Lecture 9 - 2/1/10 Economic expansion I. Economic growth a....

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2/1/10 Economic expansion I. Economic growth a. Transportation explosion a.i. Rail road expanded and connected the rest of the world b. Industrial expansion b.i. Steel is used for manufacturing b.ii. Based on technological process c. Agricultural revolution c.i. New, labor-saving tractor and “little giant” thresher c.ii. People are starting not to just have family farms c.iii. America life is starting to transform II. Growth of Large Corporations a. Why does this happen? a.i. They use new business practices to replace the old way a.ii. Good use of efficiency and scale: fast rate with bigger equipment a.iii. Buy in larger quantities makes it cheaper to acquire a.iv. More talent because you hire smarter people a.v. Technological imperative: pushing the envelope to get more technology b. Period of economic turmoil b.i. Prices are going down because there is so much competition and goods out there c. Efforts to limit competition c.i. Voluntary price setting c.ii. Centralized control d. Two forms of integration
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This note was uploaded on 11/15/2011 for the course HST 202 taught by Professor Friedman during the Spring '10 term at Michigan State University.

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Lecture 9 - 2/1/10 Economic expansion I. Economic growth a....

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