Economic Growth

Entrepreneurship

Standard of Living

Trade & Globalization

Terms & Theory

The mission of economicadventure.org is to use New England’s rich history to promote an understanding of how economic growth happens, what factors cause living standards to rise, and more broadly, to inspire an appreciation for the value and usefulness of economic education in our daily lives.

Content-packed “features” including illustrated narratives, biographical profiles, a timeline of New England economic history, and our animated game help visitors explore the Adventure’s key concepts:


Economic Growth
“An increase in an economy’s capacity to produce goods and services, resulting in a growth of local or national income and subsequent improvements to living standards”

Entrepreneurship
“A capacity to innovate, organize, manage, and assume the financial risks of a business venture with the intent of making a profit”

Standard of Living
“A level of material comfort as measured by the goods, services, and luxuries available to an individual, group, or nation"

Trade & Globalization
“The increasing, worldwide integration of markets for the commercial exchange of goods, services, labor, and capital”

Adventure Theme

With its focus on economic growth in New England, the Adventure conveys one overarching theme: “Improved living standards are the direct result of economic growth and increases in labor productivity.”

What does this mean? Compared with earlier generations, we live longer, have more leisure time, live in more comfortable houses, and consume both a greater quantity and a wider variety of goods and services. When we produce more, we can consume more. This increased productivity is the result of many factors including technological innovation; investment in plants, equipment, education, and training; the expansion of trading opportunities; government support; and individual initiative.

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