A_CHAPTER09

A_CHAPTER09 - Expanding Markets and Moving West New...

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James K. Polk, 11th president of the United States. Portrait, Max Westfield. Expanding Markets and Moving West New technologies create links to new markets. Economic opportunity and “manifest destiny” encourage Americans to head west. The U.S. gains territory in a war with Mexico. NEXT
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SECTION 1 SECTION 2 SECTION 3 SECTION 4 The Market Revolution Manifest Destiny Expansion in Texas The War with Mexico NEXT Expanding Markets and Moving West
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Section 1 The Market Revolution Technological changes create greater interaction and more economic diversity among the regions of the nation. NEXT
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U.S. Markets Expand Changing Economic Activities • Early 1800s farm families self-sufficient; only buy what cannot make • Mid-century farmers begin specialization —raise 1or 2 cash crops Market revolution —people buy and sell goods rather than make them The Market Revolution 1 SECTION NEXT Continued . . . The Entrepreneurial Spirit Capitalism —private control of means of production, used for profit • Business capital (money, property, machines) fuels growing economy Entrepreneurs invest own money in new industries; great loss, profit
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New Inventions • Inventor-entrepreneurs develop new products • Charles Goodyear creates vulcanized rubber in 1839 • Elias Howe patents sewing machine; I. M. Singer adds foot treadle • Factory production of clothing now possible; prices drop by over 75% 1 SECTION NEXT continued U.S. Markets Expand Impact on Household Economy • Farmers begin using mechanized farm equipment; boost industry output • Technology lowers cost of factory items; workers become consumers Image
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The Economic Revolution Impact on Communication • 1837, Samuel F. B. Morse develops electromagnetic telegraph : - messages tapped in code, carried by copper wire - businesses, railroads transmit information 1 SECTION NEXT Continued . . .
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continued The Economic Revolution Impact on Transportation • 1807, Robert Fulton’s steamboat goes 150 miles up Hudson in 32 hours • By 1830 steamboats on western rivers cut freight costs, speed travel • Water transport key for moving heavy machinery, raw materials • Erie Canal heavily used, lowers cost; dozens of canals follow • Canals connect Midwest farmers to Northeast and world markets 1 SECTION NEXT Image Continued . . .
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continued The Economic Revolution Emergence of Railroads • 1840s, shipping by railroad much costlier than by canal • Railroads faster, operate in winter, go inland • Early train travel uncomfortable for passengers • By 1850s, railroads expand, cost drops, safety increased 1 SECTION NEXT
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New Markets Link Regions Effect of Regional Links • Improved transportation, communication make regions interdependent • By 1838 National Road extends from Cumberland, MD to Springfield, IL • Growing links lead to development of regional specialties 1 SECTION NEXT Southern Agriculture
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A_CHAPTER09 - Expanding Markets and Moving West New...

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