Final answer:
Ransom Eli Olds and Henry Ford both utilized assembly line production methods in the automotive industry, though they had differing management styles and views on freedom. Their approach to business significantly contributed to industrial growth in America, alongside tycoons like Carnegie, Rockefeller, and Morgan.
Step-by-step explanation:
Ransom Eli Olds and Henry Ford were two significant figures in the automotive industry and shared some similarities in their approaches to business and manufacturing. Both Olds and Ford optimized the assembly line production method, which revolutionized the manufacturing process by increasing efficiency and reducing costs. However, they also had their differences, particularly in the way they managed their businesses and perceived freedom, with Ford being known for his higher wages to ensure loyalty and create consumers, while also being hostile towards unions. During the industrial age in America, tycoons like Andrew Carnegie, John D. Rockefeller, and J.P. Morgan wielded tremendous influence, with each having different philosophies about wealth and social responsibility. Entrepreneurs, like Olds and Ford, were critical in turning inventors' ideas into massive industrial growth. Their approaches to business management, such as the use of horizontal and vertical integration, trusts, and holding companies, became standard in American business practices.