1. Factory Simulation Reflection Assembly Line Production

2. Reflection 1. List 5 words that describe the process for creating your first portrait – Individual Production. 2. List 5 words that describe the production of the 2 nd portrait – assembly line production. 3. What are the Pros and Cons of: a. Individual Production b. Assembly Line Production

3. Big Business… In the Industrial Age

4. Robber Barons Businessmen & industrialists Ruthless tactics to earn $

5. Rockefeller 90% of oil refining business Paid low wages Dropped prices to drive others out of business Bought out bankrupt competitors, then hiked up prices

6. Rockefeller

7. Andrew Carnegie Success due to management practice make better products cheaper

8. Carnegie's Greed Wanted to control entire steel industry Bought out all suppliers controlled materials & transportation control over quantity and quality

9. Carnegie’s Greed sold, in 1901 producing 80% of the world’s steel monopolized whole steel industry

10. Carnegie’s Mgt. Attracted talented people Offered stock Encouraged competition between employees to increase production

11. Social Darwinism Philosophical explanation for success “Survival of the Fittest”

12. Social Darwinism Biological Evolution Some species flourish and pass traits onto others(the fittest) and some don’t Natural selection The weak are weeded out and the strong survive

13. Monopolies 2 types of monopolies Vertical Monopoly- owns all parts and supplies needed for production (ex: Carnegie purchasing steel, coal & Railroads) Horizontal Monopoly – own all competitors or like producers (ex: Rockefeller owning virtually all oil production)

14. Problem Monopolies How many of you have ever played monopoly How do you win? How does it feel to lose? Real life example- Microsoft Positives? Negatives?

15. The Government Takes A Stand Govt. says monopolies are no longer allowed Sherman Anti Trust Act Any attempt to interfere with free trade by forming a trust was illegal

16. Political Implications Robber Barons gave $$$ to politicians Politicians did not oppose actions of Barons Big business ruled!