Match the era
1) industrial revolution
2) laissez-faire and the 3)entrepreneurial era
4) the production era
5) the marketing era, including the marketing concept
6) the global era
7) the information era

turn of this last century brought with it the internet and its impact on the world economy. people all over the world own computers and use them extensively for business, learning, and commerce. the net allows small companies to compete on a level playing field with large companies. networking through the internet has created many new and varied business opportunities.

industrial revolution directed the way manufacturing has been accomplished since the mid-eighteenth century. currently, the revolution is demonstrated by the trend to outsource to countries that are underdeveloped, saving large corporations tremendous sums on labor.

production era came to the forefront with henry ford and the moving assembly line. it was also the advent of “scientific management,” which used efficiency experts, statistics, and research to define how to manage production. the united states still uses these techniques in many types of business.

-faire is a french term that translates into english as “let do, let go, let pass.” it is a term synonymous with “free market,” which in turn is interpreted to mean: leave business to its own devices and keep the government out. the evolution of the free market economy still has its own energy of competition but there are many more regulations to keep the market fair than there were in earlier days.

world war ii shortages, demand for goods increased. the marketing concept, which states that satisfying customer’s needs and wants creates profit, drives many markets today. advertising also is heavily responsible for giving customers the idea that they “must have” something.

the 1980s, the global era impacted businesses with cheaper competition from around the world, causing u. s. businesses to increases efficiency, improve quality, and cut costs. it also created outsourcing and new markets.
section 3 of the interactive presentation
what is a market economy?

questions to answer

what is demand?

what is supply?

in the future if you were to start a business what would that business be?