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I. Rise of Industry in America

I. Rise of Industry in America. A. Natural Resources . coal - power steam engines / machines - large coal deposits found in Penn, WV, Kentucky & Ohio oil - lubricate machines / fuel lamps - found in Ohio & Penn iron ore - make steel - found in Minnesota & Pittsburgh. B. Increased Labor Force.

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I. Rise of Industry in America

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  1. I. Rise of Industry in America

  2. A. Natural Resources • coal - power steam engines / machines - large coal deposits found in Penn, WV, Kentucky & Ohio • oil - lubricate machines / fuel lamps - found in Ohio & Penn • iron ore - make steel - found in Minnesota & Pittsburgh

  3. B. Increased Labor Force • 14 million immigrants • many Americans gave up farming to work in factories • large number of African Americans move to cities • increased number of consumers

  4. C. Increased Capital = investors seek to make money by investing in companies (buying stock) result = companies have more capital ($) to spend on raw materials & labor

  5. D. New Inventions • Bessemer process - Henry Bessemer invented a cheaper way to produce steel from iron ore • telegraph & telephone - Alexander Graham Bell • light bulb - Thomas Edison

  6. E. Increased Transportation = growth of RR’s in the US • created giant companies •  labor force •  immigration • caused pollution •  migration west • removed NA from land • towns & cities grew •  need for steel • set up time zones

  7. II. Free Enterprise • . free enterprise = individuals & private business are free to organize and operate for profit in competition with others • . supply and demand =  supply  demand /  supply  demand • . entrepreneurs = people who assume the risks for success or failure of the business enterprise = leaders that organize NR and labor, adopt new technology and inventions, and raise capital

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