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Published byJonas Peters Modified over 6 years ago
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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)
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The Second Industrial Revolution
Industrialization & Big Business
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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
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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.
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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
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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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Companies that control the Media
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Famous Companies for each state
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II. Second Industrial Revolution (cont…)
D) Horizontal Integration - When a firm is being merged with another firm in same industry/production stage
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II. Second Industrial Revolution (cont…)
E) Vertical Integration - Single company controls entire process of business organization unearthing raw materials + manufacturing + sale of finished product
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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
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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
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Disparity of Wealth Video
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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
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Assembly Line Video
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