So we had to write a report about an event that impacted the economic activity. I think my report was good but definitely needs some improvements. I think what I did well was writing the correct amount, i think I did a good job of separating each revolution with paragraphs and what inventions where built in each revolution. But I think i need to work on more specific vocabulary, more details and more professional writing. I think overall it was a good report, it was informational, long, correct information and facts.
This is my report below.
The first industrial revolution started in 1760, this was when textile machines, steam engines and the use of iron and coal. Since these were invented, more jobs were available which was able to impact people financially and it also impacted the economy since more goods and more service was available to consumers and the market.
1764, James Hargreaves invented the spinning jenny and then Richard Arkwright created the water frame which were the first powered textile machines. Others would use these machines to make clothes and dresses for consumers and sell them for money as they can be produced more easily. Money went up by 40%, since people seemed to like clothes made from these machines. But due to this, over 15 million tons of textiles have gone to waste. Responsibility, Causation Change.
Thomas Savery invented steam engines in 1698 to help pump water out of coal mines. Then in 1760, James Watt decided to improve the steam engine so that the steam engine used less fuel. Steam engines were used for taking water out of mines so miners can do their jobs. And if miners can do their jobs, there should be more coal and iron that they are mining. Then it would be sold in the market. Of course the miners get some profit off of the sold product. In 1730, 100 or more steam engines were bought in just england. In 1800, 2000+ steam engines were operating in england. Function
Iron was used to help construct steam ships, steam engine, textile machines and railroads. Coal was used as fuel for steam engines and Iron smelting. Then factories demanded more fuel. Since Coal and Iron are goods, factories have to purchase them so marketers have some sort of profit. And therefor miners get money as well. Since railroads were made so transportation was more convenient and efficient. And thus, with transportation being accessible, it’s quicker for consumers to go to marketers to purchase products and it’s quicker for miners to access mine shafts or caves. Furthermore, it’s far better than walking. Citizens would often have to walk miles to reach a destination. Form Perspective
Then new types of machinery and technologies came along. Due to that, The first Industrial revolution ended in 1869. As expected, the second industrial revolution has begun in 1870. gasoline engines, refrigerators, telephones, light, airplanes and typewriters. These were some of the important inventions at the time. In this revolution, Steel and electricity was essential as they were used a lot. Form
The typewriter were consumed a lot and the sales for these products went off the charts! 1878, Christopher latham shloes invented the typewriter. Typewriters were used by authors, historians, reporters or just generally anybody who wants to write. Typewriters were used to write articles and journalist would publish their articles, another job that actually made quite a bit of money. About 24000 to 86000 were published a day. To publish an article back then was one cent. Once newspapers got famous, back in 1800, it’s estimated that millions of copies were sold every year. Function
Airplanes were commonly used as a way of transportation and gasoline engines powers them instead of coal. Airplanes were invented by the wright brothers in 1903. In 1876 Gasoline engines were used for cars and other forms of transportation at the time. And when you have transportation, it would be easier to get around and cars were expensive back then because there could only be limited amounts of cars. At the time, people with cars would offer others a lift and expect money in return. There was about two million cars being made in factories per year. Once more, another job available. Change
Electric Refrigerators and light both needed to be powered with electricity. Generally, electricity came from steam engines. Fred W. Wolf created the first electric fridge and it was first sold in 1913. And light was created by Thomas Edison in 1879. Before lights, folks would use candles. It was 23 USD, since it was a new invention of course it would be expensive. And once lightbulbs were made, they were bought to put into factories, rooms, train stations and more. So as you can imagine, lots of money was made. Millions and almost billions were made from the light bulb. Perspective
Then, after electricity and steel, new mechanics were created. Thus ended the second industrial revolution and started the third industrial revolution. In the third industrial revolution, we started to notice automation in production. With technologies like computers and the internet, many tasks were now made much faster and efficient, and global production saw a massive increase. Causation, Form
With access to computers, it was much easier to convert calculations and data management, not only saving companies space, but also as less folders were used in their workspace, but also time, as computers were able to calculate faster than the human mind could, and workers didn’t have to search cabinets for a file they need. Since everything they needed was stored into their computers. One billion computers are sold each year back in the early 2000s. Function
The internet, which many of us take for granted, provided with very easy communication between companies, therefor, saved a lot of time and cost. Also now as business trips didn’t need to happen as often because emailing and other communications services made communication between the general public available and at a low cost. Connection, Perspective
To this day, we are experiencing the fourth industrial revolution. This revolution allows us to automate complex tasks with new and advanced technologies. This includes technologies like 3D printing and self-learning AI and more to come in the future. Form
3D printing, while still in its new, allows companies to manufacture products with much more ease by taking diagrams and copying them into a solid form. This also allows aspiring entrepreneurs to test new products easily and at a much lower cost, provided they have 3D printers, allowing more products to enter the local economy.
Self-learning AI on the other hand, while still being experimented with, is exactly like it sounds. It allows AI to be programmed to perform a tasks, to be tested and improved. This is good as with computers able to solve difficult algorithms in seconds, the speed at which these AI learn is much faster than an average person, and can easily surpass humans in completing tasks quickly. Change
While this revolution may make things more efficient, mass automation can cause a loss to many jobs, because AI and robots are faster than humans. For humans to gain their jobs back, they would have to learn new skills and have fields of specialization, however now, economies are not ready for this change because the education required for these new skills is not yet available. Change
What I think they could do in the future is, they could have more jobs for humans instead of robots and machines doing everything. And maybe there could even be a fifth revolution with teleporters and rifts. If there was, it would probably be big in the market and there would be lots of investors as well. Responsibility perspective
To summarize, lots of new inventions were discovered, and they were bought and consumed by consumers. Therefore giving more jobs, profit, investments etc. And now that there are factories, production goes up and so does finance.