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Economic Principle of the “Middle Man”

Economic Principle of the “Middle Man”. Costco (Wholesale). I’m hungry!. Deli (Retail). Therefore, what does it mean, economics, to “skip the middle man”?. $13.74 for a box of 18 at Costco. Granola Bar $1.00 at the deli.

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Economic Principle of the “Middle Man”

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  1. Economic Principle of the “Middle Man” Costco (Wholesale) I’m hungry! Deli (Retail) Therefore, what does it mean, economics, to “skip the middle man”? $13.74 for a box of 18 at Costco Granola Bar $1.00 at the deli You can save money by buying wholesale prices, instead of retail. How much money would you save if you bought a box of granola bars from Costco? How much would it cost you to buy 18 granola bars at the deli? $4.26 $18.00

  2. “Skipping the Middle Man” Retail: 18 granola bars cost $18.00 Wholesale: 18 granola bars cost $13.74

  3. Estoy cansado de pagar a los italianos tan altos precios por los productos de Asia! Moi aussi!

  4. Europeans were tired of paying the Italians high prices for Asian products. What did they do about it? Europeans began “skipping the middle man”, sailing directly to Asia to buy their products at a lower price.

  5. Which is it? “The Age of Exploration” or “The Age of Exploitation”

  6. Early Portuguese Exploration • In 1419, Prince Henry the Navigator started a school in Portugal for sailors, captains, navigators, and mapmakers. Prince Henry the Navigator Map of African coast discovered by expeditions sponsored by Prince Henry

  7. In 1487, Bartholomew Dias reached the Southern tip of Africa. Portugal India Bartholomew Dias

  8. This was named the “Cape of Good Hope”. Why was it named that? Bartholomew Dias

  9. In 1497, Vasco da Gama sailed around Africa, reaching India. Portugal India Vasco da Gama

  10. Why are the cities of Mombasa and Malindi important to the Portuguese?

  11. Portugal’s Empire ca. 1500

  12. African Middle Kingdoms • Rich cultures such as Mali, Ghana, and Songhai were at the center of the trade routes between North and West Africa. • They were rich in gold, ivory, iron, and slaves.

  13. Columbus… What was he attempting to do? Why did Ferdinand and Isabella of Spain support him?

  14. Strengths: Belief in self and abilities Faith in his idea of reaching the Indies and China by sailing West Abilities as a sailor Luck Weaknesses: Belief in self and abilities— made him arrogant and cruel to crew and natives Faith in his idea of reaching the Indies and China by sailing West—made him foolhardy in holding to the idea he’d reached the Indies. Christopher Columbus

  15. Crew: 87, 83 Andalucian sailors. Only 4 criminals seeking pardons Problems: superstitions of crew (sea monsters, fall off edge of world)—Columbus disciplined severely, minimized distances (falsely) so they wouldn’t know how far they’d gone. Failures: didn’t really find the Indies or China; didn’t find the riches expected Successes: found new lands for Spain, found western and eastern routes that took full advantage of prevailing currents and winds First Voyage: Discovery

  16. Second Voyage: Whoops! 17 ships with 1200 men (6 of them priests to convert the “Indians”) set out to find Indies spices and gold 300 died of disease. A hurricane destroyed all of the ships. Patching together two ships from the scraps, Columbus limped home in disgrace.

  17. Third Voyage: Whoops 2.0 Natives turned unfriendly and forced them to leave. Ships wormy and food rotten, but colonists wouldn’t help and Indians refused them food. After word of Indian killings reached the monarchs, Columbus and his brother were brought back to Spain in chains. With 6 Ships, few volunteers and many convicts, Columbus set out to redeem himself. First hope—Natives brought Columbus and his crew gold nuggets to trade at Hispaniola

  18. Fourth Voyage: Defeat Privately funded, not patroned by Ferdinand and Isabella, Columbus was still “Admiral,” but had no governing powers over colonists. Although he sailed along the coast of South America, he found no riches, nor traces of the Indies or China and returned to Spain defeated.

  19. Ferdinand Magellan • He was spurned by his native Portugal… so who stepped up to support him? • SPAIN!!!!!

  20. And what is he known for? Only Partly True!

  21. One by one the ships fell apart. The Portuguese imprisoned some of the men in islands near Spain Only 18 of the 250 men landed back at Seville. The total time of the voyage was 12 days less than three years. As penitence, the 18 survivors walked barefoot carrying candles to the shrine of the Virgin Mary. Concluding the Voyage

  22. Consider again the motivations…

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