Free Enterprise System - A belief that the free market is best to develop the economy and that government regulation should be kept to a minimum., Markets - Any place where products and services are sold by businesses and purchased by consumers. , Mass Production - The production of large quantities of a standardized product by an automated mechanical process., Patent - A government license to provides sole ownership and production of a new invention.  , Supply and Demand - The price of a product will go up and down depending on the number of the product available and how much consumers want it. High demand with low supply means a high price. Low demand with high supply means low price. , Infrastructure Tranportation Networks - Railroads, canals, national roads, and ports all made movement of resources, products and people more efficient and less expensive.  , Technological Innovations - New or improved products or processes that result in more efficiency and may increase profits. , Bessemer Steel Process - The new steel process greatly reduced the cost of making steel. Steel, which was lighter and stronger than iron. It became an important material as America industrialized., Combine Harvester - New machine simultaneously cuts, threshed (seperated grains), and cleaned a standing crop of grain., Eli Whitney's Cotton Gin - New machine that quickly and easily separated cotton fibers from the seeds, enabled much greater productivity than pulling seeds by hand., Erie Canal - Artificial waterway that connected New York ports to the Great Lakes, created new markets and allowed for faster and cheaper product transport.  , Interchangeable Parts - Identical parts of a product that could be swapped out for easy repair. , Mechanical Reaper - New machine quickly cut down crops to be harvested. , Power Loom - A mechanised textil factory machine used to process yarn and create complete textile cloth. , Steam Engine - An engine that has a piston powered by steam. This replaced river power and could be built anywhere., Steam Boat - The addition of a steam engine to the steam boat allowed for movement of products and people both down stream and up stream. , Steel Plow - Replaced the wooden plow and allowed farmers to break the tough praire grass soils in the Midwest. , Telegraph (Line) - Machine used to create a system of communication with dots and dashes (Morse Code) that created instant, cross-country, communication on telegraph lines. , Samuel Morse - Inventor of the telegraph and the Morse Code communication system that consisted of electric dots and dashes that represented letters.  , Transcontinental Railroad - A railroad across the Western U.S. that was completed in 1869; created new markets and allowed for the movement of people, resources and products more effieciently and at a lower cost. , Plantation System - Large scale farms in the South that produced cash crops such as cotton, rice and tobacco through the use of slave labor. ,

11.5 - Industrialization (Key Ideas)

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