[ECON 1740] Comprehensive fall guide including any lecture notes, textbook notes and exam guides.find more resources at oneclass.com
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
- Example: Lucky Charms & Marshmallow Mateys
Cease: IF companies don’t imitate or innovate, in a general sense, they will go out of
Labor Force (The people working)
- Agriculture: 79%
- Manufacturing: 21%
- Manufacturing: 15%
- Agriculture: 85%
- What needs to happen in order to grow?
1. Machines and Technology
○ US needed machines/technology because we had a mav ss ilabor
2. Standardized Interchangeable Parts
○ Eli Whitney: He invented the idea of interchangabparts.
○ Cheaper to Repair
○ Quicker to Fix
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