Cliff Notes for Chapter 12:
Development of the U.S. Economy

 

[audio]The following information was presented in this chapter:

There are seven factors that influence an economy. They are: Labor Force, Natural Resources, Equipment and Tools, Transportation, Money and Credit, Demand for products and services, and Profit. These factors are discussed and related to the three separate economic systems in the United States at the time: the Northeast, the West, and the South.

The Northeast:

  • The economy started out based on trading, farming, and mining.
  • In the 1800's the economy shifted to become industrial because the population increased and there was a big demand for products.
  • Textile industry developed because of new inventions.
  • The West:

  • The economy was based on agriculture.
  • The economy grew because of improvements in transportation, invention of new equipment, and more demand for products from the Northeast and Europe.
  • The South:

  • The economy was based on agriculture.
  • Labor was provided by slaves so it was inexpensive. Because of this, the only invention that helped the economy was the cotton gin.
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    [audio]Important dates to remember:

  • 1698 Steam engine completed.
  • 1825 Erie Canal completed.
  • 1831 First railroad built in the Northeast and South.
  • 1848 Seneca Falls Convention.
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    Who's who in this chapter:

  • Francis Lowell hired young women and paid them low wages to work in his textile mills.
  • Elizabeth Cady Stanton and Susan B. Anthony were active in the movement to abolish slavery.


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