Lack of trading resources
Why are poor countries poor?
The amount of goods and services produced for a set amount of time of work.
Standard of Living
A measure of an individual's or family's quality of life; these are higher when people have more goods, services, and/or leisure time.
Well defined private property rights and rule of law
What makes rich countries rich?
A form of private property rights.
Tangible, 20 year life, exclusive monopoly
What are the three characteristics of a patent?
Intangible, 70 years after death, exclusive monopoly
What are the three characteristics of a copyright?
What was John Rockefeller's oil company called?
John D. Rockefeller
Who owned the oil company Standard Oil?
Allowed steel to be made at a reasonable cost, much cheaper than it usually was.
Who founded the Bessemer Process?
By what year did the U.S. lead the world in steel production?
Opposite of competitive market.
Single seller, no close substitutes for products, no other sellers allowed
What are the three characteristics of a pure monopoly?
It was expensive and illegal
Why couldn't other sellers join a monopoly?
Large number of sellers, similar products, no influence on price, can enter/leave market easily
What are the four characteristics of a pure competition?
Two or more sellers produce a good and they collude.
Teaming up and working together against someone else.
Who owned a large bank in the U.S.?
What is the enemy of a monopoly?
What is the enemy of a trust?
The bank was collapsing
What was happening during the Panic of '93?
It destroyed the banking trust
What did the Federal Reserve Act of 1913 do?
William Jennings Bryan
Ran for president and lost three times, was a good public speaker, and resigned before World War I.
Cross of Gold Speech
What was William Jennings Bryan's famous speech called?
Religion and Warfare
What were the two main points in the Cross of Gold speech?
What party was William Jennings Bryan a member of?
Who founded the Populist party?
Too much money chasing too few goods.
Too many goods being chased by too little money. (Opposite of inflation)
A law that stated that bad money always drives out good money.
Money that is worth less than good money.
Money that is worth more than bad money.
Cubans wanted independence
What caused the Spanish-American War?
What did the U.S. buy a lot of from Cuba?
Which press exaggerated everything during the Spanish-American War?
Treaty of Paris
How did the Spanish-American War end?
Declaration of Independence, Money, and Racism
What were the three reasons that the Democrats were opposed to colonization?
Money, Social Darwinism, Spread Christianity
What were the three reasons that the Republicans wanted to colonize?
Who defeated William Jennings Bryan in the Election of 1900?
Who was William McKinley's vice president?
Because it was a weak position
Why did the Republicans want Theodore Roosevelt to be vice president?
He was assassinated
Why was William McKinley president for such a short time?
What kind of Republican was Theodore Roosevelt?
For ending the Boxer Rebellion
Why did Theodore Roosevelt win the Nobel Piece Prize?
William Howard Taft and Woodrow Wilson
Who were the two candidates running for president in 1912?
How one business creates jobs and businesses in other areas of the economy.
Who created the Model T?
What was Henry Ford's best model?
Who invented the airplane?
Lift, Propulsion, Control
What were the three things that the Wright Brothers figured out about flight?
A Serbian terrorist organization.
Because Moltke changed it
Why did the Schleiffen plan fail?
Germany, Austria-Hungary, Turkey
The Central Powers in World War I.
England, France, Russia
The Allies in World War I.
What did Woodrow Wilson attempt to create after World War I?
What killed more people than World War I did combined?
From troops in Europe
How did influenze reach the U.S.?
Women's Christian Temperance Union
What was formed to help women get rights to vote and stop alcohol from being sold?