Economy in History

Question 1

Samuel Slater

Answer 1

(1793) He built the first successful mechanized textile factory.

Question 2

Market Revolution

Answer 2

(1790) process that shifted producing goods in home to buying goods made by others in larger markets.

Question 3

Household Economy

Answer 3

families produced their own goods for own use
A. Self-sufficient; growing own crops and raising animals for food
B. made own clothing, candles, and soap
(At local markets sold extra butter, eggs, etc.)

Question 4

The factory system

Answer 4

A massive organizational innovation

• gathered workers to centralized location
• split up tasks
• making production faster and efficient

Question 5

Modern Banking

Answer 5

Industries needed cash and credit for capital investments.

Question 6

Economic interdependence

Answer 6

mutual dependency on economic activities of others

Question 7

Division of Labor

Answer 7

The division of work into separate tasks to be performed by different workers.

Question 8

Specialization

Answer 8

Assignment of tasks to the workers, factories, regions, or nations that can perform them more efficiently.
(division of labor)

Question 9

Trade

Answer 9

Provides a market big enough to make investment in specialized tools worthwhile.

Question 10

Thomas Jefferson’s views

Answer 10

• not having many taxes
• based the economy off agriculture
• trade within the U.S
• anti national bank

Question 11

Alexander Hamilton’s views

Answer 11

• wanted the government to create tariffs
• have the government build factories
• trade outside of the U.S
• supports the national bank