1. Entering the Industrial Age

2. Causes of Industrial Growth
Growing Population
14 million immigrants came to America between 1860 and 1900
The U.S. population more than doubled

3. Wealth of Natural Resources
Anything humans use that comes from nature is considered a natural resource
Also called raw materials
America was able to produce a variety of goods and products due to a vast wealth of natural resources (raw materials) available

4. Improved Transportation
Railroads made moving resources & goods much quicker and more efficient
Raw materials and finished products could be shipped longer distances more quickly
The transcontinental railroad linked the United States from East to West

5. New Inventions
Businesses were able to produce more goods with new machines and processes

6. New Inventions Create New Industries
Telephone
Invented by Alexander Graham Bell in 1876
50,000 sold by 1880
Switchboard, 1879
Many women began working as switchboard operators

8. Typewriter,1867 Sewing machine, 1846
The typewriter created more jobs for women to work as secretaries
Sewing machine, 1846
Isaac Singer patented his vastly improved sewing machine in 1851
Clothes began being sold in standard sizes & popular styles
People began to buy clothes rather than make their own

9. Businesses Become Corporations
Until the late 1800s, most businesses were owned by one person or a few partners
As more technology became available, businesses needed money to buy new equipment
Businesses also wanted to expand and grow
SO They turned their businesses into corporations: business owned by shareholders

10. Stock – a stake in the ownership of a corporation
Shareholders – investors who buy part of the company through shares of stock
Stock – a stake in the ownership of a corporation
The more shares of stock you own, the larger percentage of the company you own

11. So why would a business want to become a corporation???
A corporation can raise a bunch of money through the sale of stock (company shares)
They can then use this money to:
Buy more advanced technology
Expand the business
Which means eventually they can MAKE MORE MONEY

12. This is called a MONOPOLY
Few Control Much
In the late 1800s and early 1900s, few laws regulated corporations to keep them from growing TOO powerful
This led to the growth of a few large corporations that dominated entire industries in America
This is called a MONOPOLY