Which Technological Innovations Transformed the Size and Efficiency of American

question 23

Essay

Which technological innovations transformed the size and efficiency of American farms? How did this change the economics of farming?

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Definitions:

Conversion Costs

The combined costs of direct labor and manufacturing overhead involved in transforming raw materials into finished goods.

Raw Materials

Basic materials that are used in the production process to create goods and products.

Debt Securities

Financial instruments representing money borrowed that must be repaid, which include bonds, bills, and notes issued by governments or corporations.

Interest Revenue

The income earned from lending money or from investing in interest-bearing financial instruments.