Study Guide Test III-HIST 2111Know the following terms and conceptsMarket-based economy: A system where factors of production are privately held. Decisions are made by the business in response to supply and demand.Market Revolution: The Market Revolution occurred during the time period of 1815-1850. In which this was an economic transformation of the U.S.Internal improvements: Henry Clay developed a plan for profitable home markets which is called the American System in 1824. It enforced a protective tariff to get funding for transportation improvements. These improvements would be the construction of better roads and canals. This would allow industrialization to prosper since raw materials of the South and West could easily and inexpensively get to the North and East to be manufactured. Then the manufacturing goods could be shipped back out to the South and West.Industrialization and technology: Made life easier to do simple task, and also technology changed business structures. Increasing production and making it faster, also improving the economy. The development of industries for the machine production of goods. A significant technology that transformed the lives of factory workers’ hours was gas lighting.Lowell System: This system was designed so that every step of manufacturing process was done under one roof. The work was performed by young adult women instead of children or young men. Know-Nothings: During the 1840s and 1850s the know-nothings were one of the first political parties in America which started as a secret organization. In which, they were extremely prejudice towards Irish Immigrants living in America and did not believe that they should participate or be involved in Americas political institutions and matters.Nationalism v s Sectionalism: Nationalism is a strong feeling of pride in and devotion in one’s country. Versus sectionalism is a devotion to the interest of on geographic region over the interest of the country as a whole. Tariff of 1816: The Nationalist Congress passed the Tariff of 1816 which created a 20% sales tax on imports to protect the nation while at the same time promote welfare. It was the first Tariff in American History with aims that were primarily protective to merchants. It was a bold beginning to adequate safeguards. It was a part of Clay’s American System.Tariff of 1828 (Tariff of Abominations): A 20-25% tax on cheap imported goods. The tariff hurt southern states by inflating prices of raw materials. South Carolina said this tariff wasunconstitutional, therefore South Carolina nullified the tariff in 1832.Corrupt Bargain: An alleged deal between presidential candidates John Quincy Adams and Henry Clay to throw the election, to be decided by the house of representatives, in favor of Adams. Although never proven, the accusation became the rallying cry for Jackson supporters, who had been majority of the popular vote.