Who Are These Two Old Guys ?!?!

Industrialization Comes To North America Industrialism begins in Great Britain, and England becomes the “workshop of the world” Other nations want to learn the secrets of industrialism, too. The US began putting up notices in Britain encouraging workers to come and share secrets Why would Britain want to keep the factory secrets to themselves?

1789 - Sam Slater Became an apprentice in the British textile mills Memorized every detail of every machine Sowed his apprenticeship papers into his jacket – risked “treason” charges and moved to the US The Father of the American Factory System

From 1789 - 1880 Over the course of a 100 years, the US industrializes rapidly By 1880, the US is competing with the European countries as an industrial superpower. Which brings us to....

These Two Old Guys ?!?!

1838-1937: John D. Rockefeller Builds railroads across the States Monopolizes the Oil and Gas industry of the US 1870 - Standard Oil Wealth – $900 million in 1913 190 billion by today’s standards Wealthiest man in history

The Inventor of the Assembly Line

1863 – 1946: HENRY FORD New Car in 1907 (before Ford) $2000 1908 – Model T comes along $850 1916 - $350 (equal to $7000 by 2008 standards). Why did the price drop? Was Ford making $? Over ½ of all cars in North America were Model T’s. Ford’s Quote: “You can have a Model T in any colour you want…” But… How do you think Ford treated his employees?

His Employees By 1912 – Great Success He changes their wages from $2.34 (A DAY) to $5 a day! Reduced their hours to 8hr a day. 6 days a week. What was the result? (everyone wanted to work for him. Everyone wanted to keep their job! = hard work!)

Supply and Demand Ex – our assembly line – What if everyone in Lethbridge wanted a “Zeebot”? Tickle Me Elmo – 1996 Wii – Christmas 2007 Wii Fit – 2008 iPad - 2010 Read pg 210 – write definitions

Supply and Demand NOTE: just pay attention to the red line WHEN the: DEMAND is HIGH & SUPPLE is LOW, The PRICE is HIGH WHEN the: DEMAND is LOW & SUPPLE is HIGH, The PRICE is LOW What the PRODUCER and CONSUMER both want is to find the EQUILIBRIUM point; a price where: producers are happy to sell and consumers are happy to buy

Competition What is “competition” in the business world? Give examples Factories vs. cottage industry? What is a “monopoly”? read pg 212 - 213 definitions

Scarcity Definitions on page 194 What is scarcity? read the cartoon on pg 199 Have you ever paid too much for something because of scarcity? Read pg 202 The Factors of Production: Land Labour Capital Notes – pg 203