Transcript Chapter 3 Lesson 3 Day 2

Selling the Product
• Supply and Demand Advances in manufacturing resulted in
large supplies of goods for sale. Markets had to be expanded to
draw in consumers and increase demand.
• Advertising The need to draw in consumers led to the
development of advertising companies. Large ads appeared in
magazines and newspapers to attract customers to both
products and to retail stores where those products were sold.
• Department Stores These retail stores offered many different
types of goods in one large building and made shopping an
activity that appealed to a wide range of consumers.
• Chain Stores These retail stores were owned by a single
company and had multiple locations. The stores advertised
through catalogs and offered goods at lower prices than
department stores.
Advertising
• How did the development of modern
manufacturing create the need for
advertising and retail sales?
• Modern manufacturing made large numbers
of products quickly, which increased the
supply. This created a need to convince
consumers to buy these products.
Advertisements that contained both
descriptions of products and locations where
the products could be purchased increased
demand.
Rockefeller and
Carnegie
• What qualities enabled Carnegie and
Rockefeller to become successful
entrepreneurs?
• They were able to read the market and make
the right moves at the right time to ensure
that their companies were efficient and
profitable. They began work as boys. They
were competitive and to some, ruthless.
Entrepreneurs
• How do the qualities of modern-day
entrepreneurs, such as Bill Gates, Steve
Jobs, or Donald Trump, compare with
those of the era of industrialization?
• Entrepreneurs today have to be computer
and Internet savvy; they have to think in
terms of international business. Modern
entrepreneurs also may have to be more
innovative than men such as Carnegie and
Rockefeller were in the 1800s.
Activity
• Write a 5 paragraph essay about how
many of the wealthiest businesspeople
in modern times are not people who
make steel or refine oil. The new
wealthy are people who work in banking
and investments. Discuss with students
whether this is good or bad for a
nation’s economy.