assignment 1 - Econ 331 Assignments 1 and 2 Organization of...

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Econ 331 Assignments 1 and 2 – Organization of American Industry – Spring 2008 All assignments should be typed, double-spaced. Assignments are evaluated on a credit/no credit basis. You need to pass five ofsix assignments to receive full credit for the assignments; the sixth can be extra credit. If you email them by the first due date, or earlier, we will make every effort to give you feedback before the exam. They will be marked credit/no credit if received the day of the exam. Assignment 1 Due 2/22/08; email to econ331@econs.umass.edu (or email by the first exam, Weds. Feb 27 th ) 1. What is the definition of technology? How does Neoclassical economics come up short when looking at growth and technological development? Technology is a machine or tool that is capable of producing goods. It is made up of any process of multiple machines such as used in a production line of a factory or simply one process that in the end has a finished product. Technology has played a big impact on the lives on people, it has made our lives easier by cutting down the time it takes to complete certain tasks to a technological invention such as a car. Neoclassical ecomomics which was advocated by Marshall is based on a supply and demand principle. When people needed a product then it would be produced, instead of mass production and then hoping that the supply would be bought out by people. In neoclassical ecomics technology has little role, especially in regards to the development of new machines or processes. 2. How did Adam Smith Believe the Division of Labor would affect innovation? Adam Smith talked about how the Division of Labor would help in a few main areas. The first
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This note was uploaded on 04/29/2008 for the course MGMT 330 taught by Professor Porschitz during the Spring '08 term at UMass (Amherst).

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assignment 1 - Econ 331 Assignments 1 and 2 Organization of...

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