroleum was in high demand because it could

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be turned into kerosene.

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During the early days of industrialization, many members of Congress believed that tariffs were necessary to

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protect new industries from foreign competition.

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People who risk their own money to organize and run businesses are known as

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entrepreneurs.

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In the Crédit Mobilier scandal, Union Pacific committed the crime of gaining Congressional favor by selling company stock at less than market value.

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gaining Congressional favor by selling company stock at less than market value.

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The total value of all goods and services that a country produces is its

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gross national product.

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Issuing stock allows a corporation to raise large amounts of money for big projects while

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spreading out the financial risk.

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Process by which the interaction of social and economic factors leads to the development of industries across a community, region or country

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Industrialization