Before Ford created a cheaper, more affordable car for the American people, Charles Edgar Duryea had created a car only affordable for the wealthy, not many Americans were as fortunate to be able to buy a car and it was considered a luxury to have. When Ford created the Model T, it changed the way cars were priced. The American people now had more options of cars to choose from so companies in the automobile business had to lower their prices to compete. As in this quote (Jim Luke, par. 7) “ With his invention of the assembly line, it allowed other industries to adopt this idea and decrease their production costs.
Henry Ford greatly contributed to the American people. He should be classified and remembered as a Captain of Industry because of his industrial contributions such as the revolutionization of how people used transportation and by helping increase the economy through his 1908 Model T automobile. Henry Ford set great examples for other businessmen with his creation of the assembly line,making the production of industrialized goods faster and easier. Henry Ford used tactics to build his empire such as making the Model T affordable for everyone,good wages for his labor, and buying out other shareholders. With his great generosity and acts of philanthropy,he paid his employers more than average and also supported the people(affordable prices).
Management even brought their quick ratio to 1.08. Thus, they are in a position to cover any debt obligations that may come up quickly. Their inventory turnover has been relatively steady over the five years of data. In year 7 their inventory turnover reached 3.2 which means inventory is moving through to customers at an increased rate over the year which correlates with their increased sales. This statement is supported by the fact that the days inventory held for stoves has dropped over the past five years from 146 days in year 3 to 114 days in year 7.
Not only did Ford affect the production aspect of his business but he was also the first person to raise the minimum wage of his workers. “One of Ford’s most astonishing moves, to combat high turnover and absenteeism caused by assembly line monotony, was to double the minimum daily wage to $5 and cut daily working hours from nine to eight” (Davis). He valued his workers since they were the ones who made his business possible in the first place. Other companies were not very keen on the idea of paying their workers more money for less hours, but eventually many other companies caught on and they started paying their workers more many for their services. Even companies outside of automotive industry were intrigued by Ford’s
The prices start to lower since the car was mass produced on an assembly line. The model T was the longest production run of any automobile in history (The Roaring twenty’s 8). Ford was efficient by the way they had made things mass produced. Henry ford kept his prices low by sticking to single products. The developed interchange parts.
Ford is well known for his unique system of production he used in his automobile factories, compared to others. While the majority of automobile factories at the time would pay employees as little as possible, and sell their cars for high prices, Ford did just the opposite. Ford instead paid his workers the highest wage he could, and produced cars that were affordable for a large majority, rather than just the upper class. Specifically, Ford paid his employees $5.00 a day, which was almost double what other automobile factory workers would typically make at the time. Ford claimed the reason he paid a $5 per day wage was in attempts to create a blue collar middle class who, with this high wage, could hopefully afford their own Ford Product.
Physics has helped the military guns in many of ways, it has also helped people who hunt for a living. Yes these advances are wonderful and they are very helpful, but they also come at a very high cost. When guns first came out in the 1800’s they costed about $50.00 and now days they can cost anywhere from $250.00 to $1,500.00 or more, For example when I was 5 years old my mom and dad bought me my first gun for my birthday. It was a .22 magnum and it costed $169.99. I eventually grew out of shooting this gun and I bought another one, it was a .270 and it costed $295.00.
In the 1914, some working class families have reported of spending 60% of their income on food (year when the first world war began). By 1937, the food became much cheaper considering that the war ended and that people have been able to recover from the damages the war had brought on. Families later reported having spent only 35% of their income on food in the same year. The consumption of dairy products, cereal and fruit had considerably increased by the mid-20th century. The amount of fat and sugar intake had equally increased.
His giving nature is yet another reason that Mr. Carnegie should be in the Entrepreneurs Hall of Fame. Andrew Carnegie was also intelligent in the way he invested. Because he could better benefit from them, he invested in businesses he knew. One example would be the Sleeping Car, which he invested in because he thought it was a great idea. Also, when it came to his steel industry, he invested in everything he could to make production faster and cheaper.
The companies will not only come and pick them up for free, but they'll also tow it away in trucks free of charge for you. Most people don't know it, but cars are made up of many parts. Sometimes a car is worth more when you pull it apart and sell off each piece. For example, you might own a fifteen year old car and it's only worth a thousand dollars the way it is. However,