Chapter 16: The Megacorp Flashcards

1
Q

Technology

A

The application of scientific or other organized knowledge to practical tasks

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2
Q

Business Model

A

Way of making money in a market

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3
Q

Monetary Production

A

process of turning money into commodity inputs and ultimately selling commodity outputs for money

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4
Q

Monetary Production Economy Model

A

M > C… P… C’ > M’
* treats money and commodities as distinct things

M = amount of money
C = commodity
P = production process
C ' = produced commodity
M' = money received for produced commodity
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5
Q

Neoclassical Economy Model

A

C > C’

C = commodity
C ‘ = produced commodity

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6
Q

What does the second “arrow” in the Monetary Production Economy Model represent?

A

Perceived value of a product, which can be be changed via advertising

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7
Q

What could change the first “arrow” in the Monetary Production Economy Model?

A

Improving the product itself

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8
Q

What is Thorstein Veblen’s view of advertising?

A

Businesses are competing through persuasion rather than production of something of value

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