“Every submarine, every big ship and even every big aircraft carrier during WWII had dies, screw plates, and wrenches from the Greenfield Tap and Die Company” (Norman Mathews, long-time GTD worker). Through this lesson, students will understand that universal concepts describe events in industrial development and production. They will explore what universal economic factors contributed to, or inhibited, the growth and development of the GTD, the largest machine tool manufacturer in the world for nearly a century. The goals of this lesson are: 1) to provide a case study context in which to discuss basic economic concepts; and 2) to show how these universal concepts can be applied in other economic venues. Students will be able to: 1) demonstrate an understanding of basic economic concepts–corporation, market economy, consumer sovereignty, entrepreneurs, supply and demand, unionization, merger, raw materials, acquisition, cash flow, worker productivity, free trade, research and development–in discussion of the development of the GTD; and 2) demonstrate the transfer of this understanding of economic concepts to other economic spheres, such as contemporary national industries/businesses.
Greenfield Tap and Die: An Economic Review
Details
Author | |
Topic/Subject Area | Industry, Occupation, Work |
Historical Era | Progressive Era, World War I, 1900–1928, Great Depression and World War II, 1929–1945 |
Grade Level | High School (9–12) |
Creation Date | 2003 |
Last Revision Date | 2024 |