9.1: The Market Revolution

MATES US History 1, Holland 2024

Market Revolution

major changes in the US economy produced by people buying and selling goods rather than being self sufficient

specialization

farmers shifted from self-sufficiency; started to raise one or two cash crops

capitalism

economic system in which private businesses and individuals control the means of production

entrepreneurs

investors that risked their own $ in new industries; from the French word “to undertake”

telegraph

device for the electrical transmission of coded messages; patented by Samuel Morse

Samuel Morse

invented the telegraph

John Deere

invented the 1st steel plow; replaced oxen with horses

Cyrus McCormick

invented the mechanical reaper (did the work of 5 men harvesting wheat)