Industrial+Revolution+Group+4

__//Targets: //__ //1. Describe the “Transportation Revolution” and explain its effect on the U.S. economy (pp. 234-236). // //2. Describe the “Market Revolution” and explain its effect on the U.S. economy (p. 236). // //3. Identify the “Industrial Revolution” and describe the role of mass production and interchangeable parts (pp. 236-237). // //4. Identify the causes and results of the Panic of 1819 (p. 237). //
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1) How did the Transportation Revolution affect the US economy in the early 1800's?

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 * - The improvement of transportation systems during the Transportation Revolution led to the development of national markets and growth of the economy. **======

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 * - Canals, Steamboats, and Locomotives came into use during the Transportation Revolution as more efficient means of transporting goods and raw materials. **======

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 * - Locomotives were steam powered so they could travel faster than floatboats and wagons. Also, locomotives could travel any place where tracks were laid, unlike flatboats and wagons, which were dependent on water or paved paths. **======

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 * - The Market Revolution was mainly brought about by the development of efficient transportation systems because these systems allowed the economy to grow and national markets to be created. **======

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 * - The Market Revolution increased farmers' and manufacturers' profits. It also catalyzed the expansion of towns because small towns could now be linked through large businesses. **======

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 * - Mass production is the manufacturing of large quantities of goods. It contributed to the Industrial Revolution because it allowed for the production of large amounts of standardized products at a lower cost and a more efficient pace. **======

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7) What is the method of interchangeable parts and what role did it play in the Industrial Revolution? ======

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 * - Interchangeable parts is a method of mass production developed by Eli Whitney, which utilizes the production of identical, replaceable parts. This method played a major role in the Industrial revolution because it sped up production, decreased the cost of production, and made repairs easy and manageable. **======

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 * <span style="font-family: Arial,Helvetica,sans-serif;">- Sam Slater was an early American Industrialist popularly known as the "Father of the American Industrial Revolution" or the "Father of the American Factory System" because he brought British textile technology to America, in the form of secret plans in 1789. He shared these plans with Moses Brown, a partner with whom he soon owned mills with across Rhode Island and Massachusetts. **======

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 * <span style="font-family: Arial,Helvetica,sans-serif;">- The Panic of 1819 occurred because banks were lending out money too freely without checking people's credit, due to the economic boom. When the Second Bank of the United States demanded repayment of all loans as an effort to end this poor practice, few banks could complete the task, spurring the Panic of 1819.[[image:panic.jpg align="right"]] **======

<span style="font-family: Arial,Helvetica,sans-serif;">10) What were two results of the Panic of 1819?

 * <span style="font-family: Arial,Helvetica,sans-serif;">- Some results of the Panic of 1819 were bank failures, drops in land prices, and foreclosures, all of which led the nation into an economic depression. **