KEY WORDS AND PHRASES
ECONOMY, PROFIT, TRADE, FREE MARKET SYSTEM, INDUSTRY, COMPETITION,
INNOVATION,REGULATE, PRODUCTIVITY,
Guiding question: How did the market get started? What role does the free market economy, trade, bartering, supply and demand have in the economy?
Question:
Explain how this quote relates to the film “Cave-o-nomics,” and make use of information garnered from the film.
“If a man has good corn or wood, or boards, or pigs, to sell, or can make better chairs, forknives, crucibles or church organs, than anybody else, you will find a broad hard-beaten road to his house, though it be in the woods.”
—Ralph Waldo Emerson
WE THE ECONOMY LESSON: cave-o-nomics
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This quote relates to the film that was just watched above because of the use of details like the quality and product of such. Emerson basically says that if someone can create a certain product that is better than anyone else's, then it does not matter how far or where people must go to get this product, they will all be lined up because everyone always wants the best product at the best price. Which, in turn, relates to the film because it talked about how once there was a new man that could make a better and more innovative spear, then everyone traveled to his booth and forgot about the smaller and less innovative spear that was once used by everyone without competition.
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