Question

Match the following Question 2 options: Alfred Chandler, Jr. First mover advantage Planned obsolescence Thorstein Veblen Alfred Marshall The rule of reason Economies of throughput ('economies of speed') 1. Economist who observed that 'invention is the mother of necessity' 2. Economist whose Principles of Economics marked the theoretical separation of politics and economics 3. Economic historian who wrote The Visible Hand: The Managerial Revolution in American Business 4. Realizing lower costs by maintaining a high speed and volume of flow from raw materials to finished goods 5. The competitive edge a business gets from being the first to adopt a new technology which will become the standard 6. Designing a product to have a limited useful life in order to encourage future sales 7. The rule developed by the Supreme Court to make the Sherman Act workable in an era in which businesses were organizationally and technologically compelled to restrain trade

Answer 1

Answer:

1. Thorstein Veblen.

2. Alfred Marshall.

3. Alfred Chandler, Jr.

4. Economies of throughput ('economies of speed').

5. First mover advantage.

6. Planned obsolescence.

7. The rule of reason.

Explanation:

1. Thorstein Veblen: Economist who observed that "invention is the mother of necessity."

2. Alfred Marshall: Economist whose Principles of Economics marked the theoretical separation of politics and economics.

3. Alfred Chandler, Jr.: Economic historian who wrote, The Visible Hand: The Managerial Revolution in American Business.

4. Economies of throughput ('economies of speed'): Realizing lower costs by maintaining a high speed and volume of flow from raw materials to finished goods.

5. First mover advantage: The competitive edge a business gets from being the first to adopt a new technology which will become the standard.

6. Planned obsolescence: Designing a product to have a limited useful life in order to encourage future sales.

7. The rule of reason: The rule developed by the Supreme Court to make the Sherman Act workable in an era in which businesses were organizationally and technologically compelled to restrain trade