1. Who Are
These Two
Old Guys ?!?!

2. 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?

3. 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

4. From
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....

5. These Two
Old Guys ?!?!

6. 1838-1937: John D. Rockefeller Builds railroads across the States
Monopolizes the Oil and Gas
industry of the US
Standard Oil
Wealth – $900 million in 1913
190 billion by today’s
standards
Wealthiest
man in history

7. The Inventor of the Assembly Line

9. 1863 – 1946: HENRY FORD New Car in 1907 (before Ford) $2000
1908 – Model T comes along $850
$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?

10. 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!)

11. 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
Read pg 210 – write definitions

12. 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

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

16. 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