Chapter 10 Expansion and Growth Section 1: Economic Growth.

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Presentation transcript:

Chapter 10 Expansion and Growth Section 1: Economic Growth

Growth of Industry Industrial Revolution: Historical time period where machines changed our American society 1.Time vs. Task 2.Human power vs. Machine power 3.Rural living vs. Urban living

Industrial Revolution in New England Massachusetts, Rhode Island, Connecticut, Vermont, and new Hampshire Poor soil Fast rivers Close to coal and iron Ports

Capitalism Individuals put their own money, or capital, into a business in hopes to make money

Free enterprise American economy provides for free enterprise People are free to buy, sell and produce whatever they want. People can choose where they work Major elements of free enterprise is: 1.Competition 2.Profit 3.Private property 4.Economic freedom

Factory System Francis Cabot Lowell: 1814

New Technology Technology means scientific discoveries that simplify work. Simply put: MACHINES

Eli Whitney Cotton Gin in 1793

Interchange Parts Eli Whitney: Identical machine parts that could be quickly put together to make a complete product.

Agriculture Expands Southern farmers and plantation owners began to grow more cotton due to demand Need for slavery grows Cotton destroys soil so need for new land increases: Move west

Economic Industries Individual investors: merchants, shopkeepers, farmers Corporations : Large businesses that sold stock, or shares for ownership Second Bank of the United States was chartered and could and did loan money for new businesses

Cities come to age New York City, Boston, Baltimore grew Building grew Hazardous because of dense population: fire, disease Advantages also increased: Art, entertainment, museums, libraries etc.