Economic Changes and Innovations in the United States (1800-1840)

These flashcards cover key economic concepts, significant events, and technological innovations in the United States during the 1800s as discussed in the lecture notes.

Market Economy

An economic system where the production of goods and their prices are determined by supply and demand, without government regulation.

Boom-and-Bust Cycle

A cycle of economic expansion and contraction characterized by periods of strong growth (boom) followed by periods of economic downturns (bust).

Ohio Fever

The mass migration of people to Ohio during the early 19th century in search of land and opportunity.

Land Law of 1796

Legislation that allowed the U.S. government to sell land in the Northwest Territory at $2 an acre for a minimum parcel of 640 acres.

Land Law of 1800

Legislation that reduced the minimum parcel size for land sales and enabled sales on credit to encourage settlement.

Panic of 1819

The first major economic crisis in the U.S. post-War of 1812, marked by land speculation, banking failures, and a significant economic downturn.

Speculators

Individuals who invest in land and commodities with the hope of profiting from future price increases.

Cotton Gin

A machine invented by Eli Whitney in 1794 that quickly separates cotton fibers from their seeds, significantly increasing cotton production.

Steamship

An advanced boat propelled by steam engines, invented by Robert Fulton, that revolutionized water transportation in the early 1800s.

Telegraph

A communication system invented by Samuel Morse that uses electric pulses over wires to convey messages rapidly.