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Basics of industry

Basics of Industry

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Basics of industry

  2. 2. View video “Introduction to the Industrial Revolution” 1m
  3. 3. Industrial Revolution • Industry: any business activity that produces a product (the automobile industry; the steel industry) • Revolution: a large and/or sudden change The industrial revolution was the period of change in the United States during the late 1800s through the early 1900s from making goods by hand to producing them with machines.
  4. 4. Economy the system for producing goods and services; the management of money and resources in an area America’s economy is a FREE ENTERPRISE SYSTEM Which means anyone can start a business Entrepreneur a person who starts a new business, hoping to make a profit
  5. 5. Investor a person who gives money to a business or project, hoping to make a profit Corporation a business owned by investors The FIRST corporations were RAILROAD COMPANIES
  6. 6. Stock a share of a company that is sold to an investor; an investor can sell it at a later date (it will hopefully be worth more) Consumer a person who buys or uses goods and services *goods – toothbrush, soda, TV *services – car mechanic, dance instructor
  7. 7. Competition a contest between two companies or businesses who offer the same goods or services
  8. 8. Business Resources The United States is rich in important resources to start businesses: Natural Resources are things found In nature that people can use. (raw materials like trees, oil, iron) Human Resources are people who work to produce goods and services. (workers) Capital Resources are the tools and machines that companies use to produce goods and services. (money, tools, technology)
  9. 9. 3Types of Resources Natural Resources Human Resources Capital Resources (let’s think of examples)