Chapter 11 Flashcards
1
Q
What was the change from an agrarian society to one based on industry?
A
Industrial Revolution
2
Q
Where did the Industrial Revolution begin in America
A
New England
3
Q
What is capitalism
A
Where individuals put their capital into a business in hopes of making a profit
4
Q
What is money used for an investment
A
Capital
5
Q
What is a system where people are free to buy, sell, and produce what they want
and can work where they wish?
A
Free enterprise
6
Q
What sets the prices of goods in a free enterprise system
A
Prices/costs
7
Q
What is technology?
A
Scientific discoveries that simplify work
8
Q
What gives inventors legal rights to their inventions
A
Patens
9
Q
Who invented the Cotton Gin
A
Eli Whitney
10
Q
Who opened the first textile mill in the US
A
Samuel slater
