ECON Video #2

ECON Video #2 - Michael Blasius 9/20/07 Video #2 Markets:...

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Michael Blasius 9/20/07 Video #2 Markets: Do They Meet Our Needs? In 1945, World War II had just ended and people were starting families. The demand for housing suddenly increased tremendously . Veterans of the war struggled to find an adequate place to raise their new families. Because of this, there was a high demand for low-income housing. This created the rise of suburban housing and the suburban way of life . Investors in housing tried to adapt the Ford assembly line idea to creating housing in suburban plots of land. William Lebbit answered this call for low-income housing by creating 6,000 homes on Long Island potato farmland. This is an example of a market adjusting to the needs and wants of the consumers. In this case, there was not enough low-income housing and the market responded by providing it, making a profit by doing so. The company US Steel had a chokehold on the steel supply and was the dominating manufacture of steel into the 60’s and 70’s. New technology used by a smaller steel mill, New
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ECON Video #2 - Michael Blasius 9/20/07 Video #2 Markets:...

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