Andrew Carnegie Cut the Cost of Steel Rail in Half

question 19

True/False

Andrew Carnegie cut the cost of steel rail in half by switching to the Bessemer process.​

---

Definitions:

American Producers

Businesses or individuals in the United States that create or provide goods and services.

Oil Imports

The purchase of petroleum from foreign countries, essential for economies that consume more oil than they produce domestically.

Comparative Advantage

is the economic theory that a country should specialize in producing and exporting goods and services for which it has the lowest opportunity cost.

Opportunity Cost

The cost of forgoing the next best alternative when making a decision.