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What was the most important document written in 1776?

What was the most important document written in 1776?. What was the Most Important Document Written in 1776?. ECON 200 students’ answers in regards to the question, what was the most important document written in 1776?. Declaration of Independence 87. The Constitution 40. (1787). (1789).

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What was the most important document written in 1776?

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  1. What was the most important document written in 1776?

  2. What was the Most Important Document Written in 1776?

  3. ECON 200 students’ answers in regards to the question, what was the most important document written in 1776? Declaration of Independence 87 The Constitution 40 (1787) (1789) The Bill of Rights 5 The Magna Carta 3 (1215) Reffonomics The Bible

  4. The Great Gatsby 2 The Independence of Britain Keynes The YGWYPUI Principle The Wealth of Nations 14

  5. What was the most important document written in 1776? The Wealth of Nations written by Adam Smith The Father of Economics

  6. He is my great, great, great, great, great Uncle on my Mom’s side! Do we look alike?

  7. What made The Wealth of Nations “THE” most important document written in 1776? Adam Smith wrote about a pin factory. What did they call the workers in the pin factory? Just a bunch of pinheads.

  8. When he first observed the factory, he noticed that each worker was producing his or her own pins. By the end of the day, the total production by each worker was 20 pins. He stated that each worker should specialize in the production stage rather than produce his or her own pins.

  9. One person draws the wire. One person straightens the wire. One person cuts the wire. One person points the wire. One person grinds the wire at the top to receive the head of the pin. One person makes the head of the pin. One person attaches the head to the pin.

  10. Through specialization, the total output by the factory increased to 48,000 pins per day. (Page 11, Wealth of Nations)

  11. I am going to prove that specialization works. I am going to name a state and you tell me what that state specializes in: Idaho Potatoes Florida Oranges or Tourism Oil or cattle Texas Michigan Automobiles Nevada Any illegal activity that you can think of

  12. Absolute and Comparative Advantage Betty types 120 w.p.m. with 0 errors Jim types 60 w.p.m. with 0 errors Who should do the typing, Betty or Jim? Betty. Why? Betty can type ABSOLUTELY faster than Jim can. What type of advantage does Betty have over Jim? Absolute Advantage

  13. Absolute Advantage-- One entity can produce something either faster than or greater than another entity.

  14. I forgot to tell you, Betty is Black and it is 1930’s US. And the firm that needs the typing doesn’t hire black people. Deep Thot: What is TRUE cost of racism? It isn’t just slurs/emotional. But now—forget that and let’s look at a totally different scenario with Betty & Jim.

  15. I forgot to tell you--Betty is a lawyer. A lawyer earns $60 an hour. A secretary earns $6 an hour. A 600-word document has to be typed, how long does it take each person to type this document? How long does it take Betty to type this document? How long does it take Jim to type this document?

  16. Who should do the typing? Jim Comparative Advantage One entity can produce something at a LOWER MARGINAL OPPORTUNITY PRODUCTION COST than another entity

  17. Take absolute advantage and KICK IT OUT THE DOOR. The more important of the two is-- Comparative Advantage

  18. Person-hours required U.S. Canada Maple Syrup 5 8 Copper Wire 6 7 Which country has the absolute advantage in the production of Maple Syrup? In Copper Wire?

  19. Person-hours required U.S. Canada Maple Syrup 5 8 Copper Wire 6 7 Kick it out the door! What did I tell you to do with Absolute Advantage?

  20. Person-hours required U.S. Canada Maple Syrup 5 8 Copper Wire 6 7 More importantly, which country has the Comparative Advantage in Maple Syrup? In Copper Wire? And Why?

  21. Person-hours required U.S. Canada U.S. 1 2 = 10 x Maple Syrup 5 8 Copper Wire 6 7 2 Canada 2 x + + 1 2 = 14 15 11 U.S. saves one-man hour Canada saves one-man hours

  22. Person-hours required U.S. Canada U.S. 1 2 x = 10 Maple Syrup 5 8 Copper Wire 6 7 2 Canada + + 1 2 2 x = 14 15 11 Should the U.S. keep the 2 barrels of maple syrup and Canada 2 miles of copper wire?

  23. Person-hours required U.S. Canada U.S. 1 2 x = 10 Maple Syrup 5 8 Copper Wire 6 7 2 Canada + + 1 2 2 x = 14 15 11 No! The U.S. should trade one barrel of maple syrup for one mile of copper wire.

  24. Production Possibilities Curve or Frontier

  25. You must make yourself worse off in the short run to make yourself better off in the long run.

  26. Study Leisure

  27. Peanuts Oranges

  28. Capital Goods Consumption Goods

  29. Gilligan’s Theme Song on YouTube.com

  30. http://www.bradyworld.com/cover/minnow.jpg The ship set ground on the shore of this uncharted desert isle

  31. http://images.google.com/imgres?imgurl=www.timvp.com/gillign2.jpg&imgrefurl=http://images.google.com/imgres?imgurl=www.timvp.com/gillign2.jpg&imgrefurl= http://www.timvp.com/gilligan.html&h=270&w=295&prev=/images%3Fq%3Dgilligan%2527s%2Bisland% 26svnum%3D10%26hl%3Den%26lr%3D%26ie%3DUTF-8%26oe%3DUTF-8

  32. http://www.coracle-fishing.net/corac-pix2/net-11x.jpg http://www.tasaday.com/images/_sl-003.jpg http://www.surfingforlife.com/g/cult_b10.jpg

  33. http://www.zeroimpactproductions.com/seine-over-freezer.jpg

  34. http://www.riveroflifefarm.com/images/lodging/th/th2/tree-house-summer.jpghttp://www.riveroflifefarm.com/images/lodging/th/th2/tree-house-summer.jpg

  35. Capital Goods By producing more capital goods relative to consumption goods, the economy’s Production-possibilites curve to shifts OUTWARD and shifts outward FASTER. Consumption Goods

  36. P P Curve

  37. Capital This is GOOD! Consumption If the PP shifts outward

  38. Capital This is BAD!! Consumption If the PP shifts inward

  39. Capital Goods Consumption Goods There are five variables that shift the PP outward--

  40. Five Variables that Shift the PP Outward: • Increase the productive labor force • (productivity). • Increase the quantity and quality of natural • resources. 3. Increase the quantity and quality of capital. 4. Increase health and education. 5. Increase technology.

  41. Japan 1940

  42. What did Japan do on December 7, 1941 ? Capital Japan 1941 What capital goods did Japan produce in 1940? rice Consumption What consumption goods did it produce?

  43. What did the U.S. do to Japan for this dirty deed? Capital Japan 1945 rice Consumption

  44. http://www.archives.gov/digital_classroom/history_day/bright_ideas/images/nagasaki.gifhttp://www.archives.gov/digital_classroom/history_day/bright_ideas/images/nagasaki.gif morning of August 6, 1945 Nagasaki http://www.nhc.rtp.nc.us:8080/tserve/nattrans/ntimages/hiroshima.jpg Hiroshima 11:02 am, August 9, 1945

  45. What do you think happened to Japan’s productive labor force? Capital Japan 1945 rice Consumption

  46. What do you think happened to the quantity and quality of its natural resources? Capital Japan 1945 rice Consumption

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