MKT 100 Final: MKT100 Exam Notes

• School: Ryerson University
• Department: Marketing
• Course: MKT 100
• Professor: Paul Finlayson

Document Summary

The value that technological innovation (large or small) adds in. Named after joseph schumpeter who called it creative use destruction . X has 10 units of a in his possession and ownership and y has 10 units of b in his possession and ownership. They discuss whether they would like to barter two units of a for two units of b. X agrees because he values two of b much more than two of his 10 units of a. y agrees because he values two of a much more than two of his 10 units of b. A virtuous economic cycle/circle that drives economic growth, prosperity, and capital creation. Innovation exchanges. Trade & trading empires grew from the production of agricultural surpluses. Surplus was traded, led to the diffusion of innovations. Goats, sheep, cows, pigs and water-buffalo = domesticated. 3,000bc: first great trading civilizations created along rivers carts evolve destruction.