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
How did the state of Texas encourage the growth of railroads in Texas? Population growth?
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How might the growth of railroads have spurred the growth of other Texas industries?
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Read pages 519-521 (Chapter 20, Lesson 3) and answer the following questions:
Why did James Hogg work so hard to regulate the railroad industry?
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What is the purpose of the Texas Railroad Commission?
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This political cartoon is found in the textbook and was created before the business reform laws were passed. What do you think is the message of the cartoon and why?
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Beginning of the Oil Industry in Texas
Watch “The Story of Us” video and take notes.
Next read pages 529-534 in the textbook to complete the rest of this graphic organizer.
What was Spindletop? Where was it located in Texas?
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Define boomtown:
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List the Positive Consequences of Oil Discovery
| List the Negative Consequences of Oil Discovery
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What were the consequences to towns as a result of the oil discoveries?
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What other industries and cities benefited from the oil boom in Texas?
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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. |