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16 Cards in this Set
- Front
- Back
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Market economy
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When people produced goods specifically for cash. Then they would use that money to buy other peoples produce.
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Boom cycle
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-high demand for goods
-more goods supplied -employment and income is high |
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Bust cycle
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-production drops
-employment & income low -profit low |
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Gov't promotion of economic growth
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The governments role in technological and industrial growth.
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Economic republicanism
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Idea that emphasized economic liberty and individualism.
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The National road
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Constructed in 1833, it connected Cumberland Maryland to Columbus Ohio. Financed by the federal gov't.
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Erie canal
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Linked the great lakes with the Atlantic ocean and new York. 363 mile long visionary enterprise.
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Railroad construction boom
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In 17 years railroads went from2 tracks to 9000 miles of track. In 1850s railroads offered long distance services at low prices.
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Commercial farming
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Farming and selling the produce for money instead of keeping the produce for yourself.
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The McCormick reaper
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Invented by Cyrus McCormick in 1831. Made cuttin wheat in one continuous motion possible.
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The Steele plow
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Invented by John Deere in 1837, replaced the traditional ironnplow. It kept soil from sticking and tough to break the rootsnofmprairie grass.
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The cotton gin
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Invented by Eli Whitney in 1793 it efficiently removed the seeds from short-staple cotton.
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The cotton south
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The south was the worlds dominant supplier of cotton by 1825
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The American system of manufacturing
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Used precision machinery to produce interchangeable parts.
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Machine tool industry
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The manufacture of machines for the purposes of mass production.
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The textile industry
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A faster way of weaving southern cotton in new England.
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