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Manufacturing - Making products to be sold for profit
Business Ownership Before we can talk about business ownership we need to define the word Capital: Capital – Money, buildings, machinery and investments that are used to make products or services
Business Ownership Sole Proprietorship – business owned by one person Partnership – business owned by more than one person Corporation – large number of people own a company
Types of production - Craft or Cottage system – make products at home and take them to the marketplace
Mass Production - Assembly-line method – many people work together doing different specialized jobs to produce one product
Modern day assembly line
Who is known for coming up with the idea of an assembly line? Henry Ford (early 1900s)
Concepts related to mass production - Interchangeable Parts – all parts are made the same; they can be interchanged
Who was responsible for the concept of interchangeable parts? Eli Whitney What else is Eli Whitney known for inventing?
Cotton Gin He was known for many other inventions as well?
Labor Specialization – each person has a specialized job to do Time and motion analysis - studies are done to reduce wasteful practices
Some Vocabulary: Industry – Businesses that produce goods or services
Goods – Products that are made
Services – Work performed to improve goods or benefit people
Labor – human workers
Free Enterprise – A political system that allows business to flourish with as little government control as possible
Entrepreneur – Organizer of an enterprise. Takes advantage of new opportunities
Monopoly – Business which is the only producer of a good or service; one which has no competition
Efficiency – Getting the most out of what was put in
Assembly – Fitting together of parts to produce manufactured goods
Natural Resources – Items taken from the earth, sea or air. Examples: oil, iron ore, cotton, wood, fruits, natural gas, oxygen
Durable Goods – Products that usually last at least three years. Examples: furniture, refrigerators, automobiles, bikes etc
Nondurable Goods – Products that usually last fewer than three years. Examples: clothing, food, toothpaste etc Middle school romances
Now take the practice Quiz: www.quia.com/quiz/593377.html www.quia.com/quiz/593377.html
The Age of Manufacturing Production Systems Bala Industries.
Industrial Revolution Test
Chapter 13 Section 2 and 3. I.) Machines Change the Workforce A. Unskilled workers learned to operate machine in a few days B. Women and Children 1. could.
The Cottage Industry and Early Capitalism Merchants’ Role in Cottage Industry Supplied materials – wool and cotton – to cottages to be carded and spun.
Mechanization and Industrialization. I. Beginnings A. Agricultural Revolution 1. Jethro Tull’s “Seed Drill” 2. Crop rotation B. Factors of Production.
Factors that Lead to Economic Growth
MANUFACTURING. Production Systems –These systems are the means by which our needs are met –Manufacturing is making goods in a workshop or a factory –Construction.
THE INDUSTRIAL REVOLUTION
IRON & STEEL By: Richie Dragotta, Grace Kelly, Jeein Youn, Lauren Chen Period 7.
Industrial Revolution Review 1. Period from 18__ (end of the Civil War) to ______
AGE OF INDUSTRY. ESSENTIAL QUESTION How do people live before changing lifestyles in an Age of Industry?
The Industrial Revolution
Economic Growth. Through most of America’s history individuals produced goods in their homes or small workshops. In the mid-1700s, however, the way.
History and Impacts of Manufacturing Enterprises Production Enterprise.
Bell Activity #1 Use pages to answer the questions below! 1.What is the title of chapter 10? 2.What years are covered by the timeline? 3.What state.
The Industrial Revolution By: Allyson Gallegos. What factors led to the Industrial Revolution?
Industrial Revolution Quiz 1. Where did the Industrial Revolution begin?( what country) 2. What two natural resources did this country have in abundance?
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