Vocabulary List 4 -Gross National Product (P. 92)

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Presentation transcript:

Vocabulary List 4 -Gross National Product (P. 92) -Laissez-faire (P. 95) -Entrepreneur (P. 95) -Corporation (P. 100) -Economies of Scale(P. 100) -Monopoly (P. 102) -Trust (P. 102) -Holding Company (P. 103)

The Second Industrial Revolution Industrialization & Big Business 1865-1900

I. Background A) First Industrial Revolution 1850 = 1 million worked in factories All in NE USA Only women and children B) **Civil War created demand for weapons & farm equipment RR expands to far west and south New national currency

II. Second Industrial Revolution A) SIR = A huge united country increased: Population (1870=40 million; 1900=76 million) Resources (grain/coal/oil/iron) Productivity by 1890 - ⅔ of Americans worked for wages.

II. Second Industrial Revolution (cont…) B) Factors contributing to SIR 1) Wealthy invest in US 2) High tariffs protect US industry 3) ***Laissez-faire gov policy 4) flow of immigrants for labor 5) large population = consumer market

II. Second Industrial Revolutoin (cont…) C) Corporations Def: Company owned by many people. Each person is part owner by owning share of stock in company. Corporation lives forever, individual stockholders change. D) SuperCorporations :( To Consolidate / Merge = combining to reduce competition Monopoly = complete control of an industry Three kinds: Pool = informal agreement to fix prices/share profits Trust = giant business combinations. Holding company

Companies that control the Media

Famous Companies for each state

II. Second Industrial Revolution (cont…) D) Horizontal Integration - When a firm is being merged with another firm in same industry/production stage

II. Second Industrial Revolution (cont…) E) Vertical Integration - Single company controls entire process of business organization unearthing raw materials + manufacturing + sale of finished product

III. Big Business A) When large corporations control major industry B) Advantages: Consumer gets new products/services at affordable price Scientific research Nationwide/worldwide distribution

III. Big Business (Cont…) C) Disadvantages Tends to become Monopolistic Destroys competition Drives out small business Concentrates wealth/power in few people ***Wield power over Government officials

Disparity of Wealth Video

IV. Mass Production A) Standardization of parts - make each part separately, then assemble B) Assembly line - each worker on assembly line adds part to finished product C) Labor Saving Machinery - Machines aide labor D) Division of Labor - each worker performs one operation

Assembly Line Video

Daily Quiz 4 1) How did the end of the Civil War lead to the inception of the Second Industrial Revolution? 2) What is the difference between vertical and horizontal integration? 3) What is a Laissez faire government policy? 4) List two advantages and two disadvantages of Big Business 5) Describe an assembly line + Why is it so repetitive?