Our Economic System

The video explores the evolution of the American economy from early trading with Native Americans to the Industrial Revolution, highlighting the growth of shops and the rise of corporations. It discusses the formation of labor unions to protect workers' rights and the development of the modern economy, including the banking system. The video emphasizes the importance of money in the economy and how jobs provide the means to purchase goods and services.

What was one of the main reasons settlers moved to the Midwest and Western regions?

• To escape harsh weather

• To find new trading partners

• To seek business opportunities

• To discover new cultures

How did the Industrial Revolution impact the production of goods?

• It made production more expensive

• It allowed for faster mass production

• It eliminated the need for factories

• It slowed down production

What was a major consequence of the growth of corporations during the Industrial Revolution?

• Decreased consumer demand

• Increased worker neglect

• Improved working conditions

• More government regulations

What was the purpose of forming labor unions?

• To increase product prices

• To support business owners

• To reduce the number of workers

• To negotiate better working conditions

Which event was a significant confrontation between a company and a labor union?

• The Boston Tea Party

• The Louisiana Purchase

• The Homestead Strike

• The Gold Rush

Why did people start using banks during the economic development period?

• To lend money to others

• To keep their money safe

• To avoid paying taxes

• To increase their spending

What is a key component of a stable economy according to the video?

• Limited banking options

• Government intervention

• Consumer spending

• High levels of debt