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11th Grade TAKS Review

Late 19th Century (1877-1898). IndustrializationGilded Age. Free Enterprise System. All economic systems answer the following 3 questions:WHAT should be produced? HOW should it be produced? WHO should it go to? In the free enterprise system, people are free to produce what they can and to buy w

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11th Grade TAKS Review

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    1. 11th Grade TAKS Review

    2. Late 19th Century (1877-1898) Industrialization Gilded Age

    3. Free Enterprise System All economic systems answer the following 3 questions: WHAT should be produced? HOW should it be produced? WHO should it go to? In the free enterprise system, people are free to produce what they can and to buy what they can afford. The interaction of decisions in the market by producers and consumers determines what is produced.

    4. Market-Oriented Agriculture Growing crops and raising animals for sale in the market to make a profit.

    5. Farm Issues Issues surrounding the production of agricultural products. The main issues were the high cost of transportation (caused railroad monopolies) low prices for farm products (caused by overproduction) mortgaged farms in order to buy seed and supplies.

    6. Industrialization Production of goods and products in factories by machines. Occurred in the late 19th century led to more goods being produced at lower prices new sources of energy replaced human and animal power factories and machines replaced the production of goods by hand (cottage industry) farmers left the countryside to work in cities, while population growth increased.

    7. Commercial Industry Products usually made in a factory by a machine to sell in a market. Production of manufactured goods in a market economic system.

    8. Big Business Large companies that control major portions of the economy Owners of big businesses became politically powerful because of their wealth from profits.

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