"The History of Business" Please respond to the following:
•Discuss how the factors of production (natural resources, capital, human resources and entrepreneurship) have changed throughout the four eras of business. •Analyze the four eras of business and make a prediction for what the next era will be like. Explain the rationale behind your prediction.
The factors of production have had a significant effect on the eras of business. Each era has two particular thing in common; the growth of technology and innovation.
•Industrial Revolution- The workers who were tasked with doing jobs such as mining natural resources (ex. Coal), creating textiles, making iron, etc. were the human resources as well as creating the capital. Entrepreneurs also turned the tides with certain inventions such as Richard Trevithick who created the power loom and the steam engine. These inventions helped to fuel things such as cotton mills and iron works, and also became a great help to areas where natural resources couldn’t be used for power such as watermills ;therefore contributing to the use of entrepreneurship and natural resources and also expanding the reach for companies.
•Entrepreneurship Era- With the standard of living raised across the country; that transformation in turn created new demands for manufactured goods. With people starting their own businesses and attracting the attention of potential buyers it caused competitors to raise prices. Exploitation also came into play when business would try to get the upper hand on one another to rake in sales and decrease competition. Human Resources and Capital were still heavy in play because workers were needed either for work in the large factories or the small business started by entrepreneurs.
•Production Era- The production era was a time where factories focused more on quantity than quality. Trying to produce as much product as possible to bring in major sales, which in turn would use...