Economics of the Automotive Industry Free Essay, Term Paper and Book Report
The Economics of the Automotive Industry
History
The invention of the automobile has been one of the most significant inventions of the 21st century. It took people out of the hoarse and carriage era, and into a faster more efficient means of travel. As early as the 1800s the automobile was in Europe being powered by steam engines, until Henry Ford founder of Ford Motor Company developed the mass production of automobiles revolutionizing the output of cars at rate never seen before. This allowed cars to become an item most households can afford. In the 1960s GM could boast that it sold half of the new cars purchased in the United States. By the mid-1980s, however, its market share was down to 40 percent. As the decade of the 1990s began, GMs market share dwindled down even more, to slightly more than one-third.
In the 1970s auto unions demanded and got wage increases even though U.S. auto workers average productivity and marginal productivity didnt increase by the same percentage. The result was sharp increases in average variable costs of production for U.S. automakers......
Word Count: 1092
Page Count: 4.3 (250 words a page / double spaced)
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