THE VIRGINIA DYNASTY 1801 1825
AMERICAN INDUSTRIALIZATION FACTORY SYSTEM AND MARKET REVOLUTION
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Factories began to only make guns
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Britain payed the American government $5 million in exchange for the secret behind America’s factories
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Factories were able to produce goods at a faster rate, resulting in a decrease in the price of goods
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The price it cost to make a good increased
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Detailed explanation-1: -Interchangeable parts, popularized in America when Eli Whitney used them to assemble muskets in the first years of the 19th century, allowed relatively unskilled workers to produce large numbers of weapons quickly and at lower cost, and made repair and replacement of parts infinitely easier.
Detailed explanation-2: -Interchangeable parts and their effect on the world The unfortunate side-effect of interchangeability was that it practically wiped out the world’s class of skilled craftsmen. These skilled workers could no longer compete with high-volume manufacturing methods.
Detailed explanation-3: -Because interchangeable parts are faster to assemble. Before, final assembly required filing parts to fit if they didn’t line up just right. Interchangeable parts eliminated the need for this, speeding up the production line. Ultimately, this resulted in lower prices for finished goods.
Detailed explanation-4: -Mass production resulted in lower prices of consumer goods. Eventually, economies of scale resulted in the most affordable price of any product for the consumer without the manufacturer having to sacrifice profits.