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Economics Presentation


Song Chau

on 3 December 2012

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Transcript of Economics Presentation

Henry Ford Innovator. Model T Henry Ford Henry Ford was an innovator. He created many things such as the assembly line, Model T (the first mass produced automobile), his own Airline company, Kingsford Charcoal and much more. The car was very simple to drive, and easy and cheap to repair. It was so cheap at $825 in 1908 ($21,340 today) and the price continued to fall every year. King of assembly lines The invention of the assembly line not only made the process of making cars faster, but it would eventually end up revolutionizing the way things were produced. Economic Impact Henry Ford accomplished a lot in order to change the economy. The low prices of the Model T forced all competition to lower their prices (which they couldn't afford) and made prices a whole lot cheaper. Economic Impact Cont. July 30, 1863 – April 7, 1947 It revolutionized the production industry when he created the assembly line in order to mass produce his car. The car was so successful, that several years posted 100% gains on the previous year. The creation of the assembly line was probably Henry Fords biggest accomplishment. His idea of the assembly line was adopted by many industries including other vehicle makers, food production and clothing lines. This made prices cheaper because more could be produced in the same amount of time. With the assembly line, Ford was doing so well that he could continue to lower his prices and his competition could hardly keep up. Ford came up with a set pay of 5 dollars a day. In that time this price was unheard of. It is the equivalent of about 13 dollars an hour today. Even though Ford's profit gains shot through the roof and the production speed increased, it negatively effected the economy. People started striking and quitting their jobs in search for 5 dollar a work days.
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