Henry Ford became one of the inventors of the five-day workweek in 1926, when Ford Motor Company implemented a 40-hour, five-day week for its factory workers. Ford admitted that he expected the policy to make his workers more productive.
Ford's decision inspired many other business owners and industry associations to follow suit. The cotton and textile industry agreed to the five-day workweek and a minimum weekly wage in the 1930s. The five-day workweek was not codified into federal law until 1938, when Congress passed the Fair Labor Standards Act, which barred child labor and limited the workweek to a maximum of 44 hours.Learn More
The assembly line was invented by Henry Ford on Dec 1, 1913. The first assembly line was invented for the production of the automobile, reducing the time of production from over 12 hours to 2.5 hoursFull Answer >
The five determinants of demand are price, income, expectations, relative prices and preferences. They detail the conditions that drive individual purchasing decisions and thus demand.Full Answer >
The five major economic goals are full employment, economic growth, efficiency, stability and equity, and they are divided into both macroeconomic and microeconomic goals. On the macroeconomics spectrum, policies are made to reach economic growth, stability and full employment. For microeconomics, decisions and policies are driven towards reaching efficiency and equity. As a whole, society's behavior aims to reach the five economic goals.Full Answer >
In a book entitled "Scanning the Business Environment" published in 1967, Harvard professor Francis Aguilar included a scanning tool called ETPS, the forerunner of PEST analysis. PEST analysis is an acronym for Political, Economic, Social and Technological analysis.Full Answer >