World Regions Econ Notes - Nicole Tien World Regions Boyer World Regions Econ Notes Econ#1 Quiz 1 Money Intro to EconomicsGlobal economics 1

World Regions Econ Notes - Nicole Tien World Regions Boyer...

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Nicole Tien World Regions Boyer World Regions Econ Notes Econ #1 Quiz 1 Money! Intro to Economics- Global economics 1. Obama=United States 2. Hu= China 3. Kan=Japan 4. Merkel=Germany 5. Cameron= UK 6. Sarkozy= France ^ leaders of the states with the largest economy based on GDP which is Gross Domestic Product China is now economically exponentially exploding like many Asian states while most European are economically stagnant or shrinking World Economic Systems 2.1 The Systems- Conservative right= conserve, keep the same. People work hard for themselves and take wealth of their own. o Government should be out of economy and business o Business and corporations run things and make money and keep cost down o Shouldn’t hand out “free services” o Too much government regulations and tax limits business to make money and create jobs which limits economy and uncompetitive 1. Gov’t should not be involved in economic activity 2. Gov’t should minimize regulation and taxation because it stiffens growth 3. Gov’t should provide a minimum of social benefits minimum of social services to citizens Liberal left= free from static traditions, incorporate new knowledge, free up power and money for everyone, equitable distributions for wealth. o Workers and laborers chip into the big business owners o The government should be directly involved in controlling the money and wealth to benefit the citizens in a variety of ways o Government must regulate and redistribute wealth o Government should be used as a tool of empowerment politically and economically 1. Gov’t should be involved in economy 2. Gov’t should regulate the economy 3. Gov’t should distribute wealth via social benefits If and how to distribute wealth is always the issue 3 types of economic systems states organize themselves by (Left to Right): Communism= communal ownership of all resources and properties and the means of production. Everyone has an equal piece of the pie. o Everything we all share it all. Resources community held and the means of production. And services o The state apparatus is there to manage economic activity and distribute Socialism= The government owns some of means of production, or some of the resources, or perhaps a little both and the rest is privately held by the individual
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