1. Industrial Revolution

2. You have ONE MINUTE to come up with a definition for the word
Industrialization
You have ONE MINUTE to come up with a definition for the word
INDUSTRIALIZATION
You do not need to write it down, and you may talk to your neighbors to help come up with the definition!

3. Industrialization
Replacing of human labor with machine labor in order to make more goods. Brings change, growth, and new technology

4. MASS PRODUCTION
What exactly is it? And why are interchangeable parts so darn important? (take a minute with your neighbor again)

5. Mass Production: The use of machines to produce larger quantities of a good. Emphasis on QUANTITY NOT QUALITY!

6. Interchangeable Parts: What’s the big deal
Interchangeable Parts: What’s the big deal? Eli Whitney invented the idea! Bonus Question: What other important machine did he invent?

7. Interchangeable Parts: What’s the big deal
Interchangeable Parts: What’s the big deal? You are able to replace broken or worn out parts Without these, machines would be too expensive to have

8. Capitalism
Form of economy where __________ own, operate, and ________ from their privately owned __________.

9. Capitalism
Form of economy where individuals own, operate, and profit from their privately owned businesses.

10. Profit: The ULTIMATE goal of all businessmen
How do you make a profit?
Keep cost of making product LOW
Materials-Labor-Transportation
Charge as much as possible for product

11. Laissez-Faire
Means that the government should leave business alone….HANDS OFF!
What are the positives & negatives to this?
How well do you think it would work in America?

12. The amount of a good available to consumers/buyers
SUPPLY
The amount of a good available to consumers/buyers

13. Amount of a good that consumers are willing to or want to buy
DEMAND
Amount of a good that consumers are willing to or want to buy

14. MONOPOLY
Controlling all steps of production of a good or the entire supply of a good.

15. A company or group having exclusive control over a commercial activity.
One company or person controls all of any certain type of business
ILLEGAL! Why?
Vertical Monopoly
Horizontal Monopoly
Only 1 legal monopoly today