USH(5:1) ● United States Industrializes ● U.S. Leads the world in industrial output by 1890's ● GNP (gross national product): total value of all goods.

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Presentation transcript:

USH(5:1) ● United States Industrializes ● U.S. Leads the world in industrial output by 1890's ● GNP (gross national product): total value of all goods and services a country produces ● GNP Today ● USA: 10+ trillion ● Japan: 5 trillion ● Canada 760 billion

(5:1) ● Timber industry provides rapid growth for Michigan's Upper Peninsula

First sound ever recorded (1860)

(5:1) Inventions ● Alexander Graham Bell...telephone ● Thomas Edison...electricity and phonograph ● George Eastman...hand-held camera

(5:1) ● Other inventions – Underwater transatlantic cable – Standard size clothes – Sewing machine – gas-powered automobile – The refrigerator

(5:1) ● Free Enterprise: Business based on supply and demand, with very little government interference ● “laissez-faire”: let the people do as they choose – Government should interfere as little as possible in business ● Entrepreneur: People who risk capital (money) to start a business ● Adam Smith: “Invisible Hand” theory

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