Our Economic System

The video explores the evolution of the American economy, starting with early trade practices among settlers and Native Americans. It discusses the impact of the Industrial Revolution on business operations, highlighting the growth of factories and corporations. The rise of labor unions and their role in securing worker rights is examined, including significant events like the Homestead strike. The video concludes with a discussion on modern economic principles, emphasizing the importance of money, jobs, and the banking system in today's economy.

What was a primary reason settlers moved to the Midwest and Western regions of America?

• To establish religious communities

• To escape harsh weather conditions

• To find new trading partners

• To seek business opportunities

How did the Industrial Revolution impact the production of goods?

• It made goods more expensive to produce

• It increased production speed with the use of machines

• It slowed down production due to manual labor

• It limited the variety of goods available

What was a significant outcome of the expansion of railroads in America?

• Decline in consumer demand

• Reduction in the number of factories

• Growth and spread of businesses and corporations

• Decrease in European imports

Why did workers form labor unions during the rise of corporations?

• To support corporate mergers

• To increase working hours

• To demand higher taxes

• To ensure fair treatment and better working conditions

What was the Homestead strike a response to?

• Reduction in workers' pay

• Closure of factories

• Introduction of new machinery

• Increase in working hours

What role did banks play in the evolving economy?

• They discouraged saving money

• They only served wealthy individuals

• They provided a safe place for people to keep their money

• They replaced the need for money

What is a fundamental component of the modern economic system?

• Using money to purchase products

• Bartering goods

• Trading services without compensation

• Relying solely on government support