COMM101 Lecture Notes - Lecture 5: Opportunity Cost, Offshoring, Internal Control
Document Summary
+ small scale, mostly catering to immediate local demand. + concerned with a single function of product. + established at a single geographic site (local, small community) + owner"s managed, perhaps part family run: railways. Ended major construction of rolling stock, require large acquisitions, engineering firms By 1850, 19 private owned british railway operators had each raised > million in financial capital. By 1904, top 10 british firms were all railways owners/operators: steam power shipping. Have engineer task, huge demand for trade, services. Can carry large amount of goods through tough conditions: automobiles. Resulted in the development of very large private sector firms. First (small scale) production, petrol power, vehicle produced. Similar fast growing requirements for materials, engineering, workers, factories Large scale firms becoming more common (ex: australia: adsteam and huddart-parker: historical development. First development phase (due to new 19th century transportation technology) Second development phase (early mid 20th century to current period)
