IN CONTEXT
Raising quality
1850 Consumer choice theory is developed by UK economist William Jevons—according to this theory buyers seek out products that offer the best value for money.
1915 US businessman Vincent Astor establishes the first supermarket, in Manhattan, NY.
1971 Businessman Rollin King and lawyer Herb Kelleher set up Southwest, the world’s first low-cost airline, in Texas.
1995 The Liberal government in Canada, under the leadership of Jean Chrétien, manages to cut public spending by nearly 10 percent in their attempt to provide taxpayers with more for less.
Henry Ford spotted a gap in the market for a mass-produced car that ...
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