Posts Tagged ‘pencil’

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    The Missing Sensor

    Mar 29, 11 • 96 Views • Businesses, Demand, Supply, and Markets, Developing Economies, Economic History, Economic Thinkers, International Trade and Finance, Labor1 Comment

    According to one estimate, worldwide auto production could slide by 30% because Hitachi Automotive’s Sawa Ibaraki Prefecture plant was debilitated by Japan’s earthquake and tsunami. Hitachi Automotive makes the air flow sensors that are crucial in...

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    Toasters and Pencils

    Jan 17, 11 • 94 Views • Demand, Supply, and Markets, International Trade and Finance, Labor, Macroeconomic MeasurementNo Comments

    In this TED talk, a designer explains how he tried to build his own toaster. Deciding to focus on five basic ingredients instead of the 100 he would really need, he describes what happened. For the steel, first he needed iron ore. For the plastic, he went to...

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    A Pencil, An Apple, and a Price System

    Jul 7, 10 • 158 Views • Demand, Supply, and Markets, Economic ThinkersNo Comments

    I suspect we take prices for granted. Please think for a moment about a $10 pair of shoes. As a consumer, that $10 price tag tells you that they are inexpensive and you won’t have to sacrifice very much to buy them. Correspondingly, seeing the same...