Economy picture

Changes in the U.S. Economy

By ebaus33
  • Tobacco Production

    Tobacco Production
    Tobacco production had spread by this time, after prices had boomed earlier in the Virginia area. After this time, export was still high as well as production. It was in the Prosperity stage because independent farming economies grew. This was in the Agricultural time period.
  • Textile Industry

    Textile Industry
    In this century, the textile industry grew greatly from being a cottage industry. This caused less inefficiencies in the production and manufacturing of many products. This was in a stage of prosperity because GDP was increasing and it is in the production of services period.
  • Period: to

    Changes in Economy

  • First Commercial Coal Mine

    First Commercial Coal Mine
    LinkCoal Industry
    The first commerical coal mine opened in Virginia in the 1740s. Coal had a huge part in the economy; it increased GDP greatly, and created a big number of jobs, which helped the coal industry grow. WIth the intro to coal, new things were invented that would also help the economy. It was in a prosperity state because there were many jobs and the GDP was high. It is part of the Industry period.
  • Trade

    Towns like Boston, New York, Philadelphia, and Charleston were developed in this century; they collected agricultural goods and dispersed manufactured products to farmers. As this trade grew, town populations and life in these towns increased. This produced more employment. This is in the production of services period, and was in a prosperity stage because GDP was increasing.
  • Cotton

    When the center of cotton production moved from south and west, cotton production increased dramatically. The newly moved cotton centers in the south attracted many migrants, and this caused a rising demand for cotton products. It is in the Prosperity Phase because this created many new jobs, and it is part of the Agriculture time period.
  • Telegraph

    The telegraph was developed in the 1830s, and this brought positive changes to the US. It made long distance communication possible, and this helped businesses organize and less problems occurred. It was in the Prosperity stage, because there was a great amount of production. This is part of the Info Technology time period.
  • Railroad Services

    Railroad Services
    Railroad Services
    England’s Liverpool and Manchester Railway became the first to offer regular passenger services. They collected pay as a result of this transportation services. This was the start of a big railroad industry. It was the prosperity stage because this caused a lot of jobs, and it is part of the production of services period.
  • Bessemer process

    Bessemer process
    Steel Link
    In 1856, the Bessemer process was developed to help make steel, and this process greatly increased the steel industry. This lowered the cost of steel production and used steel more often for railroads, construction, and other industrial purposes. It also sped up production time. This was in the recovery stage because the US was still recovering from the Civil War. This was in the Industrial time period.
  • Transcontinental Railroad

    Transcontinental Railroad
    Railroad Industry
    In this year, two major railroad companies started building a railroad that would connect the east to the west. A plus of this railroad is that it created many jobs, and had a huge impact on trading within the US. This caused the railroad industry to increase greatly. This was in the Recovery Stage because GDP was increasing. It is part of the Industry period.
  • Sharecropping

    The sharecropping system was made during reconstruction-black families could rent land in return for a portion of their crop. Even though they got economic independence, many went into debt. This was in the Recovery Stage because they were still fixing things from the Civil War, and it is part of the Agricultural time period because many things about producing crops had to be changed.
  • Invention of the Telephone

    Invention of the Telephone
    Telephone Link
    The first telephone exchange was in 1877, and later became and necessary tool in the US. A pro of the telephone was it changed marketing and politics and many sales were made; a con was people's privacy could be interrupted by unwanted calls. Telemarketers and business owners used this to try to profit. This fell in Recovery Stage; This was just after Reonstruction Era, and is part of Info Technology time period.
  • Automobile Industry

    Automobile Industry
    Automobiles LinkThe first modern automobile was built in 1901, and after this time there was a lot of competition between car businesses which helped the auto industry. This helped the economy because sales increased readily. A con of this is how oil sales increased and would continue to. It was in the Prosperity Stage because many jobs were created from the cars, and is in the Industry time period.
  • WWII and Oil Supply

    WWII and Oil Supply
    Oil Industry
    The oil industry was a main American Resource during World War II, and after the war the US continued to look for major sources of oil. The standard of living rose because the US was dependent on the cheap oil. However, as a result of this dependence, the supply of oil will run out in the far future. This is in the Depression Stage because it was during the Great Depression, and it is part of the Industrial period.
  • First Electronic Computer

    First Electronic Computer
    Electronic Computer
    Even though making these computers was expensive, they helped greatly in WWII and this helped save time and money. Also, it made up a big amount of GDP because most things had something to do with these computers. It was in a depression stage because it was during the Great Depression where there was a lot of unemployment and very low GDP. This was in the Info Technology period.
  • Introduction of the Television

    Introduction of the Television
    Television Link
    The television was introduced to the public in 1946. The big television boom occurred in1953, numbers came to about 2 million. Many consumers continued to buy the televisions, and this was good for the economy. I think that this falls into the recovery stage in the business cycle because the economy was recovering from WW II, and it is part of the Info Technology time period.
  • Commercial Use of the Internet

    Commercial Use of the Internet
    In this year, Congress decided that the internet could be used for commercial purposes. This helped entrepreneurs and other businesses make bigger profits. This was part of the prosperity phase, because GDP continued to increase rapidly in this time. This is part of the Info technology period.