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ECON 1740- Midterm Exam Guide - Comprehensive Notes for the exam ( 13 pages long!)Premium

13 pages57 viewsFall 2016

Department
Economics
Course Code
ECON 1740
Professor
Jason Flurer
Study Guide
Midterm

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Utah
ECON 1740
MIDTERM EXAM
STUDY GUIDE
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Capitalism:*Innovate,*Imitate,*or*Cease
This*is*done*to*get*more*money/capital/profit
-
Example:*IPHONE*1,*Electricity
-
Innovate:*Coming*up*with*a*new*product,*idea,*technology,*etc.
Example:*Lucky*Charms*&*Marshmallow*Mateys
-
Imitate:*Other*companies*must*imitate*the*innovation*in*order*to*get*some*of*the*
profits.
Cease:*IF*companies*don’t*imitate*or*innovate,*in*a*general*sense,*they*will*go*out*of*
business.
Labor*Force*(The*people*working)
-
Manufacturing:*21%
-
1860
Manufacturing:*15%
-
-
1815
Machines*and*Technology
1.
US*needed*machines/technology*because*we*had*a*massive*labor*
shortage
Standardized*Interchangeable*Parts
2.
Eli*Whitney:*He*invented*the*idea*of*interchangable*parts.
Cheaper*to*Repair
Quicker*to*Fix
What*needs*to*happen*in*order*to*grow?
-
Factory*Production
21#September#2016
Wednesday,* September* 21,*2016
2:56*PM
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Quicker*to*Fix
Cheaper*to*Make
Quality*is*Consistent
Assembly*Line
3.
Division*and*Specialization
Power*and*Energy
4.
First*Main*Source*of*Energy:*Animals*pulling*things
Then:*Water*Wheel*is*invented
Portable
§
Then:*Steam*Engine
What*effect*did*this*have*on*consumers?*Made*it*so*people*were*able*to*
purchase*a*greater*amount*of*the*product.
-
The*Southern*States*Argued*that*tariffs*were*unconstitutional.
-
Stated*it*was*unconstitutional*because*it*was*never*actually*stated*that*
you*can*create*tariffs*inside*the*Constitution
John*C.*Calhoun*was*a*southern*senator*that*stated*tariffs*were*
unconstitutional.*
-
Tariff*of*Abominations*(1828)
Average*American*did*not*have*markets*until*after*the*civil*war
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Capitalism*as*we*know*it,*we*have*only*been*this*way*for*less*than*100*years
-
Baby*Capitalism
US*Dollar*is*the*MOST*VALUABLE*currency*because*we*all*agree*it*is*
The*thing*that*makes*money,*money*is*faith.
Universally*agreed*upon
What*is*money?*
-
Money
Throughout*history*people*have*used*shells,*coins,*paper,*etc.*
Store*of*Value:*Hold*its*value*for*a*long*time
Dollar,*One*Hundred*Dollar,*Pennies,*Dimes,*Etc.
§
Unit*of*Account:**Something*you*can*count*out.*Can*be*broken*up*into*
smaller*pieces!
Medium*Exchange:*Standard*thing*everyone*will*accept
Things*you*need*a*currency*to*have
-
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