Unit 5-- Economic Growth Flashcards
Why Chinese Immigrants came to America
Came for the Gold Rush and worked on the Trans. Railroad
Why Irish Immigrants came to America
Escaping potato famine in Ireland
Characteristics of free enterprise
Limited government interference in business
Prices are determined by supply and demand
Private business owners receive the profits
Competition promotes innovation
Who is the Cotton Gin creator and its affects
Created by Eli Whitney increased cotton production and
demand for slaves
Where did mostly women and children worked
factories and textile mills
Economy of the North
Factories/ Manufacture
Economy of the South
Agriculture /Plantations
Economy of the West
Mining
What did the Telegraph/Morse Code allow
Allowed for long-distance transmission of information/ communication
How did the Erie Canal contribute to economic growth
Decreased the cost of shipping goods from Mideast & created New York and other
Northeast cities
Benefits of Railroads
Opened new markets for trade, increased transportation, and migration west
What did the Bessemer Steel Process do and its affects
Turned iron to steel and increased number of
railroad tracks
The Steel Plow increased what?
Increased migration in the Midwest/West for farming
Economic growth led to?
sectionalism and disagreement between protective tariffs
Who was Eli Whitney?
An American inventor
What did Eli Whitney create?
Cotton gin and Interchangeable Parts
What jobs were created by the Industrial Revolution?
Factory Workers, Textile Mill Workers, Coal Miners, Iron and Steel Workers, Railway Workers, Managers and Supervisors, Specialized Professionals, Retail Workers, Unskilled Labor, Transportation Workers,
Service Workers and the growth of cities and towns led to an increase in service jobs, such as doctors, lawyers, and teachers.
Why did the price of consumer goods decrease during this time?
Mass Production and Mechanization:
The Industrial Revolution saw the rise of factories and machines, enabling the mass production of goods at a significantly faster and cheaper rate than traditional handcraft methods.
Lowered Production Costs:
Machines could produce goods in larger quantities, reducing the cost per unit.
Interchangeable Parts:
The development of interchangeable parts made production faster and easier, as well as more reliable and cheaper to repair.
Increased Supply and Demand:
As more goods became available, the supply increased, and with increased availability, prices tended to decline.
Improved Transportation:
Innovations in transportation helped distribute goods more efficiently and at lower costs, further contributing to lower prices for consumers.
New Industries and Innovations:
New industries, such as the textile and iron industries, emerged and grew rapidly, leading to the production of a wider variety of goods at lower prices.
Rise of Consumerism: As goods became more affordable, a new consumer culture emerged, with people having access to goods that were previously considered luxuries.
