Examples of economies of scale in the following topics:
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- The rise of large-scale plantations in the South led to the widespread use of slavery to support the colonial economy.
- The invention of the cotton gin in 1793 enabled the cultivation of short-staple cotton in a wide variety of areas, leading to the development of large areas of the Deep South as cotton country in the 19th century.
- The rapid expansion of large-scale plantations and single-crop agriculture in the Deep South greatly increased demand for slave labor, and slavery became the backbone of the British colonies.
- While the southern part of Carolina produced thriving economies on rice and indigo (a plant that yields a dark blue dye used by English royalty) throughout the 18th century, the northern part of Carolina—later established as the separate colony of North Carolina—turned more toward tobacco production, like its neighbor Virginia.
- James Oglethorpe was a British general, Member of Parliament, and philanthropist, as well as the founder of the colony of Georgia.
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- Although Hoover was a committed Republican who believed in minimal government intervention, low taxes, and the power of free market, he also assumed that the federal government should act when the national economy and the well-being of citizens were at stake.
- Furthermore, lowering taxes, public work projects, and loosening credit policies by the Federal Reserve aimed to energize the economy.
- In turn, Hoover accused Roosevelt of being a capitalist that would only worsen the crisis by decreasing taxes, reducing government intervention in the economy, promoting free trade, and cutting federal, state, and local government programs.
- His New Deal agenda - a series of relief and recovery programs designed to stabilize and energize the economy and directly support unemployed and poverty-stricken Americans - was a large-scale response built around the idea of the central government's intervention.
- The Tennessee Valley Authority (1933) was the first large-scale public work project.
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- The new technologies and tools that arrived with the Industrial Revolution strengthened large-scale domestic manufacturing in the United States.
- During this era, Americans began to experience the forces of supply and demand on a broader scale.
- The large-scale production of cash crops began to replace subsistence farming in the South and West.
- Simultaneously, port cities such as Baltimore, Philadelphia, New York, and Boston developed powerful economies that began to challenge those of contemporary midsize European cities.
- Summarize the key social and economic transformations that accompanied the nation's movement away from small-scale subsistence farming toward agriculture and manufacturing aimed at the market
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- Himself a libertarian, Hoover's own rugged individualism may have resulted from his frustration with the unprecedented government involvement in the economy during World War I.
- Hoover saw volunteerism as preferable to governmental coercion or intervention, both of which he felt opposed the American ideals of individualism and self-reliance.
- Regarding poverty, Hoover said that "given the chance to go forward with the policies of the last eight years, we shall soon, with the help of God, be in sight of the day when poverty will be banished from this nation. " He added that "we in America today are nearer to the final triumph over poverty than ever before in the history of any land. " Mere months after Hoover made these statements, however, the Stock Market Crash of 1929 occurred, and the world's economy spiraled downward into the Great Depression.
- Providing large-scale humanitarian efforts, Hoover feared, would injure "the initiative and enterprise of the American people. " Unfortunately, this approach had little effect, and the economy continued to suffer for years.
- Analyze the relationship between Hoover's "rugged individualism" and his understanding of government intervention in the national economy
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- Bill Clinton epitomized the New Democrat ideology with his focus on improving the economy and economic deregulation.
- This was especially evident in the large scale deregulation of agriculture and the telecommunications industries.
- The New Democrats were focused heavily on improving the economy, and during Clinton's presidency, they were responsible for passing the Omnibus Budget Reconciliation Act of 1993.
- It also made tax cuts available to 90% of small businesses.
- Furthermore, it mandated that the budget be balanced over a number of years, through the implementation of spending restraints.
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- A plantation economy is based on agricultural mass production, usually of a few staple products grown on large plantations such as tobacco.
- A plantation economy is based on agricultural mass production, usually of a few staple products grown on large farms called plantations.
- Plantation economies rely on the export of cash crops as a source of income.
- Scale economies are also achieved by long distances to markets and reduction in the crop's size.
- Over the years, tobacco became important to Virginia's economy, even acting as currency at times.
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- Yet, the U.S. economy was in the midst of the greatest crisis in the
country's history.
- The New Deal was an
unprecedented plan that envisioned large-scale programs and reforms designed to
support struggling Americans, boost the economy, and prevent similar disasters
in the future.
- Recovery meant bringing the economy back to the
level of stability and prosperity.
- The Tennessee Valley Authority
(1933) was the first large-scale public work project, which created short- and
long-term jobs by building and operating a hydroelectric project in the valley
of the Tennessee River.
- The New Deal was always about fixing capitalism rather than replacing it with a
state-regulated economy.
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- Growth of the United States economy during the Market Revolution produced an upsurge in investment in emerging financial sectors.
- These speculative investments were frequently made with borrowed funds, resulting in large-scale cycles of boom and bust in the early 1800s.
- Cotton, at first a small-scale crop in the South, boomed following Eli Whitney's invention of the cotton gin in 1793.
- The Panic of 1819 was the first major financial crisis in the United States, and occurred during the political calm of the Era of Good Feelings.
- The panic resulted in a wave of bankruptcies and bank failures; land prices dropped and wide-scale urban unemployment began .
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- Growth of the U.S. economy during the Market Revolution produced an upsurge in investment in emerging financial sectors.
- These speculative investments were frequently made with borrowed funds, resulting in large-scale cycles of boom and bust in the early 1800s.
- Cotton, at first a small-scale crop in the South, boomed following Eli Whitney's invention of the cotton gin in 1793.
- In 1842, the American economy was able to rebound somewhat and overcome the five-year depression, due in part to the Tariff of 1842.
- However, according to most accounts, the economy did not fully rebound until 1843.
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- With the passage of time there was a pattern of increasing regional generalization, such as the Southwest, Arctic, Poverty, Dalton, and Plano traditions.
- These regional adaptations would become the norm, with people relying less on hunting and gathering and more on a mixed economy of small game, fish, seasonal wild vegetables, and harvested plant foods.
- The Archaic stage was characterized by subsistence economies supported through the exploitation of nuts, seeds, and shellfish.
- Sedentary farming within each local community during the end of the period showed variations on how each of these economies were run.
- There is evidence of large-scale exploitation of oysters starting around 3000 BCE.