Asked by
Lindsay Tujague
on Dec 13, 2024Verified
From Abraham Lincoln's life, which would be an example from the old economy when compared to the newly transformed market economy?
A) Lincoln working as a lawyer for the Illinois Central Railroad.
B) Lincoln as a state legislator promoting river transportation.
C) Lincoln getting paid in cash and then purchasing clothing from a store.
D) Lincoln settling family debt by doing labor for the neighbor.
E) Lincoln's father taking livestock to a faraway marketplace.
Old Economy
Term referring to traditional industries and economic sectors such as manufacturing, which rely heavily on physical labor and tangible assets.
Market Economy
A market system in which investment, production, and distribution decisions are driven by the forces of supply and demand, with the prices of goods and services being set in a free pricing system.
Abraham Lincoln
The 16th president of the United States, who served during the Civil War and is remembered for abolishing slavery.
- Understand the transformation of the American economy from agriculture to industry.
Verified Answer
FG
Learning Objectives
- Understand the transformation of the American economy from agriculture to industry.