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Social Studies Chapter 10 Section 1
Terms in this set (16)
Based on Competition
What is free enterprise based on?
What is capital?
Profit, Private Property, Economic Freedom
What are the three free enterprises?
Invented Cotton gin and the interchangeable parts
Stole the idea from Richard Arkwright about the cotton thread machine
1st to receive a paten for nails
Invented the cotton thread machine, but Samuel Slater fled to America to spread the details on how to make the machine.
Developed the flour mill
He opened a textile plant, and he launched the factory system.
Francis Cabot Lowell
A system bringing manufacturing steps together in one place to create efficiency.
Parts that can fit into other parts
Gives the inventor the sole legal right to the invention and its profits
A machine that separates seeds from the cotton
Economic System under the United States
Changes in our economic system
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