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

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University of Utah
ECON 1740
Jason Flurer

[ECON 1740] Comprehensive fall guide including any lecture notes, textbook notes and exam guides.find more resources at 21 September 2016 Wednesday, September 21, 2016 2:56 PM Capitalism: Innovate, Imitate, or Cease Innovate: Coming up with a new product, idea, techno ogy, etc. - This is done to get more money/capital/profit Example: IPHONE 1, Electricity - Imitate: Other companies must imitate the innovatioinn order to get some of the profits. - Example: Lucky Charms & Marshmallow Mateys Cease: IF companies don’t imitate or innovate, in a general sense, they will go out of business. Labor Force (The people working) 1860 - Agriculture: 79% - Manufacturing: 21% 1815 - Manufacturing: 15% - Agriculture: 85% Factory Production - What needs to happen in order to grow? 1. Machines and Technology ○ US needed machines/technology because we had a mav ss ilabor shortage 2. Standardized Interchangeable Parts ○ Eli Whitney: He invented the idea of interchangabparts. ○ Cheaper to Repair ○ Quicker to Fix find more resources at
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