Focus 2a - Ind. Rev. & Progressive Era

What are the factors of production?

• Supply, Demand, Capital

• Land, Labor, Capital

• Credit, Capital, Debt

• Expansion, Peak, Contraction

The rise and fall of the economy is shown through periods of expansion, peak, contraction, and trough.

• Factors of Production

• Supply and Demand

• Business Cycle

• Mass Production

What enabled manufacturers to have mass production which made more goods at a much quicker pace and cheaper?

• Assembly Line

• More supplies

• Higher Demand

• More credit

Who believed that competition was wasteful and dominated the oil industry by getting rid of his competition and driving his rivals out of business?

• Cornelius Vanderbilt

• John D. Rockefeller

• J.P. Morgan

• Andrew Carnegie

Who used vertical integration to control all phases of the steel industry - from mining iron ore to shipping finished steel?

• Cornelius Vanderbilt

• John D. Rockefeller

• J.P. Morgan

• Andrew Carnegie

Big business led to corporations delivering goods to national markets, bringing lower production costs, and lower prices for consumers are considered...

• Advantages of Big Business

• Disadvantages of Big Business

By Big Business reducing competition and leading to less innovation, widening the gap between rich and poor and less consumer choice are considered...

• Advantages of Big Business

• Disadvantages of Big Business

What are typical goals of a labor union?

• Better Pay

• More hours

• Better working conditions

• More bosses

What are the main economic goals of the Progressive Presidents?

• Lower workers' pay

• Government regulation of big business

• Income taxes

• 8 hour work day

Which president passed the income tax and 80 antitrust suits?

• Theodore Roosevelt

• William Howard Taft

• Woodrow Wilson