Section 1

The Industrial Revolution

        -Reasons for growth

                -Natural resources

-Growing population / Immigration

                        -From 1860-1900àpopulation doubled

                        -From 1860-1900à14,000,000 immigrants

                        -High demand for goods

                -Better transportation

                        -Railroads

                -New inventions

                        -Improved efficiency

                        -Patent

                -More investment

                -Government assistance

The Business Cycle

        -Ups and downs of the economy

                -Up = boom…Down = bust

-During the 1800s, economy had ups and downs, but went up much more than went down

-Bull market: economy doing well

-Bear market: economy doing poorly

Steel

        -Backbone of the Industrial Revolution

        -Bessemer process

                -Increased production 500x

        -Helped railroad industry which helped other industries

Inventions Galore

-Electricity

                -1870sàElectricity production skyrocketed

                        -Better generators

                -Thomas Edison (light bulb)

-Telephone

                -1835àTelegraph (Samuel Morse)

                -1876àTelephone (A.G. Bell)

                        -Dispute as to who invented telephone first

                        -1880à500,000 phones sold

                        -Switchboard operators (more jobs)

        -Typewriter (1867)

        -Sewing machine (1846, 1851)