Final answer:
Interchangeable parts are components made to precise standards that allow them to be easily swapped out with identical parts, improving efficiency in manufacturing and repair. Eli Whitney popularized this concept which was crucial to the market revolution's enhancement of production methods.
Step-by-step explanation:
The concept of interchangeable parts refers to components that are produced to such precise standards that they can be replaced by identical parts without custom fitting. This innovation drastically changed manufacturing during the market revolution. For example, Eli Whitney, who is widely known for the cotton gin, applied this concept so that when a machine part failed, it could be easily substituted with an identical component, streamlining production and repair processes. Before this system, all items were uniquely made by hand, making repairs costly and time-consuming as parts had to be individually tailored. Whitney's invention of interchangeable parts enabled more efficient production, as every part was an exact copy of another, and each machine was exactly like others of its type and model.