 Read through the PowerPoint slides for today in the Webdesign “W” drive  Use a blank computer paper to create a timeline to help you remember this information for the chapter 1 quiz 1

Barter System 1 2 Goods and services are directly exchanged. © DIANA TALLIUN/SHUTTERSTOCK © AFRICA STUDIO/SHUTTERSTOCK

1 3 Domestic System Entrepreneur distributes raw materials to homes. Families process materials into a finished good. Entrepreneur sells finished goods. © MEXRIX/SHUTTERSTOCK © LOSEVSKY PHOTO AND VIDEO/SHUTTERSTOCK© NOPPHARAT/SHUTTERSTOCK

1 4 Factory System All the materials, machinery, and workers required to manufacture a product are assembled in one place.

1 5 Specialization The separation of a manufacturing process into distinct tasks and the assignment of the different tasks to different individuals

 Rapid growth of industries  1929 Stock Market Crash  Government intervention was necessary to get the economy moving again. 1 6 © DENIS BARBULAT/SHUTTERSTOCK © STEVE BROER/SHUTTERSTOCK

 Prosperity and higher standards of living in the 1950s and 1960s  Oil shortages and higher prices in the 1980s 1 7 © CHRISTOPHER ELWELL/SHUTTERSTOCK © PATRICIA MARROQUIN/SHUTTERSTOCK © JAMES STEIDL/SHUTTERSTOCK © RETROCLIPART/SHUTTERSTOCK

1 8 The organized effort of individuals to produce and sell through the Internet, for a profit, products and services that satisfy society’s needs e-Business

1 9 Technology becomes more affordable. A New Century: 2000 and Beyond Growth of the service economy - economy in which more effort is devoted to the production of services than to the production of goods

1 10 Source: Manufacturing Productivity and the Shifting US, China, and Global Scenes to 2005, William A. Ward, Clemson University Center for International Trade Working Paper ; Bureau of Labor Statistics,

1 11 Job Title (Projected) Percent Change Biomedical engineers 16,00027, % Network & data communication systems analysts 292,000448, % Home health aides 922,0001,383, % Personal and home care aides 817,0001,193, % Financial examiners 27,00038, % Physician assistants 74,000104, % Athletic trainers 16,00022, % Physical therapist aides 46,00063, % Dental hygienists 174,000237, % Source: Bureau of Labor Statistics, accessed October 1,