What three terms are often used interchangeably?

What three terms are often used interchangeably?

Question: The Terms Data, Information, And Knowledge Are Often Used Interchangeably. But As This Chapter Discussed, They Can Be Seen As Three Points On A Continuum.

What are interchangeable goods?

Key Takeaways. Fungible goods are items that are interchangeable because they are identical to each other for practical purposes. Commodities, common shares, options, and dollar bills are examples of fungible goods.

Why are diamonds not fungible?

Assets like diamonds, land, or baseball cards are not fungible because each unit has unique qualities that add or subtract value. For instance, because individual diamonds have different cuts, colors, sizes, and grades, they are not interchangeable, so they cannot be referred to as fungible goods.

What do Interchangeable parts do?

Interchangeable parts, popularized in America when Eli Whitney used them to assemble muskets in the first years of the 19th century, allowed relatively unskilled workers to produce large numbers of weapons quickly and at lower cost, and made repair and replacement of parts infinitely easier.

What products use interchangeable parts?

Interchangeable parts is a basic concept of creating identical or nearly identical parts to be mass produced. These parts can then be put together to form a product. For example, cars, computers, furniture, almost all products used today, are made from interchangeable parts.

What inventor popularized the concept of interchangeable parts?

Eli Whitney

What was the first part to be interchangeable?

In 1798 Eli Whitney built a firearms factory near New Haven. The muskets his workmen made by methods comparable to those of modern mass industrial production were the first to have standardized, interchangeable parts. But tests on a collection of Whitney muskets indicate that all their parts were not interchangeable.

Why did Eli Whitney go broke?

Eli Whitney Jr. Whitney’s invention made upland short cotton into a profitable crop, which strengthened the economic foundation of slavery in the United States. Despite the social and economic impact of his invention, Whitney lost many profits in legal battles over patent infringement for the cotton gin.