USA HISTORY

Detailed explanation-1: -Many factors promoted industry, including cheap labor, new inventions and technology, and plentiful raw materials. Railroads rapidly expanded. Government policies encouraged growth, and large corporations became an important part of the economy.

Detailed explanation-2: -Economists divide the factors of production into four categories: land, labor, capital, and entrepreneurship. The first factor of production is land, but this includes any natural resource used to produce goods and services.

Detailed explanation-3: -What were America’s important natural resources? In the years after the Civil War, advances in technology began to change the nation. There were three causes of these advances: a large supply of natural resources, an explosion of inventions, and a growing city population that wanted the new products.

Detailed explanation-4: -In the decades following the Civil War, the United States emerged as an industrial giant. Old industries expanded and many new ones, including petroleum refining, steel manufacturing, and electrical power, emerged.