Examine the Transition from the More Traditional Putting-Out System to the Rise

question 49

Essay

Examine the transition from the more traditional putting-out system to the rise of the factory system.How did each invention lead to other innovations? What would be the economic and social implications of this change? What were the conditions like in these new factories? How different would the worker's life be from that of his ancestors?

Understand the impact of expectations on supply behavior.

Identify the roles of transaction costs and how they affect market exchanges.

Recognize the conditions that lead to market disequilibrium and how markets adjust to changes.

Understand the concepts of substitution and income effects in response to price changes.

---

Definitions:

Attitude Components

The aspects that make up attitudes, typically including cognitive (beliefs), affective (emotions), and behavioral (actions) elements.

Social Roles

The parts individuals play as members of a social group, which come with expected behaviors, responsibilities, and norms.

Zimbardo Experiment

A psychological study conducted by Philip Zimbardo in 1971 to investigate the effects of perceived power, focusing on the struggle between prisoners and prison guards in a simulated environment.

Halo Effect

A cognitive bias where one's overall impression of a person influences how we feel and think about their character.