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

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Presentation on theme: "Vocabulary List 4 -Gross National Product (P. 92)"— Presentation transcript:

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2 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)

3 The Second Industrial Revolution
Industrialization & Big Business

4 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

5 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 ⅔ of Americans worked for wages.

6 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

7 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

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9 Companies that control the Media

10 Famous Companies for each state

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

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

13 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

14 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

15 Disparity of Wealth Video

16 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

17 Assembly Line Video


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