Basics of Industry

1. THE BASICS of INDUSTRY

2. View video “Introduction to the Industrial Revolution” 1m

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. 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. 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. 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. Competition
a contest between two companies or businesses
who offer the same goods or services

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. 3Types of Resources
Natural
Resources
Human
Resources
Capital
Resources
(let’s think of examples)