economy- the wealth and resources of a nation and how they are managed
free enterprise/market economy- an economy in which individuals have the right to own businesses and make money with little government interference
entrepreneur- a risk-taking business person
capital- the equipment, factories, or money used to produce goods or services.
profit- to make money
agribusiness- farm related business such as crops and cattle
petroleum industry- the production and distrubtion of oil and natural gas
8. supply and demand- When supply of a product goes up, the price of a product goes and demand for the product can rise because it costs loss.
9. boom/ bust cycle- a cycle of intense highs and lows
10. diversification- increasing the variety of product
11. petrochemicals- chemicals or products made from petroleum such as rubber, synthetic fibers, plastics, and cosmetics
Read pages 519-521 (Chapter 20, Lesson 3) and answer the following questions:
Hogg wanted to end corruption in business and government in TX. As the state attorney general, he supported social reforms aimed at improving the lives of Texans. He lobbied for state antitrust laws primarily targeting the RR that were controlling rates and organizations controlling the cotton market. As governor, he asked the legislature to create a state agency to regulate RR and stop their unfair practices. He was successful in passing several laws: establishing the RR Commission, protecting the value of stocks for investors, and requiring RR to sell the public lands they were given by the state.
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Beginning of the Oil Industry in Texas
What was Spindletop? Where was it located in Texas? |
Define boomtown: |
List the Positive Consequences of Oil Discovery population growth brought more money into the towns and cities well developed RR network growth of lumber industry improvement and protection of workers’ rights with creation of workmen’s compensation
| List the Negative Consequences of Oil Discovery boomtowns were often lawless, dirty, and crowded towns often disappeared when the boom ended workers were often controlled by the companies and had few rights
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What were the consequences to towns as a result of the oil discoveries? populations swelled rural streets turned to bogs because of damage from heavy trucks rail lines were built leaks in oil tanks polluted streams and waterways crime and disease were prevalent TX government sent TX Rangers to some towns to restore law and order towns often disappeared when the boom ended
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What other industries and cities benefited from the oil boom in Texas? Houston became a center of oil business Dallas became a commercial center, manufactured goods and cotton were shipped by rail Companies from the North and East setup branches in TX cities Fort Worth - meat packing Port Arthur - oil refining and shipping El Paso - mining and refining of copper, lead, gold, and silver lumber industry boomed because of construction need for law practices, banking, accountants, and business executives grew because of the booming businesses
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1 Popular Sovereignty | “Popular” = people. “Sovereignty” comes from “sovereign” = ruler. Popular sovereignty means the people rule. |
2 Limited Power of Government | We, as in “we the people”, give the government power… but not too much power. |
3 Federalism | Federalism is the sharing of powers between the state and national government. Some powers are state powers, some national, and some are shared. National Powers maintain armed forces coin money declare war establish foreign policy State Powers maintain schools marriage and divorce laws conduct elections regulate trade within the state Shared powers raise taxes charter banks provide for the public welfare administer criminal justice |
4 Separation of Powers | Separating powers guards against putting too much power in the hands of a few people.
Legislative- makes laws Executive- sees that laws are carried out Judicial- decides if laws are fair |
5 Checks and Balances | Each branch of government can check, or control, the power of the other two branches, so there is a balance of power. Congress has the power to pass laws... but the president can veto laws. However, Congress can check the president’s power by overriding, or canceling, the veto. The Supreme Court can overrule laws that are unconstitutional. Legislature can impeach a president. |
6 Republicanism | Republicanism is a philosophy of limited government in which elected representatives serve at the will of the people. |
7 Individual Rights | Individual rights are the basic liberties and rights that are guaranteed in the first 10 amendments to the Constitution, the Bill of Rights. |
