Vocabulary
What kind of system allows producers to sell goods of their choice and consumers to purchase goods of their choice? This governmental system allows for competition in the marketplace.
Free Enterprise
Which industry benefitted the most from the Texas PINEY WOODS in the Northeast Gulf Coastal Plains Region?
Logging / Lumber Industry
The first oil gusher came from a salt dome in Texas called _____.
Spindletop
Who invented the Assembly Line?
Henry Ford
In the early 1900's, the supply of oil was high. Therefore, oil was able to sell for a ____ price.
cheaper / lower
Before the oil boom, many Texans lived in ____ areas, but soon, they sold off their farms and ranches and moved to the _____ areas of Texas, closer to town.
rural / urban
Which industry helped the rancher sell his cattle beef quicker, resulting in more money for the rancher? (i.e. Rather than selling the whole cow to those living in the North, the rancher would only ship his beef up North.)
Meatpacking Industry
The two men credited with the Lucas Gusher at Spindletop were:
A) Patillo Higgins and Anthony Lucas
B) Joseph Glidden and Anthony Lucas
C) Patillo Higgins and Henry Ford
D) Joseph Glidden and Henry Ford
A) Patillo Higgins and Anthony Lucas
The Assembly Line allowed each worker to master one specific skill. This is called ____.
Specialization
Because of the COVID 19 Pandemic, more and more students are learning virtually from home. This caused more consumers to purchase computers and printers. Therefore, a company like Best Buy needed to ____ the prices of their computers in order to compete with Target, Walmart, and Amazon in the marketplace.
Oil Refinery
How did the Education Industry help the U.S. economy?
The Education Industry made for more school buildings to be built. Each school building needed at least one teacher, student desks, student books, school supplies, etc. This helped many businesses in selling school supplies and building new school houses. All of this brings more money to the economy. (The more people, the more businesses, the more money...)
Why is oil called black gold?
Oil is just as valuable (if not more so) than gold. It is worth a lot of money.
Specialization and the Assembly Line allowed for bigger jobs to break down into smaller tasks which could be completed more efficiently (quickly). This is called _____.
The more competitors in the marketplace, the ____ producers should sell their goods.
Less
Doing something in a way that saves you time and energy, as the Assembly Line, is called ______.
Efficient / Efficiency
How did the railroad industry effect the shipping industry?
The railroads of Texas start & stop in Galveston at the Galveston Port. This allows goods to be shipped across the world by way of ships/barges and across the country by way of train. This brought a lot of new jobs and therefore a lot of new people and money into the state. (The more people, the more businesses, the more money...)
The oil discovery at Spindletop created which boomtown?
A) Houston
B) Beaumont
C) Dallas
D) Galveston
B) Beaumont
How did the Assembly Line create Mass Production for the automotive industry?
The assembly line allowed for more cars to be made in less time (mass production). This allowed the supply of the automobile to increase. Since the demand was also high, car dealers could sell their cars for a lesser price. The less a car costs, the more Americans can purchase a car. This gave the automotive industry a BOOM!
Often times, Supply and Demand depend on the time of year. When would the following items have the largest demand?
- Swimsuits
- Mittens
- Pumpkins
Swimsuits: Spring-Summer
Mittens: Winter
Pumpkins: Fall/Autumn
What vocabulary word belongs with each definition below?
1) The oil boom brought more factories to Texas that ran on machines that used oil, allowing for faster production of goods. This process of faster production is called ______.
2) The more factories that were built, the more people moved from country-living to city-living. This process of moving from the country to the city is called ____.
Industrialization / Urbanization
List 5 major industries in the state of Texas.
1) Agriculture (Farming & Ranching Industry)
2) Oil Industry
3) Technology Industry
4) Medical Industry
5) Education Industry
6) Logging Industry
7) Aviation Industry
8) Fisheries
9) Shipping Industry
10) Manufacturing Industry
How did the oil industry effect the Texas economy?
Answers will vary ... looking for the oil industry bringing more people to Texas. The more people, the more businesses that open, and the more businesses that open, the more money flowing through the economy. This allows more people to move in and open more businesses - - economic circle.
How did the automotive industry affect the United States Economy?
Answers will very ... looking for the more cars that were being produced, the lower the price of the car. The lower the price of the car, the more Americans can afford their own automobile. The more people driving around in their own cars, the more roads needing to be built. The more roads needing to be built, the more gas stations popping up around the country. (i.e. The more need for businesses, the more people will need to move to an area. The more people that move to an area, the more businesses that open. The more businesses that open, the more money cycles through the economy.) ... The Economic Circle
What are two major industries that were negatively affected by the COVID 19 Pandemic?
- Positive: Medical Industry, Technology Industry; Individual Outdoor Sports (bikes, roller skates, swimming pools); Food & Beverage Industry (grocery stores); Entertainment Industry (cable TV, Netflix, Disney Plus...)
- Negative: Food & Beverage Industry (restaurants), Sports Industry (major league sports), Aviation Industry (planes), Entertainment Industry (Theme Parks, Movie Theaters, Gaming Locations)