Economics
What is scarcity?
When there is not enough of something to go around
This was the time period after the Civil War. What was it called?
Hint: look at the category name
What is Reconstruction?
Name one method that Southern states used to prevent African American men from voting?
Answers: Poll tax, literacy test, grandfather clause
In 1860 the U.S. had about 30,000 miles of this. By 1900, the nation had nearly 193,000 miles of this
What is railroad track?
He was a Scottish immigrant who owned 1/3 of steel production in the US and was the creator of the Gospel of Wealth
Who is Andrew Carnegie?
This type of scarcity is based on a limited time only
What is urgency?
This plan only required 10% of a southern states white male population to pledge loyalty to the Union and any Confederate soldiers who pledged loyalty were granted a pardon. This plan was created by Abraham Lincoln
What is the 10% plan?
This supreme court decision created the principle of separate but equal when an African American man attempted to ride a whites only car in Louisiana
What is Pless v Ferguson
He made his fortune in the shipping business before selling his business and investing it all in the railroad business
Who is Cornelius Vanderbilt?
He is known as America's greatest banker and is the inspiration for the Monopoly man
Who is JP Morgan?
This type of scarcity is based on restrictions and everyone may not be able to buy/purchase
What is exclusivity?
This plan was harsher and required 50% of a state's white male population to pledge loyalty. Confederates were not allowed to vote and state must abolish slavery and new governors were appointed to lead the southern states. This plan was intended to punish the South.
What is the Wade-Davis plan?
acceptable answers: Radical Republican plan
This was known as the separation of the races
What is segregation?
Before the Transcontinental Railroad, how long did it take to get from New York to California?
Six months
He is the creator of the Standard Oil company and is the richest man in American history
Who is John Rockefeller?
This type of scarcity is based on being rare or hard to find
What is rarity?
This plan also only required 10% of a states white male population to pledge loyalty and would have pardoned Confederate soldiers while also protecting their property. However, high ranking Confederate officials were required to personally visit Andrew Johnson to ask for a pardon/mercy
What is the Andre Johnson Plan or Restoration Plan?
This terrorist group popped up at the end of the Civil War to terrorize newly freed African Americans
What is the KKK?
This metal allowed the building of stronger bridges, skyscrapers and railroad track
What is steel?
He was the inventor of AC current
Who is Nikola Tesla?
This type of scarcity is based on their being too much of a item/good/product
What is excess demand?
These laws were passed by racist white southerners to restrict the rights of African Americans, for example, no African Americans could gather after dark in large groups, nor were they allowed to rent houses
What are the Black Codes?
This governmental agency was created to help newly freed African Americans and poor whites recover at the end of the Civil War
What is the Freedman's Burea?
This process allowed steel to be mass produced. Molten iron had air blown through it which burned off carbon impurities in the metal.
What is the Bessemer Process?
This guy electrocuted an elephant to demonstrate the dangers of AC current. Inventor of the lightbulb
Who is Thomas Edison?
Are resources limited or unlimited?
Resources are limited
This amendment abolished slavery
What is the 13th amendment?
This president came within one vote of being impeached. He was also the first President to be impeached.
Who is Andrew Johnson?
This is when a person has control over an entire industry. Hint: it is also a board game that people cheat in
What is a monopoly?
Tesla won the war of the currents by electrifying this international event
What is the World's Fair/Chicago Fair?
What is a need?
A need is something that someone has to have to live, a neccessity like food, water, shelter
This amendment granted citizenship to everyone born in the US, regardless of their former condition of servitude
What is the 14th amendment?
This President was a war hero of the Civil War, but his term was plagued by scandal and corruption
Who is Ulysses S. Grant?
This type of business model is when a person or company owns every step in the production and sale process, like a step ladder
What is vertical integration?
This is something or things that someone wants to achieve, such as family vacations, buying a house, or saving money.
What is an economic goal?
What is a want?
A want is something that someone would like to have, but does not need
This amendment granted African American men the right to vote
What is the 15th amendment?
This President's election marked the end of Reconstructio
Who is Rutherford B. Hayes?
This is a business model in which a person or company buys out all of their competitors and merges them into one company
What is horizontal integration?
this is about the amount of choice people have to choose where they work and live, the type of career they choose to have, what they decide to buy or sell, and what they do with their income.
What is economic choice?