The Industrial Revolution
Invented by Samuel Morse in 1837, this revolutionized communication, allowing for the swift exchange of information over long distances.
What is the Telegraph?
This involves overseeing the process of producing goods and services.
What is Operations?
These play a vital role in the U.S. labor movement, achieving significant milestones such as the Fair Labor Standards Act of 1938, which established minimum wage, overtime pay, and child labor standards.
What are Labor Unions?
This tool shows the company’s revenues, costs, and expenses over a period of time.
What is an Income Statement?
He revolutionized the automobile industry with the development of the assembly line method of production, making cars affordable for the average consumer.
Who is Henry Ford?
Improved by James Watt, this Robert Fulton design enabled efficient water and land transportation.
What is the Steam Engine?
This area of business is responsible for managing a company’s employees. This includes hiring and firing, compensation, benefits, training, and labor law compliance.
What is Human Resources?
In this type of economy, businesses contribute to Gross Domestic Product (GDP), which measures the overall economic activity of a country.
What is a National Economy?
This tool provides a snapshot of the company’s financial condition at a specific point in time, listing assets, liabilities, and shareholders’ equity.
What is the Balance Sheet?
These rights allow individuals or businesses to own, use, and dispose of their property as they wish.
What are Private Property Rights?
Invented by Eli Whitney in 1793, this made it quicker and easier to separate cotton fibers from their seeds.
What is the Cotton Gin?
This area of business involves promoting and selling products or services, including market research and advertising. The goal is to identify the needs and wants of consumers, determine the demand for a product or service, and create a strategy to market that product or service.
What is Marketing?
Often referred to as "Main Street" this type of economy provides goods and services to a community and helps stimulate growth.
What is Local Economy?
This is a primary tool of monetary policy used by central banks to control the flow of money in an economy.
What are Interest Rates?
In the free enterprise system, this allows individuals and businesses to have the liberty to make their own economic decisions.
What is Economic Freedom?
A Scottish immigrant, this tycoon led the expansion of the American steel industry in the late 19th century. His success was largely due to his innovative approach to business, such as vertical integration, where he controlled every stage of the production process.
Who is Andrew Carnegie
This area of business involves planning, organizing, leading, and controlling a business’s resources so it can achieve its goals. It includes strategic planning, setting objectives, managing resources, and overseeing the workforce.
This is the largest federation of unions in the U.S., with 56 national and international unions as members.
What is the AFL-CIO?
This can stimulate economic activity and increase the flow of money into businesses.
What is Government Spending?
Changes in this tool can reduce business profits, limiting the amount of money available for reinvestment; or boost business profits and increase available capital for business expansion; or limit consumer spending; or even stimulate spending and increase the flow of money into businesses.
What are Taxes?
He was a co-founder of the Standard Oil Company, which dominated the oil industry and was a major innovator in the rapid industrial growth in the United States. His business practices set a standard for the industry, though they also led to the creation of anti-trust laws.
Who is John D. Rockefeller?
This area of business focuses on the management of money and includes activities like investment decisions (both short-term and long-term), raising capital, and assessing financial risks and returns.
What is Finance?
This act ensures safe and healthful working conditions for working men and women by setting and enforcing standards and by providing training, outreach, education, and assistance.
What is OSHA (Occupational Safety and Health Act)?
This tool is useful for informing decisions on inventory management, credit terms, and capital expenditures.
What is a Cash Flow Statement?
These types of businesses often get their capital from personal savings, loans from friends or family, or bank loans.
What are Sole Proprietorship?