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Chap. 8.1-2
Economic Factors and Growth
| Answer | |
|---|---|
| What is it called when individuals put their capital (money) into a business in hopes of making a profit? | capitalism |
| What is referred to as "capital"in economics? | money |
| What is the economic system called where people are free to buy, sell, and produce whatever they want and work wherever they wish? | Free Enterprise |
| Technology is... | scientific discoveries that simplify work |
| What gives the inventor the sole legal right to the invention and its profits for a certain period of time? | Patent |
| What brought manufacturing steps together in one place to increase efficiency? | Factory System |
| identical machine parts that could be put together quickly to make a complete product were called... | Interchangeable parts |
| A turnpike was another name for a... | toll road |
| An artificial waterway | Canal |
| Locks on a waterway are... | separate compartments where water levels were raised or lowered |
| How did new inventions help to bring about the Industrial Revolution? | Created machinery to perform some of the work |
| Why were the factories of the Industrial Revolution dependent on Geography? | They ran on waterpower so mills were built along rivers |
| What population changes were caused by the Industrial Revolution? | People left their farms and homes to work in mills and earn wages |
| What four advantages did the New England states have at the beginning of the Industrial Revolution? | Soil was poor and farming was difficult. They had many rushing rivers. It was close to other resources (coal and iron from Pennsylvania) They had many ports (so trade was easy) |
| Competition, Profit, Private Property, Economic Freedom are the major elements that make up the... | Free Enterprise System |
| What three inventions greatly affected the manufacturing of textiles? | Spinning Jenny Water Frame Cotton Gin |
| How did the machinery of the Industrial Revolution come to the United States? | Samuel Slater memorized the design of the machines in Britain, slipped out of the country, and duplicated the machines at a mill in Pawtucket, RI. |
| Why did people use the ideas and inventions of the Industrial Revolution to make other products? | Because of the increased efficiency (translation... they could make more money) |
| What were the four advantages of using interchangeable parts? | 1) Identical machine parts could be put together quickly to make a complete product 2) Manufacturing required less-skilled labor 3) Repairs were easier 4) Producing on a mass scale reduced the price of the goods |
| What effect did all these new inventions (the spinning jenny, the water frame, and the cotton gin) have on cotton production? | Cotton production soared from 3000 bales/year to 300,000 bales/year in 30 years |
| As towns began to grow, what two problems did they often suffer from? | Disease and Fire |
| Despite these problems, why did cities continue to grow? | Jobs and attractions outweighed the dangers |
| What were the two main reasons for building the National Road? | Connect Ohio to the rest of the country It was viewed as a military necessity (Interstates) |
| What were two advantages of river travel? | More comfortable Could load all their goods on river barges |
| What were two problems with river travel? | Most rivers in the region ran north-south and not east-west. Traveling upstream against the current by barge was difficult and slow. |
| Who improved the steamship by designing a new and more powerful engine? | Robert Fulton |
| What were three ways that the new steamboats changed river travel? | Greatly improved the transport of goods and passengers. Shipping goods became cheaper and faster. Led to growth of cities along the rivers such as Cincinnati and St. Louis. |
| Why did New York wanted to link New York City and the Great Lakes with the Erie Canal? | To connect the largest city with more trade opportunities all the way to the Great Lakes and beyond. They wanted to unite New York state by using trade. |
| What were four advantages did canals provide? | Lowered the cost of shipping goods Brought prosperity to towns along the canal route Created opportunities for new businesses along the canal route Helped to unite the growing country |
| How did this movement of people to the west change the United States? | Between 1791-1803 Vermont, Kentucky, Tennessee, and Ohio became states & Between 1816-1821 Indiana, Illinois, Mississippi, Alabama, and Missouri became states |
Created by:
ColbyHistory
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