Sight * Sound * Synch
Khan Academy VideoPlease watch before class Mon Sept 12-
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Please check the slideshow that is embedded in this article
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A PBS Video
- CH2 ASSIGNMENT INSTRUCTIONS & QUESTIONS:
- What are some of the things China & Cuba have in common (tip: Think about China before revolution)
- Please define the following terms by citing examples from the SOURCES that I provided for Ch2
- Social Democrat
- Hard Core Socialism
- Pure market economy (pure capitalism)
- Mixed economy
- Where would you place Denmark, China, Cuba, and the U.S. in the continuum below. Explain why. (I drew a continuum that has pure market economy & pure government planned economy at the opposite ends. In between we have mixed economy)
- Which of the 4 economic systems would you prefer to live in? Why? List at least 6 factors & explain.
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B.A.R.C. GROUPWORK
Austin Cronkhite, Ronald Martin, Kyle Micena, Ben
1. what are some of the things China & Cuba have in common (tip: think about China before reforms). Both China and Cuba lean towards a communist government system. The people elect officials to run a people’s congress and those officials appoint the higher ups in the government.
2. Define the following terms by citing examples from sources provided for ch 2
* social democrat- A form of government where the government controls the economy but the people elect the officials. “http://qz.com/538499/denmark-says-it-isnt-the-socialist-utopia-bernie-sanders-thinks-it-is/”
* hard core socialism (pure government +planned economy)- The government controls the entire economy.” http://qz.com/538499/denmark-says-it-isnt-the-socialist-utopia-bernie-sanders-thinks-it-is/”
* pure market economy (pure capitalism)- The economy is open and the government does not regulate anything.
* mixed economy- A mix between the open market and government regulated economy.
3. where would you place Denmark, China, Cuba and the US tin the continuum. Explain why
Capitialism______USA____________Denmark__________China________Cuba___Communism pure capitalism * conscious capitalism * pure economy hard core socialism
4. which of the 4 economic systems would you prefer to live in? why? list at least 6 factors – explain. Out of all the economic systems I think a mixed economy is the best because people are free to live their lives the way they want. The government has some control to regulate and create fair laws to protect its citizens. Like in Denmark for example people are free to venture on their own but the government also supports them financially. This is the perfect medium where the government supports their citizens not dictating them. People are free to innovate and come up with their own ideas to create profit. Also in a mixed economy Meritocracy is key because it ensures all citizens are rewarded with good incentives such as taxes according to their effort. In a mixed economy social conscious is encouraged in forms such as charities, nonprofits, and financial support systems. This is key to keeping the citizens happy as well as keeping order and being prosperous. “All Danish citizens have access to child care, state-guaranteed medical and parental leave from work, free college tuition in which students receive a paycheck from the government during enrollment, free health care and a generous pension”. This is the kind of support that I think all economic systems should provide and why the people in Denmark are so happy.
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0:08the Scottish philosopher Adam Smith.
The Wealth of Nations 1776 - Self-Interest, led by the invisible hand, frequently leads to the greater good. Micro and Macroeconomics. Individual and aggregate actions. Allocation of scare resources affects prices and markets.
MACRO
Policy - Top-down questions * philosophy * assumptions * conclusions * decisions * simplification
MICRO
Aflred Knopf, was publisher in the 1900s. he said: "An economist is a man who states the obvious in terms of the incomprehensible."
In September 2008, the United States plunged into a deep economic crisis.The banking system hovered on the edge of collapse. Property values plummeted, and home foreclosure rates soared. Massive layoffs put more than a million Americans out of work. By the end of the year, the stock market had lost more than a third of its value, and financial turmoil in the United States had sparked sequential economic shocks from Europe, to South America, to Asia, and beyond. The outlook was grim.
How did this happen? Why? How could the economy get back on track?
Entertainment Means Profits
Global Economic Crisis: How did This Happen?
The seeds of the crisis were planted more than a decade ago, during a time of prosperity. Through the last half of the 1990s, America enjoyed unprecedented growth. Unemployment was low, productivity was high, inflation was low, and the real standard of living for the average American rose significantly. The American economy grew by more than $2.4 trillion, a jump of nearly 33% in just five years. But the scene changed for the worse when the dot-com bubble burst in 2000, followed by the 9/11 terrorist attacks in 2001. As the stock market dropped and unemployment rose, economic experts feared that the country was hovering on the brink of a full-blown recession.*
In an effort to avert recession by increasing the money supply and encouraging investment, the Federal Reserve—the nation’s central bank—decreased interest rates from 6.5% in mid-2000 to 1.25% by the end of 2002.
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