Hamilton's 8-1
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12 terms
Terms | Definitions |
|---|---|
 Industrial Revolution | a series of improvements in industrial technology that transformed the process of manufacturing goods |
| Capitalism | economic system in which private citizens own and use the factors of production in order to generate profits. |
| Capital | money for investment |
| Free Enterprise | economic system in which individuals and businesses are allowed to compete for profit with a minimum of government interference |
| Technology | the practical application of science to commerce or industry to simply work |
| Cotton Gin | a machine for cleaning the seeds from cotton fibers, invented by Eli Whitney in 1793 |
| Patent | a document granting an inventor sole rights to an invention |
| Factory System | brought workers and machinery together in one place to produce goods |
| Interchangeable Parts | identical components that can be used in place of one another in manufactoring and could be put together quickly |
| Eli Whitney | United States inventor of the mechanical cotton gin (1765-1825) |
| Samuel Slater | He memorized the way that the British made machines and he brought the idea to America. He made our first cotton spinning machine. |
| Francis Cabot Lowell | opened a textile plant in Waltham, Massachusetts; his mill launched the factory system |
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