manufacturing
DESCRIPTION
Manufacturing. Manufacturing -. Making products to be sold for profit. Business Ownership. Before we can talk about business ownership we need to define the word Capital: Capital – Money, buildings, machinery and investments that are used to make products or services. Business Ownership. - PowerPoint PPT PresentationTRANSCRIPT
![Page 1: Manufacturing](https://reader036.vdocuments.net/reader036/viewer/2022062516/56812a93550346895d8e4580/html5/thumbnails/1.jpg)
MANUFACTURING
![Page 2: Manufacturing](https://reader036.vdocuments.net/reader036/viewer/2022062516/56812a93550346895d8e4580/html5/thumbnails/2.jpg)
Manufacturing -
Making products to be sold for profit
![Page 3: Manufacturing](https://reader036.vdocuments.net/reader036/viewer/2022062516/56812a93550346895d8e4580/html5/thumbnails/3.jpg)
Business Ownership Before we can talk about business
ownership we need to define the word
Capital: Capital – Money, buildings, machinery
and investments that are used to make products or services
![Page 4: Manufacturing](https://reader036.vdocuments.net/reader036/viewer/2022062516/56812a93550346895d8e4580/html5/thumbnails/4.jpg)
Business Ownership Sole Proprietorship – business
owned by one person
Partnership – business owned by more than one person
Corporation – large number of people own a company
![Page 5: Manufacturing](https://reader036.vdocuments.net/reader036/viewer/2022062516/56812a93550346895d8e4580/html5/thumbnails/5.jpg)
Types of production -
Craft or Cottage system – make products at home and take them to the marketplace
![Page 6: Manufacturing](https://reader036.vdocuments.net/reader036/viewer/2022062516/56812a93550346895d8e4580/html5/thumbnails/6.jpg)
Mass Production - Assembly-line method – many people
work together doing different specialized jobs to produce one product
![Page 7: Manufacturing](https://reader036.vdocuments.net/reader036/viewer/2022062516/56812a93550346895d8e4580/html5/thumbnails/7.jpg)
Modern day assembly line
![Page 8: Manufacturing](https://reader036.vdocuments.net/reader036/viewer/2022062516/56812a93550346895d8e4580/html5/thumbnails/8.jpg)
Who is known for coming up with the idea of an assembly line?
Henry Ford (early 1900s)
![Page 9: Manufacturing](https://reader036.vdocuments.net/reader036/viewer/2022062516/56812a93550346895d8e4580/html5/thumbnails/9.jpg)
Concepts related to mass production - Interchangeable Parts – all parts are made
the same; they can be interchanged
![Page 10: Manufacturing](https://reader036.vdocuments.net/reader036/viewer/2022062516/56812a93550346895d8e4580/html5/thumbnails/10.jpg)
Who was responsible for the concept of interchangeable parts?
Eli Whitney
What else is Eli Whitney known for inventing?
![Page 11: Manufacturing](https://reader036.vdocuments.net/reader036/viewer/2022062516/56812a93550346895d8e4580/html5/thumbnails/11.jpg)
Cotton Gin
He was known for many other inventions as well?
![Page 12: Manufacturing](https://reader036.vdocuments.net/reader036/viewer/2022062516/56812a93550346895d8e4580/html5/thumbnails/12.jpg)
Labor Specialization – each person has a specialized job to do
Time and motion analysis - studies are done to reduce wasteful practices
![Page 13: Manufacturing](https://reader036.vdocuments.net/reader036/viewer/2022062516/56812a93550346895d8e4580/html5/thumbnails/13.jpg)
Some Vocabulary:
Industry – Businesses that produce goods or services
![Page 14: Manufacturing](https://reader036.vdocuments.net/reader036/viewer/2022062516/56812a93550346895d8e4580/html5/thumbnails/14.jpg)
Goods – Products that are made
![Page 15: Manufacturing](https://reader036.vdocuments.net/reader036/viewer/2022062516/56812a93550346895d8e4580/html5/thumbnails/15.jpg)
Services – Work performed to improve goods or benefit people
![Page 16: Manufacturing](https://reader036.vdocuments.net/reader036/viewer/2022062516/56812a93550346895d8e4580/html5/thumbnails/16.jpg)
Labor – human workers
![Page 17: Manufacturing](https://reader036.vdocuments.net/reader036/viewer/2022062516/56812a93550346895d8e4580/html5/thumbnails/17.jpg)
Free Enterprise – A political system that allows business to flourish with as little government control as possible
![Page 18: Manufacturing](https://reader036.vdocuments.net/reader036/viewer/2022062516/56812a93550346895d8e4580/html5/thumbnails/18.jpg)
Entrepreneur – Organizer of an enterprise. Takes advantage of new opportunities
![Page 19: Manufacturing](https://reader036.vdocuments.net/reader036/viewer/2022062516/56812a93550346895d8e4580/html5/thumbnails/19.jpg)
Monopoly – Business which is the only producer of a good or service; one which has no competition
![Page 20: Manufacturing](https://reader036.vdocuments.net/reader036/viewer/2022062516/56812a93550346895d8e4580/html5/thumbnails/20.jpg)
Efficiency – Getting the most out of what was put in
![Page 21: Manufacturing](https://reader036.vdocuments.net/reader036/viewer/2022062516/56812a93550346895d8e4580/html5/thumbnails/21.jpg)
Assembly – Fitting together of parts to produce manufactured goods
![Page 22: Manufacturing](https://reader036.vdocuments.net/reader036/viewer/2022062516/56812a93550346895d8e4580/html5/thumbnails/22.jpg)
Natural Resources – Items taken from the earth, sea or air. Examples: oil, iron ore, cotton, wood, fruits, natural gas, oxygen
![Page 23: Manufacturing](https://reader036.vdocuments.net/reader036/viewer/2022062516/56812a93550346895d8e4580/html5/thumbnails/23.jpg)
Durable Goods – Products that usually last at least three years. Examples: furniture, refrigerators, automobiles, bikes etc
![Page 24: Manufacturing](https://reader036.vdocuments.net/reader036/viewer/2022062516/56812a93550346895d8e4580/html5/thumbnails/24.jpg)
Nondurable Goods – Products that usually last fewer than three years. Examples: clothing, food, toothpaste etc
Middle school romances
![Page 25: Manufacturing](https://reader036.vdocuments.net/reader036/viewer/2022062516/56812a93550346895d8e4580/html5/thumbnails/25.jpg)
Now take the practice Quiz: www.quia.com/quiz/593377.html