Cotton became the fabric of choice instead of wool, linen or silk. In this case the manufacturers of the other three may have had negative effects in their industries because they had competition but cotton was cheaper and easier to color. This gave people more affordable choices and industries a better way to make more money. Also the machines that came to be because of this part of the revolution lead to path for methods to be used in other areas like steam machines being used in boats. As a result cities grew faster and the economy was stronger.
Sweatshops may exist in any country but are more commonly found in LEDC’s. Many of the clothes sold in retail outlets in MEDC’s are manufactured in factories in LEDC’s. In many industries, including the fashion industry, jobs have been lost in MEDC’s because goods and clothes can be produced (manufactured) cheaply and more efficiently in the poorer parts of the world. This is because manufacturing overseas is cheaper; the wages there are lower, due to lots of workers being available and there being no minimum wage. Therefore manufacturers make bigger profit.
Outsourcing brings proven benefits in the form of economic leveraging, increase in the quality of products and it provides a number of opportunities to less developed countries. For example in recent times, Americans are overwhelmingly supporting the major retail stores like Wal-Mart, Target and K-Mart. The reason behind this consumer loyalty is that it has become much easier to shop at these locations rather than the local mom and pop stores located on the corner of most neighborhoods. The benefit is that you can purchase everything on your shopping list from one location, saving you time, money and gasoline. In a highly competitive business world, on a firm’s priority list is the subject of increasing profit and reducing cost.
For example, the first cars were so expensive that only rich people could afford to buy them but cars became cheaper when Ford invented the moving assembly line and the work went faster. But there were also some bad effects of the advanced technology in the factory. The industrial workers became mere wage earners as the machinery was too expensive. Some worker had to face unemployment as the machines made the work faster than before and it required fewer workers at some point. This system made the working condition dangerous as many industrial workers face the possibility of fatal
| Countries with fragmented retail systems tend to have short channels of distribution | B. | The more fragmented the retail system, the less expensive it is for a firm to make contact with each individual retailer | C. | Fragmented retail systems tend to promote the growth of wholesalers to serve retailers | D. | When the retail sector is very fragmented, it makes sense for the firm to deal directly with retailers | | | 9. What is the basic message of the theory of comparative advantage? | | | Student Response | A. | Countries are similar in their ability to produce goods efficiently | B.
ANSWER: b. scarcity. TYPE: M KEY1: D OBJECTIVE: 1 RANDOM: Y [iii]. Which of the following is NOT included in the decisions that every society must make? a. what goods will be produced b. what determines consumer preferences c. who will produce
Being constantly dissatisfied and always wanting more seems to be an innate natural phenomenon, forming the heart of our civilization. The original sin of the first human couple in the Garden of Eden was the result of
Finally, there are radical egalitarians, believing that all resources should be redistributed even if it means everyone is at risk for malnourishment. Pojman uses Peter Singer’s “Famine, Affluence, and Morality,” Singer has a strong and weak principle to the article. Pojman describes them as being to strong/weak. He cites work from Richard Watson. Watson’s idea of equality-absolute is extreme and harsh.
We are only concerned with that of ourselves and not of others. Baudrillard states, "Our society thinks itself and speaks itself as a consumer society”. This is explained by hyperconsumption. Baudrillard defines hyperconsumption as “an extraordinary level of consumption associated with the contemporary world”. (Ritzer, 2010, 2007, 2003, p. 246) Hyperconsumption defines the very means of what the world is today.
It can be argued that free trade is not fair trade. This is because free trade eliminates tariffs. It gives the economic advantage not only to those producers that are more efficient production-wise (largely because they are more capitalized) but also to those industries blessed with governments capable of delivering massive subsidies. In other words, to the already industrialized and wealthy nations. When tariffs are eliminated, consumers will switch to imported goods and services.