19.3 New methods and business organizations Created by Connor Freke, Harley Salo, and Cassidy Russell

What in the world is mass production?-obj1 Mass production is exactly what is stated. It is the production of mass quantities. We have three key elements to mass production such being interchangeable parts, assembly lines, and the division of labor.

Assembly lines-obj1 Assembly lines were essentially conveyer belts that carried unfinished/continually tampered with pieces from worker to worker. One of the most well known companies that used the assembly line was Ford.

Interchangeable parts-obj1 Division of creating pieces for a final product. This opted for more identical pieces.

Division of labor-obj1 Divided a long process into steps assigning each worker a certain task. This helped create a cleaner and faster process.

The Business Cycle is a pattern of alternating periods of prosperity and decline. As industrial production became more and more important, it influenced a country’s entire economy. For example, when one industry did well, other industries also prospered. Another example is when a large firm reduces its orders on an important product such as iron and laid off workers, other companies would also be affected. Objective 3

On the other hand when a large firm reduces its orders on an important product such as iron, and they lay off workers, other companies will also be affected. When there are many workers available for just a few jobs, employers reduced wages. This effect will go on spreading to other industries until the entire economy was in a depression. A Depression is the lowest point of a business cycle. Objective 3 continued

A Monopoly is the control of the production or sale of a good or service by a single firm. Sometimes a corporation would buy so many smaller companies that would create a monopoly. Cartels are a combination of corporations For example, a cartel may own coal and iron mines, steel mills, and factories that used steel to build machines, thus all aspects of an industry. Objective 4

Capitalism is the economic system in which individuals rather than governments control the factors of production. Before the industrial revolution most capitalists were merchants. Merchants bought, sold, and exchange goods which is known as a type of capitalism called commercial capitalism. Capitalism