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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?

Standard Oil

What was John Rockefeller's oil company called?

John D. Rockefeller

Who owned the oil company Standard Oil?

Bessemer Process

Allowed steel to be made at a reasonable cost, much cheaper than it usually was.

Henry Bessemer

Who founded the Bessemer Process?


By what year did the U.S. lead the world in steel production?

Pure Monopoly

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.

J.P. Morgan

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?

Tom Watson

Who founded the Populist party?


Too much money chasing too few goods.


Too many goods being chased by too little money. (Opposite of inflation)

Gresham's Law

A law that stated that bad money always drives out good money.

Bad Money

Money that is worth less than good money.

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?

Yellow Press

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?

William McKinley

Who defeated William Jennings Bryan in the Election of 1900?

Theodore Roosevelt

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?

Multiplier Effect

How one business creates jobs and businesses in other areas of the economy.

Henry Ford

Who created the Model T?

Model T

What was Henry Ford's best model?

Wright Brothers

Who invented the airplane?

Lift, Propulsion, Control

What were the three things that the Wright Brothers figured out about flight?

Black Hand

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.

14 Points

What did Woodrow Wilson attempt to create after World War I?

Influenze Pandemic

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?

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