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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
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Workers Workers no longer had to spend years learning to do a job. –A few easy skills to run a machine. Skilled workers had a hard time finding work.
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