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United States Industrializes
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U.S. Leads the world in industrial output by 1890's
GNP (gross national product): total value of all
goods and services a country produces
GNP Today
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USA: 10+ trillion
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Japan: 5 trillion
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Canada 760 billion
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Timber industry provides rapid growth for
Michigan's Upper Peninsula
First sound ever recorded (1860)
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Inventions
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Alexander Graham Bell ...telephone
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Thomas Edison ...electricity and phonograph
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George Eastman ...hand-held camera
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Other inventions
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Underwater transatlantic cable
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Standard size clothes
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Sewing machine
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gas-powered automobile
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The refrigerator
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Free Enterprise: Business based on supply
and demand, with very little government
interference
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“laissez-faire”: let the people do as they choose
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Government should interfere as little as possible in
business
Entrepreneur: People who risk capital (money) to
start a business
Adam Smith: “Invisible Hand” theory