Commerce+and+Industry+(10.3)

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 * ** Commerce and Industry **
 * Chapter 10 Section 3 **
 * Hailey A. Rachel L. Brian S.

Key Terms || 1) Capitalists- owned great enterprises 2)Corporations-were able to put together the resources of shareholders 3)Incorpration laws- allowed a group to not have to be forced to pay money, when stabilizing a charter 4)Limited liability- individuals stockholders risked losing their only value of their investment, if a corporation should fail: they were not liable for the corporations larger losses 5)Factory system- manufacturing took place in large workshops, using machines 6)Machine tools- the tools used to make machinary parts 7)New sources of energy-turret lathe, universal milling machine, grinding machine, interchangable parts, locamotives, steam engines 8)Industrialization-profiting from the introduction of the new sources of energy || 2)American industry had dramatic growth. The value of manufactured goods was about the same value as agricultural products. 3)American inventors were responsible for a majority of the technological advances in America's industry 4)The ruling class was now the industrial capatilists (aristocrats of Northeast), which has large political & economic influence. ||
 * 3-5 Important Ideas || 1)The emergence of the factory allowed manufacturers to use machines under one roof, rather than in individual workshops.
 * Summary/Main Idea Statement || With the new inovations of American technology, business corporations expanded rapidly and emerging capatilism became the ecomomic ruling class. ||

|| 1839 Charles Goodyear, a New England hardware merchant, discovered a method of vulcanizing rubber. Morse Code - Samuel Morse developed a numerical code that was universally telegraphic, where alternating long and short bursts of electical current would represent individual letters. || 2. The patent system, allowed inventors to trademark their ideas and inventions without anyone falsely claiming to have rights to them. 3. Technological developments - Included machine tools used to make machinery parts, precision grinding machine helped the US army make standardized rifle parts. These tools allowed interchangable parts to be created, that revolutionized many things. Coal as a power source replaced wood and water mills. 4. Journalism used wires to get news from around the country and eventually the world, which had once taken days, weeks, or months to reach people, instead took a few hours. ||
 * ** Commerce and Industry **
 * Chapter 10 Section 3 **
 * Key Terms || Factory System- Used machines run by water power allowing all operations to be performed in the same building.
 * 3-5 Important Ideas || 1. Between 1840 and 1860, American industry expierenced particularly dramatic growth.
 * Summary/Main Idea Statement || Economic and technological developments and advances started to revolutionize America's industry, and the way people lived and worked.

Kevin J. Erin D. ||

|| Factory System: When operations are brought together under one roof. Machine Tools: The tools used to make machinery parts. Turret Lathe: Used for cutting screws and other metal parts. Universal Milling Machine: Replaced the hand chiseling of complicated parts Interchangeable Parts: Parts that could fit universally in any machine of the same type. Howe-Singer Machine: The first sewing machine. || Factory Systems: All of a specific type of operations being brought under one roof - also a dramatic effect on the economy. Machine tools: The tools being used to make machinery tools. These supplied the military and also helped mass produce things in those factories, eventually lead to interchangeable parts. Interchangeable parts: parts from a certain machine could fit into other machines of the same type. This reduced the cost of labor for making those machines and also made individuals parts buyable instead of needing to replace a whole machine. || Paige Pytel Jacob Molstad ||
 * ** Commerce and Industry **
 * Chapter 10 Section 3 **
 * Key Terms: || Limited Liability: Individual owners risked losing only the value of their investment if a company went bankrupt.
 * 3-5 Important Ideas || Corporations: combining the resources of a large number of shareholders - dramatic effect on the economy.
 * Summary/Main Idea Statement || Commerce and Industry was rapidly expanding throughout this period of time, and working for profit and convienence at the same time.