What Do You Think Was the Major Technological Innovation That

question 64

Essay

What do you think was the major technological innovation that influenced life on the Great Plains frontier? Why?

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Definitions:

Normal Good

A good for which demand increases as the income of consumers increases and decreases as the income of consumers decreases.

Inferior

A term used in economics to describe goods whose demand decreases as the income of the consumer increases, contrasted with normal goods.

Input Costs

Input costs are the prices of the raw materials, labor, and other resources required to produce a good or service.

Price Change

A variation in the cost of a good or service over time.