Becoming Modern1865 - 1900ish

Four MAJOR technological advancements made this possible

oil steelrailroad telegraph

steel

The Bessemer Process:method of turning iron into steel

stronger than iron

steel

The Bessemer Process:method of turning iron into steel

stronger than iron• larger buildings

steel

The Bessemer Process:method of turning iron into steel

stronger than iron• larger buildings • bridges• railroads

railroad

Growth of R.R. = Growth of Industry

• jobs laying track/making RR cars, etc.

• faster, cheaper way to move people & goods

• promotes urban growth (ppl live in cities)

oil

• new businesses (refineries to purify)

• kerosene lamps

• helps machines run smoothly

• internal combustion engine

telegraph

Advancements in communication & technology

telephone

electric lights

The idea of “small business” is over

1 owner/partners

the goal becomes to make as much MONEY as possible $$$$$$$$$$$$$

business begin to “incorporate”

many owners

high risk

low risk

Generate a list of pros and cons for the profit motive. How is it good and how is it bad?

How does proximity affect our decisions/reactions to things?

Predict one positive and one negative of this change is business structure

1)BIG - provide your goods/services to as many people as possible

2) CHEAP - the less it costs you to produce the more profit you make

3) FAST - the more items you make, the more you can sell

4) QUALITY - ???

CapitalismAllows privately owned business where people compete for economic gain.

Achieve your goal by any means

Relies on the free market to determine the price of goods and services

The public chooses based on their interests. No Gov’t interference

Laissez Faire - means “hands off”

What is the ultimate goal of competition?

TO WIN!

(eliminate the competition)

Monopoly1 business eliminates ALL the competition NO CHOICES

= owners

= everyone else