Chapter 8 Quiz Flashcards
Industrial Revolution
The change from a agrarian society to one based on industry which began in Great Britain and spread to the United States around 1800
Capitalism
The economic system of the United States
Capital
Money into a business in hopes of making a profit
Free enterprise
Is another term used to describe the American economy. The major elements of free enterprise are competition profit private property and economic freedom
Technology
Scientific discoveries that simplify work
Eli Whitney
Inventor of the cotton grin and interchangeable parts
Cotton grin
A simple machine that quickly and efficiently removed seeds from cotton fiber
Patent
Gives an investor the sole legal right to the invention and its profits for a certain period of time
Samuel Slater
Had worked in the factory that use machines invented by Richard Arkwright for spinning cotton thread that later he memorized and brought it to America which made an important step in the industrial role of the revolution in America
Francis Cabot Lowell
Opened a textile plant in Waltham, Massachusetts
Interchangeable parts
Identical machine parts that could be put together quickly to make a complete product
Factory system
Is system that brought manufacturing steps together in one place to increase the efficiency
65% of Americans
Were farmers
Northeast
Farmers tended to be small and produce was usually marketed locally
South
Cotton production increased dramatically