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4.1
The Rise of Industry
Term | Definition |
---|---|
Edwin Drake | 1859 Drilled first oil well in Titusville, PA. Oil production fueled economic expansion. this spread from PA to TX. |
Entrepreneur | People who start business in hopes of making profits. They risk their own capital (money, land, resources) in running their business. |
Laissez-faire | Idea that people should be left alone to do as they choose in economic relationships. Foundation of capitalism - government should be small and "hands off" when it comes to economic issues. FREE ENTERPRISE. |
New Inventions Late 1800s | Telephone -- Bell Edison -- Electricity Lowe -- Ice Machine Northrup -- Automatic Loom |