When Henry Ford announced he was going to produce an automobile that would be affordable to the masses, he probably did not realize what a great impact his achievement would have on life in the United States. and, eventually, the world. Ford’s use of mass production strategies to manufacture the Model T revolutionized industrial manufacturing and initiated a new era in personal transportation. This three-part learning unit provides students with the story of Henry Ford and the Model T from an economics perspective. Parts 1 and 2 explore how the Ford Motor Company successfully introduced mass production strategies to the auto industry. Students learn how specialization and investments in capital (machines, people, etc.) increased productivity and allowed Ford to slash the price of his popular vehicle. Students chart a plan for the assembly line production of bookmarks, test their plan, and make recommendations for improvements. Students also explore how Henry Ford used economic incentives to address a problem created by mass production techniques—worker turnover. An optional Part 3 explains how increased productivity resulted in shifts in the supply and demand for the Model T. Students analyze how a variety of non-price determinants continue to influence the automobile market today. The unit also provides a wealth of extension activities.
Students will define opportunity cost, and with this in mind students will list various career choices and salaries and calculate future value of money
Credit cards are convenient, user friendly, and at times dangerous. In this lesson students learn the joys and dangers of using credit as they help Credit, the main character in this activity, solve her credit problems.
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This publication contains 23 lessons that introduce high school students to the world of investing--its benefits and risks and the critical role it plays in fostering capital formation and job creation in our free market system.
6 out of 23 lessons from this publication relate to this EconEdLink lesson.
Created as a supplement to existing middle school world geography and world history courses, the 5 units in this guide introduce students to the basics of global trade.
3 out of 7 lessons from this publication relate to this EconEdLink lesson.
Entrepreneurship Economics introduces high school students to entrepreneurship through a resource market simulation, which demonstrates how entrepreneurship promotes economic activity and benefits society.
3 out of 12 lessons from this publication relate to this EconEdLink lesson.