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Economics 201 Intro

Principles of Economics Introduction

QuestionAnswer
The brief history of US economic growth begins in 1607 when: The Jamestown colony was established.
The Jamestown colony was the first permanent: English settlement in what would become the United States of America.
The Jamestown colonists were drawn to the New World largely by: Economic motivation and the colomists hoped to strike it rich by discovering gold, silver, and copper.
The original Jamestown colonists included a number of: Goldsmiths and jewelers, but not a single farmer.
The original colonists in Jamestown did not strike it rich. Instead,: They confronted the basic economic problem of scarcity. The colonists had only limited resources to try and satisfy their unlimited wants.
Initially, the colonists struggled to produce enough: Output even to sustain life. The Jamestown colony was on the verge of failure.
In June of 1610, ships under the leadership of: Lord De La Warr arrived at Jamestown bringing more colonists and supplies.
In 1612, the Jamestown colony began producing: Tobacco for export, earning very high returns.
As the population of the Jamestown colony grew, the labor force became more: Specialized, which increased labor productivity.
As the population of the Jamestown colony grew, physical capital was built up through: Savings and investment.
As the population of the Jamestown colony grew, human capital was: Developed through education and training and through work experience.
The Jamestown colonists enjoyed a good deal of economic freedom, even though: They were under British rule.
The colonists fought and won a war of national independence, established a Constitution that balanced a strong central government with individual freedom, and had achieved economic growth so that: They enjoyed a standard of living higher than most people in the world at that time, even though their standard of living was extremely low by modern standards.
Per Capita Output (or Per Capita GDP) A basic measure of standard of living. It is computed by dividing a nation's total output by its population.
Between 1790 and 1860, per capita output: Increased by fifty percent.
Most of the economic growth between 1790 and 1860 was caused by: Improvements in agricultureal productivity, due to advances in agricultural technology and due to improvements to transportation.
The total cost of the Civil War includes: Lost of human caipital, government expenditures, and destruction of property, has been estimated at $6.7 billion. This was about double the national income of 1860.
After the Civil War, agricultural production: Such as corn production and wheat production continued to increase.
The Industrial Revolution caused: Increased industrial production. Including major technological breakthroughs in steel production, in communication, and in transportation.
The increase in agricultural and industrial production meant: A higher standard of living, due to the per capita output doubling between 1860 and 1929.
In 1929, the Great Depression began. The _______________ ________ would average 18% for the decade of the 1930s. Unemployment Rate
The average consumer today can consume: Five times as much as the average consumer in 1929, ten times as much as the average consumer in 1860, and fifteen times as much as much as the average consumer in 1790.
In the twentieth century, per capita output in the US: Increased by about eight-fold, which caused remarkable improvements in the quality of life for the average American.
Created by: dengler
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