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 http://en.wikipedia.org/wiki/Water_wheel 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.
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.