Becoming Modern 1865 - 1900ishFour MAJOR technological advancements made this possibleoil 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
Advancements in communication & technology telegraph telephone electric lights
The idea of “small business” is over 1 owner/partners high risk business begin to “incorporate” many owners low riskthe goal becomes to make as muchMONEY as possible $$$$$$$$$$$$$
Generate a list of pros and cons for theprofit motive. How is it good and how is itbad?
How does proximity affectour decisions/reactions tothings?
Predict one positive and one negative ofthis change is business structure
1) BIG - provide your goods/services to as many people as possible2) CHEAP - the less it costs you to produce the more profit you make3) FAST - the more items you make, the more you can sell4) QUALITY - ???
Capitalism Allows privately owned business where people compete for economic gain. Achieve your goal by any meansRelies on the free market to determine the price of goods and servicesThe 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 thecompetition NO CHOICES = owners = everyone else