7th SS Chapter 7.1 Guided Reading Flashcards
The Industrial Revolution started in _______ in the mid-1700’s.
Britain
James Hargreaves built the _________ in 1764 and Edmund Cartwright built the ________ in 1780’s.
Spinning Jenny; Loom
What is a capitalist?
A person who invest in a business in order to make money.
How did British industrial technology make its way to the United States?
Samuel Slater memorized the plans from the factories and sneaked it into the United States.
What brought workers and machinery together in one place to product goods?
The Factory System
What is demand?
The readiness of people to purchase goods or services
What is supply?
The amount of goods available for sale.
What is scarcity?
The limited supply of goods or services.
What is credit?
Borrowed money.
Who did Samuel Slater work with to build the first successful textile mill in the United States?
Moses Brown, a Quaker capitalist
Who pioneered interchangeable parts?
Eli Whitney
Interchangeable parts would save _____ and _____.
Time and money
What provided a boost to American industries?
War of 1812
The first factories were built in Pennsylvania and _______.
New England
When will the price of a good be high?
When the product is in high demand and supply is limited.