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Industrial Revolution Essential Questions
1. The seven factors that helped United States economy to grow are:
- Setting the stage
- Natural Resources: Become goods
- Capital ($) Needed to pay for the production of goods
- Labor Supply: Used to make goods
- Technology: Better ways to make more & better goods
- Consumers: Bought & used goods & services
- Transportation: Linked raw materials to factories & factory goods to consumer markets
2. The government helped American businesses during the Industrial Revolution by
- High tariffs (tax on imports)-‐> Buying American goods
- Patent System protected & encouraged inventions
- No Interstate Tax = Free Trade (Rural Free Delivery)
- Land Grants to railroads encouraged westward growth
- Laissez-‐Faire philosophy = Hands-‐Off(limited) Government
3. J.D. Rockefeller controlled 90% of the nation’s oil by 1880.
4.
5. J.P. Morgan was known as the "Giant of Finance".
Definitions
1. Tariffs: indirect limit on imports, such as tax.
2. Gospel of Wealth: An Essay written by Andrew Carnegie.
-Promoted Social Darwinism
-Wealth among the few was the natural and most efficient result of capitalism
Great wealth brought responsibility
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