September 12, 2016 Econ #1 Quiz 1. Money! Intro to economics! - Global economics - Wealth bank capital cash moolah - Whether it’s pesos or pounds dollars or douschmarks - o what order are these people in? o these are leaders of the states with the largest economies on planet earth based on the countries with the largest GDP o there ain’t nothing gross about GDP - what exactly does it mean to be the wealthiest or biggest economies on earth? - If you have a higher GDP than another country does that mean that the average citizen has more money than another? Does the average Chinese person have more money than the average British person? - Do the rich countries make the same stuff / have the same jobs / make the same money as the poor countries? o nooOOooo - why can’t the poor states become rich? - What are they doing wrong? - Insider information: China is now economically exponentially exploding - The world is in great flux right now - New industries and outsourcing - There are new economic titans rising and then old economic powers are going away - Who is economically growing, who is stagnant, who is screwed? - World economic systems
September 12, 2016 - How do these economic machines make their green dollar dollar bills 2.1 The systems - Just like in political systems there is a serious difference between left and right about how economic power and wealth should be distributed throughout the state - Staying out of the economy completely or taking over everything? - Stances: o Right: We like to conserve and keep the same and keep economic power in the hands of those who already have it It’s the age old tradition: work hard for yourself andtake care of yourself If you are smart and work hard or are industrious you should thrive and make money and keep the fruits of your labor o Left: We want to liberate and free up static tradition by incorporating new knowledge to free up new ways to do things Especially when it comes to economics We are for a more equitable economically society What about old and sick and crack babies and dumb and poor? The people who can’t go out and make their own money? Should they be left to their own devides to starve? We should make the economy more equal o Right: Lefties want to redistribute my hard work that my daddy gave to me, why would I want it passed around to everyone else in the society They need to rely on their family or community or church to help them not the government with my tax dollars o Left: You capitalist pig; never take into consideration that roads and bridges and infrastructures and workers in factories that all of these are needed for your big business; we need to take care of others not just look out for ourselves all the time - Stances on government in economy: o Left:
September 12, 2016 The state should be involved in regulating and controlling the economy to help the citizens o Right: Keep the government out of economy and out of businesses Let the businesses run businesses They know best how to keep the economy going
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