Growth and Expansion Unit 10 Economic Growth.

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Presentation transcript:

Growth and Expansion Unit 10 Economic Growth

The Growth of Industry Almost all Americans were farmers Most goods were homemade from hand tools British first began to make machine items in 1700’s

Textiles- cloth was the first good to be made by machine Water wheels- Served power source to early factories. Wheels would turn by water current and in turn create power Industrial Revolution: the movement from farms to factories

Industrial Revolution in new England Revolution- a quick, far reaching change Industrial Revolution in U.S.- started in 1800 in new England - had rivers and streams for power - Climate and rocky soil= poor growing - Close to natural sources(coal/iron)PA - Lots of ports to export and import goods

New technology- to speed up production and increase $ Profits- difference between money needed to make a good and what one can sell it for. Goal of all companies Cotton gin- Eli Whitney/ seperated seeds from cotton. Cotton becomes profitable slavery booms in south Interchangeable parts- Eli Whitney/ replace a certain part rather than the whole product. (ex. Muffler on a car instead of the whole car)

Patents and Factories Patent- given by US government, allows for an inventor sole legal right to his or her invention as well as any profits for a period of time.

Sam Slater- British man who memorized plans for a textile mill and moved to America in 1789 to repair machines and build a new factory in Pawtucket RI.

Lowell factory Francis Cabot Lowell- built textile plant in Lowell MA in All steps to make cloth was now made in one place.

Lowell Girls Lowell hired girls from across the country from ages to live and work in the mills (recall previous readings)

Factory System- all the steps to make a good are done in one place to increase efficiency

Free Enterprise Capitalism- economic system were citizens can invest money in business’s to make money. Profit is motivation Free enterprise/ laissez-faire- citizens are free to buy, sell, invest, and produce what they want without government interference. Buyers compete to find the best products for the lowest prices.