Responses
Profit Margin: Boom-and-bust cycles have impacted all industries in Texas except the oil and gas industry, which has consistently made profits due to high demand since the Spindletop oil strike in 1901.
Profit Margin: Boom-and-bust cycles have impacted all industries in Texas except the oil and gas industry, which has consistently made profits due to high demand since the Spindletop oil strike in 1901.
Global Competition: Economic profits in Texas decreased significantly after the North American Free Trade Agreement gave Mexico an unfair advantage over Texas businesses near the border.
Global Competition: Economic profits in Texas decreased significantly after the North American Free Trade Agreement gave Mexico an unfair advantage over Texas businesses near the border.
Limited Government: When railroads created a monopoly and charged farmers unreasonable shipping rates, the Texas government created the Railroad Commission to regulate the industry and ensure fair rates.
Limited Government: When railroads created a monopoly and charged farmers unreasonable shipping rates, the Texas government created the Railroad Commission to regulate the industry and ensure fair rates.
Supply and Demand: After the Civil War, a surplus of cattle and high demand for beef in the North increased prices and led to a boom in the Texas cattle industry.
Supply and Demand: After the Civil War, a surplus of cattle and high demand for beef in the North increased prices and led to a boom in the Texas cattle industry.
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1 answer
The statement that accurately explains how an element of the free enterprise system has impacted the Texas economy is:
Supply and Demand: After the Civil War, a surplus of cattle and high demand for beef in the North increased prices and led to a boom in the Texas cattle industry.
This statement illustrates how the economic principles of supply and demand directly influenced the growth of the cattle industry in Texas, highlighting the role of market forces in shaping the local economy.
