ISS 215 Lecture six notes - Lecture 6 I Economic...

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Lecture 6 I. Economic Institutions and inequality a. Economic institutions i. Social organization of population distribution and consumption of goods and serve in a society 1. Production of goods a. How are we producing b. Why are we producing c. Where are we producing d. What are we producing e. Production has changed over years f. Linked with consumer i. Younger or old ii. Rich or poor iii. Different religions 1. Sell of production matters on the consumer 2. What gets sold matters on who is buying a. Older people need different things then kids 2. Distribution a. Place of production is not always the place of conception i. Needs to be moved around which the distributors do 1. Ship product to other countries b. Link between place of production and place of consumptions 3. Consumption b. Economic system of the world i. Capitalism 1. Government cannot own the means of production a. Individuals own it 2. Whatever is produced you make money off it a. Goal is to make money 3. Extreme inequality 4. No garreteer on food, housing, education and health care ii. Welfarism (western socialism) 1. Based on capitalism 2. There are rich people who own means of production a. People own it not state 3. Production is for profit 4. There is inequality 5. You are responsible the food, the housing, healthcare and education 6.

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