Final answer:
The Market Revolution refers to the early nineteenth-century shift in the United States from self-sufficient home production to factory-based production and the rise of buying and selling in the market.
Step-by-step explanation:
The term that refers to the time when people bought and sold goods rather than making them for their own use is the Market Revolution. This transformation in the early nineteenth century marked the shift from home-based, self-sufficient production to more extensive factory production and the subsequent rise in purchasing and selling goods in the marketplace. The Market Revolution was characterized by a shift in production, distribution, and exchange controls towards market transactions based on supply, demand, and price. This period also saw significant developments in transportation and communication, propelled by entrepreneurial spirit and state support for internal improvement projects, drastically changing the economic and social fabric of the United States.
During the Market Revolution, economic transactions became less influenced by social relationships and more by the ability to honor contracts and manage money effectively. As territorial expansion occurred, such as with the Louisiana Purchase, the U.S. gained access to more natural resources and land for production, fostering a suitable environment for the rise of factory production and a move away from dependence on imports/exports. This economic change was further supported by the development of interchangeable parts and integrated mills, which facilitated mass production of goods for domestic and international markets.