Describe and State the Historical Significance of the Following

question 37

Essay

Describe and state the historical significance of the following:
-Massachusetts Bay Company

Understand the phases of design thinking and their functions, including ideation and implementation.

Develop keen observation skills and the importance of practice in cultivating these skills.

Identify insights through observation and understanding consumer behavior.

Learn the process of testing ideas through prototypes in the implementation stage.

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Definitions:

Capitalism

An economic system characterized by private or corporate ownership of capital goods, investments determined by private decision, and prices, production, and distribution of goods determined mainly by competition in a free market.

George Ritzer

An American sociologist known for his work on consumerism, globalization, and the concept of "McDonaldization," which describes the process by which principles of the fast-food industry dominate sectors of society.

Prosumer

A portmanteau of producer and consumer, indicating individuals who produce some of the goods and services entering their consumption.

Consumer

An individual who purchases goods and services for personal use from the available offerings in the market.