1 00:00:02,93 --> 00:00:13,53 The the. 2 00:00:30,09 --> 00:00:31,34 This is a factory. 3 00:00:37,03 --> 00:00:40,40 This is a machine in the factory. 4 00:00:43,44 --> 00:00:48,64 This is the book many times the machines live in the factory 5 00:00:54,24 --> 00:00:59,69 and this is what the workman makes on his machine in the factory. 6 00:01:00,84 --> 00:01:06,83 This is a widget a widget might be a radio a refrigerator a musical instrument 7 00:01:06,83 --> 00:01:11,13 or a motor car a widget you know is just a symbol 8 00:01:11,13 --> 00:01:13,55 or any manufactured product 9 00:01:13,55 --> 00:01:19,11 that people you inside the widget factory there are lots of good at making machines 10 00:01:20,02 --> 00:01:24,08 and the skilled workmen who run these machines turn out the finest widget you've 11 00:01:24,08 --> 00:01:28,97 ever seen there as modern attractive and efficient as cover design 12 00:01:28,97 --> 00:01:34,46 and fine craftsmanship done possibly make the people will certainly want to buy 13 00:01:34,46 --> 00:01:37,81 these widgets because they are so fun and up to date. 14 00:01:41,98 --> 00:01:44,55 There comes a man know with money to buy a widget. 15 00:01:46,29 --> 00:01:49,27 Here's a farmer he needs a widget on his farm 16 00:01:49,27 --> 00:01:54,15 and he's in a hurry to buy one is your money. Mr would give a good. 17 00:01:54,28 --> 00:01:59,67 I'm here's your widget Mr Farmer. That's all there is to it. The deal is complete. 18 00:02:00,75 --> 00:02:03,41 Everyone is happy the widget maker has the money 19 00:02:03,41 --> 00:02:10,55 and the farmer has it which I 20 00:02:10,55 --> 00:02:13,66 found here comes another man who wants to buy a widget. 21 00:02:13,68 --> 00:02:15,27 This man is a coal miner 22 00:02:15,27 --> 00:02:19,97 and he's bringing his money with him he wants his new widget right away to 23 00:02:24,21 --> 00:02:28,91 the it certainly must be good wages because there is such a widespread demand 24 00:02:28,91 --> 00:02:29,02 problem. 25 00:02:29,21 --> 00:02:34,37 Everyone seems to need a widget for instance this man is a steel manufacturer. 26 00:02:34,61 --> 00:02:36,69 Apparently he can use a widget 27 00:02:41,19 --> 00:02:47,56 and here is a lumberman two they all want widget business is certainly good these 28 00:02:47,57 --> 00:02:52,76 people are customers because they are willing to trade money for widgets 29 00:02:53,96 --> 00:02:58,54 and all the customers take their widgets home to all parts of the country. 30 00:03:00,31 --> 00:03:04,06 Look at all that money the widget builder has taken in on the sale of his widget. 31 00:03:05,18 --> 00:03:05,45 But now 32 00:03:05,45 --> 00:03:10,42 that the builder has the money he has to pay out a large part of it to the workmen 33 00:03:10,42 --> 00:03:11,09 in the factory. 34 00:03:13,22 --> 00:03:16,46 That's all right though because these workmen need the money to buy food 35 00:03:16,46 --> 00:03:18,63 and clothing and to pay the rent 36 00:03:21,79 --> 00:03:25,46 and maybe even a lot of them along to use some of our money to buy widgets call 37 00:03:25,46 --> 00:03:29,04 themselves. But since so many We just have been made 38 00:03:29,04 --> 00:03:33,61 and sold the widget builder is running out of room materials to make into mortgages 39 00:03:34,63 --> 00:03:41,11 so I hear over the raw materials come in he buys Cotton this widget factory uses a 40 00:03:41,11 --> 00:03:46,35 lot of cotton and what do you do. It's all from a pound back again. 41 00:03:47,65 --> 00:03:51,30 The farmer wants to sell his coffee to the widget maker. Well. 42 00:03:51,54 --> 00:03:56,21 Turnabout is fair play. IMO the widget maker has more raw material. 43 00:03:59,40 --> 00:03:59,94 I don't go for. 44 00:04:00,00 --> 00:04:04,01 Farmer has his money back again in addition to the widget he already bought 45 00:04:08,44 --> 00:04:14,20 the widget make a need coal and steel I'm lumber to so here are the coal miner 46 00:04:14,20 --> 00:04:19,98 and the steel man I'm the lumber man to sell them just a little while ago these men 47 00:04:19,98 --> 00:04:25,56 were the widget makers customers but no the widget maker is their customer. 48 00:04:25,68 --> 00:04:30,66 He has money to trade for raw materials a lot of different materials from a lot of 49 00:04:30,66 --> 00:04:30,94 places. 50 00:04:31,10 --> 00:04:37,77 So the widget maker is a buyer as well as a seller evidently in this widget 51 00:04:37,77 --> 00:04:40,29 business. Somebody is always buying 52 00:04:40,29 --> 00:04:45,89 and selling everybody is somebody else's customer the raw materials 53 00:04:45,89 --> 00:04:50,32 that the widget make the buyer the product of the field and mine the woods 54 00:04:50,32 --> 00:04:55,39 and shop go into one end of the machine and out of the other end of the machine. 55 00:04:55,68 --> 00:05:00,82 I'm nice you shiny which is and that's all there is to it 56 00:05:00,82 --> 00:05:06,04 when everything runs smoothly as it does in this factory with Man of machines all 57 00:05:06,04 --> 00:05:12,11 that work this factory the cons of beehive of activity selling widgets buying raw 58 00:05:12,11 --> 00:05:16,13 materials making money with just a number on widgets 59 00:05:16,13 --> 00:05:20,97 that any customer would be glad to have I don't buy widgets are being bought 60 00:05:20,97 --> 00:05:26,35 and sold at one end of the factory raw materials are being sold on bought at the 61 00:05:26,35 --> 00:05:29,64 other or sold with everything coming along smoothly 62 00:05:30,62 --> 00:05:34,38 and everyone working for somebody else money seems to travel round 63 00:05:34,38 --> 00:05:35,88 and round on this widget business. 64 00:05:37,83 --> 00:05:42,08 Maybe that's true in other lines of business too don't you think so.