Let

1
Lets Get Better

• New Ways to Industrialize
• The Rest of Chapter 13,
• Sections 2-3 Notes

2
Let the Machine Do Its Work

• How Machines affected WorkTypes of Workers
• 1. The introduction of steam-powered machinery
  made work easier to do
• 2. Employers wanted people who could learn a few
  simple tasks
• For example, women and children could operate
  machines as efficiently as men
• What were advantages to hiring women and
  children?
• Answer Women and children were cheaper to hire
  and some kids hands fit in machines better
• Unskilled labor became preferred to skilled labor
  because it was cheaper

3
Money, Money, Money, MoneyMAAAHHH-NAAAYYYY

• The Wage System How the Number of People and
  Types of Jobs Affected Wages
• 1. Workers worked only a small part of the job as
  opposed to earlier days when workers worked at
  home from beginning to end on their products
• 2. Owners of a factory paid for workers wages
  based on the number of hours worked or the amount
  of goods produced
• 3. Wages were determined by producing goods as
  cheaply as possible (if land or capital costs
  increase, then workers wages decrease to make up
  for it)
• 4. Law of Supply and Demand of workers
• More Workers Less Money Offered
• Fewer Workers More Money Offered
• If You Need More Workers More Money Offered
  (ex textile factories)
• Mens Wages gt Womens Wages

4
Market Freedom

• Before industrialization, many economies were
  controlled by the government
• Capitalism emerged in the late 1800s
• Capitalism exists when individuals or
  corporations control the factors of production
• What are factors of production?
• Answer Land, Labor, and Capital
• Industrialization worked well in capitalism
  because the means of production was privately
  owned and operated
• This means if you could make more stuff, as long
  as people want to buy it, you would make more
  money

5
If It Aint Broke, We Can Still Fix It

• Factory owners learned it is quicker and easier
  to create the same thing over and over if people
  work together
• They hired unskilled labor and assigned a step of
  the process to each worker
• Why would they do this?
• Answer Its cheaper to hire unskilled labor than
  skilled labor and the tasks on an assembly line
  dont require skilled laborers
• The division of labor increased production, as
  did interchangeable parts
• Many machines had parts that were all alike so
  they could be used in different types of machines
• The use of machines helped the workers produce
  more
• The lowered cost of production made more profit
  for the owners

6
If It Aint Broke, We Can Still Fix It

• The assembly line method was also used by the
  most successful groups last week in the candy
  activity, as you produced large numbers of
  identical items
• This is called mass production whats needed for
  it?
• Division of labor
• Use of interchangeable parts
• An assembly line
• What types of products were manufactured on the
  assembly line?
• Answer automobiles, clothing, furniture, and
  machinery
• How was the formation of the assembly line a good
  thing for the average person?
• Answer Costs were lower, so manufacturers could
  lower prices
• Why was the assembly line so useful?
• Answer Parts were carried from worker to worker
  so each worker can do a specific job
• Henry Ford built many cars by carrying automobile
  frames down a conveyor belt from one worker to
  the next until the car is built

7
Rise of the Corporation

• Corporations were groups of businesses that
  allowed people to buy stock in their companies
• This made it easier to raise money that was
  needed to run and expand a business
• Also, a stockholder was only financially
  responsible to the percent of the company they
  owned
• If you owned a lot of stock, you made more
  profits and had more risk if you owned a little
  stock, you made less in profits and had less risk
• A monopoly existed when a corporation gained
  almost complete control of the production or sale
  of a single good or service
• Key monopolies Andrew Carnegie (Carnegie Steel
  Company), JP Morgan (U.S. Steel, bought from
  Carnegie), John D. Rockefeller (Standard Oil)

8
Business Cycle

• You Can Put It On The Board