Economics

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Nathan Elsishans Period 6

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Economics. Nathan Elsishans Period 6. Transportation Revolution. Invention of the steam boat Growth of canals Stimulated trade between the East and West Easy access to cities Construction of roads. The Bank War. The Bank War - PowerPoint PPT Presentation

Transcript of Economics

Page 1: Economics

Nathan ElsishansPeriod 6

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Invention of the steam boat Growth of canals

Stimulated trade between the East and West Easy access to cities Construction of roads

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The Bank War Jackson refused to renew the charter of the

Second Bank of the United States Bank renewed after War of 1812 Encouraged economic growth Held the governments money, made

commercial loans, attempted to prevent inflation

Lead to recession Followed by speculation boom due to new

western lands

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For the good of the workers Higher wages General Trades Union of New York

Represented many different craft groups Sparked similar movements in big cities

Ruled illegal by judge Ogden Edwards Claimed strikers conspired against America

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Discovered by James Marshall at Sutter’s Mill Gold fever

Large immigration to California Eighty percent Americans Many Chinese and Mexican miners

Encouraged growth of cities such as San Francisco More money made from selling goods to miners

than from gold Mining towns sprang up and died shortly after Poor ate beans, bread and bacon Rich ate at expensive restraints and boarding

houses Few miners became rich

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Seaports grew quickly New Orleans

Shipping Growth of cotton in Mississippi valley

New York becomes financial capital of the US Erie Canal supports international trade

Links north east to north west Supports trade with Canada

Trade within the nation becomes profitable Increase in canals and roads Railroads begin to emerge

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Northern cities adopted factories Immigrants provide source of labor

Primarily Irish and German No job security No welfare Joined together to protest political issues Relationship between masters and

apprentices began to break Artisanal labor replaced by wage work

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Issued bonds Sales taxes First federal income tax Created national tender

Banned state tender

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Defined southern economics Availability of fertilizers increases with railroads

Makes cotton more profitable Crop lien system

Gave loans to farmers Placed a claim on that year’s cotton crop Unfavorable interest rates Placed individual farmers in debt

New cotton centers Egypt and India Rapid drop in cotton prices

Soil depletion causes decline in yield per acre

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Which of the following industries would not have prospered in the northern wartime economy?

Boot making The iron industry The textile industry Shipbuilding

What was the main reason why cotton became profitable? Technology allowed it to be cleaned faster Transportation allowed for cheaper exportation Slaves were easier to import into the Americas Mills allowed cotton to be manufactured faster

Port cities saw increased profit due to The creation of steam boats and canals The creation of a railroad system The creation of mills An increase in tobacco production

The main source of workers in factories was Young children and women Previously unemployed men Freed slaves Yeomen farmers

Which of the following was not a strategy used by the Union to generate federal income? Federal income tax Sales taxes The Homestead Act Government issued bonds

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Manufacturing developed Primarily in the south In new territories Northern states In California

Between the 1820s and 1830s, which were there the fewest of? Railroads Canals

RoadsThe Iron industry industrialized as a result of which invention? The steamboat The cotton gin The Spinning Ginny The Railroad System

The north’s economic growth during the Civil War is attributed to Increased government demands for products A rise in trade with England The completion of the transcontinental railroad Lower taxes on businesses

Gradual emancipation failed due to The increased use of hemp The creation of the cotton gin Higher prices for tobacco A large decrease in manufacturing

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1. The textile industry2. Technology allowed it to be cleaned faster3. The creation of steam boats and canals4. Young Children and women5. The Homestead Act6. Northern States7. Railroads8. The railroad system9. Increased government demands for products10. The creation of the cotton gin