Free Enterprise System
What is a free enterprise system?
Systems that allow individuals to have freedom of choice can meet changing wants and needs.
What was one thing that Charles Goodnight was known for?
Inventing the Chuck Wagon.
Who is credited for starting the oil industry in Texas?
Patillo Higgins
What was the Dustbowl?
A period of time from about 1930-1940 of severe drought.
Who was Franklin D. Roosevelt?
The President of the U.S. that brought the country out of the Great Depression. Came up with the New Deal.
When supply is higher than demand, the price of the good goes...
down
What is one of the things that Richard King was known for?
Establishing the largest ranch in the world. (The King Ranch)
What was the significance of Spindletop?
First major oil well in Texas
What was one cause of the Dustbowl?
Overfarming, soil erosion, drought, strong winds
A government program put in place by Franklin D. Roosevelt to pull the U.S. out of the Great Depression.
When the supply of a good is low, but the demand is high the price of the good goes....
Up
What is one thing that Lizzie Johnson is best known for?
First Woman to ride the Chisolm Trail with cattle under her own brand.
What were the impacts of the oil industry in Texas?
Population growth (urbanization), created jobs, modified the natural environment, new products developed
What were some of the impacts of the Dustbowl?
Destroyed homes, forced people to move to cities for work, destroyed farmland, Soil conservation programs
What was one of the causes of World War II?
World Wide economic depression, attack on Pearl Harbor, rise of millitarism in Germany and Japan, failure of the League of Nations
What are some of the benefits of a free enterprise system?
private property ownership, being able to make/sell goods/services for a profit.
What is one thing that Joseph Glidden is known for?
Inventing the most effective form of barbed wire.
What is a disadvantage to the oil and gas industry?
Pollution. The burning of fossil fuels pollutes the Earth and the air, which causes health problems for both humans and animals.
What was one of the causes of the Great Depression?
surplus of goods, unemployment rising, stock market crash, widespread debt
What were some of the impacts of World War II?
Economic recovery (jobs created), established military bases in Texas, empowered women by getting them more involved in the workforce.
When a new gaming system comes out, and no other company has a similar gaming system out, what happens to the price of that item according to supply and demand?
The price increases.
Why are the North Central Texas Plains an ideal region for the ranching industry?
They have large open grasslands, with plenty of space and different grasses for grazing.
Created jobs, produces alot of energy , and a constant source of power.
What were some of the impacts of the Great Depression?
People lost their jobs, their homes, their farms, the country went into an economic depression.
Who were some notable Texas individuals during World War II?
Cleto Rodriguez, Audie Murphy, and Bessie Coleman