Industrialization and Economic Growth Concepts

The lecture covers the industrialization era, focusing on the role of natural resources, a large workforce, and technological advancements in driving economic growth. It explains the significance of GNP and GDP as economic measures and highlights key inventions like the telephone and light bulb. The lecture also discusses the impact of these factors on the U.S. becoming an industrial nation.

What was the main reason for the differences between the PowerPoint and the notes in the lecture?

• To ensure students listen to the lecture

• To save paper

• To provide more detailed information

• To confuse the students

Which raw material was primarily found in Pennsylvania during the industrialization period?

• Petroleum

• Iron

• Limestone

• Copper

What was one of the key factors that contributed to the U.S. becoming an industrial nation?

• Limited transportation networks

• A large workforce

• Lack of natural resources

• High international tariffs

What does GDP stand for?

• Global Domestic Product

• General Domestic Production

• Gross Domestic Product

• Gross Development Product

Which of the following is NOT included in GDP calculations?

• Used car sales

• New car sales

• Household production

• Illegal activities

Who invented the telephone?

• Thomas Edison

• Wilbur Wright

• Alexander Graham Bell

• Henry Ford

What was Thomas Edison's contribution to the light bulb?

• Invented the arc lamp

• Developed the first electric light

• Created a practical and marketable light bulb

• Invented the first light bulb

What was significant about Henry Ford's car invention?

• It was the fastest car of its time

• It was the first affordable car

• It was the first car ever made

• It was the first electric car

What was one of the outcomes of the new inventions during the industrialization period?

• Decrease in economic growth

• Increase in household production

• Reduction in workforce

• Economic boom

What cycle is described by more people leading to more production and economic growth?

• Economic cycle

• Industrial cycle

• Recession cycle

• Growth cycle