The movie “Tucker” demonstrated many economic concepts. It incorporated not just factors of production but also gave examples of how the advice of the entrepreneurs that came into our class would go to work. It was interesting how some of the concepts were portrayed in the movie. One of the concepts of economics that was illustrated in the movie was how a person should not jump into a business and expect to make millions. An entrepreneur needs to realize that a company takes a while to grow. For a company to grow it needs time. The Tucker Corporation clearly did not understand this concept because it seemed that they jumped right into the company and expected to make 100 cars a day when in truth it took them almost a month just to make 50 cars. This was one of the key things that kept the car company from flourishing. Another economic concept that was showed in the movie was the idea of competition. The car industry is very difficult to earn a good amount of profit in. There are a lot of car companies that each want to get their share of profit. This creates a good amount of competition. The movie showed this by how the senator of Michigan, the state were the big three auto makers are based, tried to find anything wrong with the Tucker company legally so that he could eliminate the competition. A factor of production that was illustrated in the movie was entrepreneurship. Almost instantly after Mr. Tucker announced his new car he already had lots of advertising. He had commercials and posters and all sorts of things. However I think that he almost overly advertised which caused him to jump head first into a company before he could take a minute to think about his decisions and ideas. A definition that sticks out in this movie is scarcity. Scarcity is the shortage of natural resources or capital. The Tucker Company was having trouble finding steel for a decent price. There was scarcity of steel. They found a good solution by taking a...
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