ECON 1740- Midterm Exam Guide - Comprehensive Notes for the exam ( 13 pages long!)
11 Oct 2017
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Innovate: coming up with a new product, idea, technology, etc. 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. Us needed machines/technology because we had a massive labor shortage. Eli whitney: he invented the idea of interchangable parts. Made it so people were able to purchase a greater amount of the product. First main source of energy: animals pulling things. The southern states argued that tariffs were unconstitutional. John c. calhoun was a southern senator that stated tariffs were unconstitutional. Stated it was unconstitutional because it was never actually stated that you can create tariffs inside the constitution. Average american did not have markets until after the civil war. Capitalism as we know it, we have only been this way for less than 100 years.
