A New Economy

Question 1

Rise of Factories

Answer 1

The factory system replaced skilled artisans with mass production.

Question 2

Textile Industry Boom

Answer 2

Lowell Mills (Founded in 1823, Massachusetts) employed young women in large textile factories.

Question 3

Interchangeable Parts (1790s-1820s)

Answer 3

Pioneered by Eli Whitney, revolutionized manufacturing and led to mass production.

Question 4

Increased Immigration

Answer 4

Irish and German immigrants arrived in large numbers to work in factories and on infrastructure projects.

Question 5

Urbanization

Answer 5

Industrial centers grew, creating new social and economic challenges.

Question 6

Growth of Banking and Credit

Answer 6

Expansion of banks facilitated business growth but also led to financial instability.

Question 7

Panic of 1819

Answer 7

First major U.S. economic depression caused by overspeculation in land and banking failures.

Question 8

Expansion of Agriculture

Answer 8

Farmers produced surplus crops for markets instead of subsistence farming.

Question 9

Western Migration

Answer 9

Government policies like the Indian Removal Act (1830) pushed Native Americans off their lands.

Question 10

Shift in Labor Systems

Answer 10

Wage labor and factory work replaced many traditional artisan and farming jobs.