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Review Sheet for USI AP Economics Exam Northern Economy vs. Southern Economy Factors that led to economic growth before the Civil War Impact of the cotton gin- Eli Whitney, interchangeable parts, rise of slavery Impact of textile mills- fueled industrialization, market growth Growth of markets Transportation improvements- how did they influence growth, affect relationships between regions of the US, encourage sectional specialization Economic specialization- how did the various regions compare to each other in terms of economic output? Post Civil War- be able to explain: How did growth after the Civil War compare to before?- in terms of regions, and also business structure and philosophy Factors that led to economic growth after the Civil War: Rise of big business: trusts, holding companies, steel, oil, railroads Consequences of economic growth: cities, immigration, wealth gap and threat of social upheaval Rockefeller, Carnegie, Morgan, etc.- Robber Barons, horizontal and vertical integration Technological innovations: telephone, light bulb, wireless telegraph – how did they impact people’s lives? Who invented them? Labor unions- why were they formed? What struggles did they have? Homework Check: Cornell Notes on Southern economy packet, pre Civil War industry packet, and post Civil War industry packet