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CHAPTER 13
Section 3: New Methods and Business Organizations
Objectives:
Identify the elements that made mass production possible.
Explain why corporations emerged and how they affected the way business was conducted.
Describe the pattern known as the business cycle.
The Industrial Revolution
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Israel and the Occupied Territories
SECTION 3
13.3 Bell Ringer:What is the chain of events in the business cycle?(create a Flow Map)
New Methods and Business Organizations
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SECTION 3New Methods and Business Organizations
THE BUSINESS CYCLE
falling demand for goods
DEPRESSION
PROSPERITY rising demand for goods
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Israel and the Occupied Territories
SECTION 3New Methods and Business Organizations
Capitalism• Economic system
where individuals (not gov’ts) control the factors of production.
• Businesses and the means of production are privately owned and operated.
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Israel and the Occupied Territories
SECTION 3New Methods and Business Organizations
Industrial Capitalism:produce and manufacture goods.
Commercial Capitalism:Merchants bought & sold goods.
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Israel and the Occupied Territories
SECTION 3New Methods and Business Organizations
Capitalist: investorin a business…became moreinvolved inproducing andmanufacturinggoods ----
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Israel and the Occupied Territories
SECTION 3New Methods and Business Organizations
Division of Labor and Interchangeable Parts
• Divided into steps• Hire unskilled labor for each step
– DIVISION OF LABOR!
• Increased production• Lowered costs• MORE PROFIT
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Israel and the Occupied Territories
SECTION 3New Methods and Business Organizations
Eli Whitney• Used division of labor to make muskets• Parts were all alike• interchangeable
parts• Speedy production
of inexpensivemuskets
• Easily repaired!
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Israel and the Occupied Territories
SECTION 3New Methods and Business Organizations
Mass ProductionProducing large numbers of identical items
What do you need for Mass Production?
Division of labor
Use of interchangeable parts
An assembly line
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Israel and the Occupied Territories
SECTION 3New Methods and Business Organizations
The Assembly Line
Parts brought together toone location
Carried from worker to worker
Saved time and energy
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Israel and the Occupied Territories
SECTION 3New Methods and Business Organizations
Henry Ford• Used a conveyor belt• Founded one of the
largest industries in the world
• Model T would be assembled in 93 min.
• Other industries would mass produce items….
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Israel and the Occupied Territories
SECTION 3New Methods and Business Organizations
Rise of the Corporation
Sole proprietorship:one person owns &runs the business.
Partnership:two or more peopleown and run a business.
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Israel and the Occupied Territories
SECTION 3New Methods and Business Organizations
Rise of the Corporation• Company that allows people
to buy “shares of stock”• Each share would receive a
portion of the profits• By late 1800s, some
corporations were very largeand powerful.
J.P. Morgan – US Steel
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Israel and the Occupied Territories
SECTION 3New Methods and Business Organizations
Monopoly
When a corporation gains COMPLETE CONTROL over the production or sale of a good/service
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Israel and the Occupied Territories
SECTION 3New Methods and Business Organizations
CartelWhen corporations join togetherto control every stage of anindustry.
Example: German steel industry-coal & iron mines-steel mills-factories
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Israel and the Occupied Territories
SECTION 3New Methods and Business Organizations
business cycle
Alternating periods ofprosperity and decline
depression
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Israel and the Occupied Territories
SECTION 3New Methods and Business Organizations
19th-century political cartoon of Rockefeller, caricatured as "King of the World" sitting on a barrel of oil.
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Israel and the Occupied Territories
SECTION 3New Methods and Business Organizations
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Israel and the Occupied Territories
SECTION 3New Methods and Business Organizations
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Israel and the Occupied Territories
SECTION 3New Methods and Business Organizations
Any Questions?QUIZ TIME!
Commercial
Depression
Individuals or corporations
Monopoly
Industrial
prosperity
One step
Cartels
Corporations
Mass production
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Israel and the Occupied Territories
SECTION 3New Methods and Business Organizations
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SECTION 3New Methods and Business Organizations
THE BUSINESS CYCLE
falling demand for goods
large firm reduces orders for iron & lays off workers
iron suppliers cut production & lay off workers
employers pay less
many workers competing for jobs
workers buy less
prices go up to cover the cost of production
rising demand for goods
new factory opens & hires many workers
wages go up and people buy more
production increases to meet demand
more machines and workers needed
factories increase orders for iron and hire more workers
PROSPERITY DEPRESSION