what is industry? industry. agricultural industrial
TRANSCRIPT
A. Free and mobile labor supply1. must be able to move to the jobs2. cannot be slaves, must get paid
Question one: What groups of people became the factory workers of the late 1800’s?
B. New inventions & methods needed1. must find faster & cheaper ways to produce2. machines take over the work
Question two: What inventions did Americans create to accomplish this?
II. Entrepreneurs + CapitalA. Entrepreneurs
1. people willing to risk their own wealth to start a business
B. Capital1. the $ and collateral that people put into their business2. must be willing to reinvest their profits!!
Question Three: Who were the entrepreneurs in the U.S. during the late 1800s and what industry did they dominate?
III. Raw MaterialsA. Raw Materials needed
1. must have raw materials for:a. Energyb. To make products
-i.e.: need iron to make steel !!
Question Four: What raw materials did the U.S. have to help industrialization?
IV. Surplus AgricultureA. Need to feed the growing cities!
1. less farmers needing to feed more people2. innovations to produce more
-i.e. tractor & steel plow
Question five: How did the U.S. meet the requirement of feeding the growing population of the cities?
V. Expanding MarketsA. Growing foreign trade
1. necessary to force businesses to expand2. goal of industry = to keep finding more
and more consumers-i.e. McDonald’s went from local to
state to regional to national to international business-also, Coca-Cola & Pepsi
Question six: Where did the U.S. expand its markets? (With which countries did they increase trade?)