Econ notes.docx - Video 1 Gdp determines the most walthy economy for countries US has the largest economy China is economically exponentially exploding

Econ notes.docx - Video 1 Gdp determines the most walthy...

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Video 1:Gdp determines the most walthy economy for countriesUS has the largest economy China is economically exponentially exploding as well as other Asian states, while europesns not so muchNew industries are being createdNew economic titans risingVideo 2:Conservative- conserve tradition, political power, economic power in the hands that already have it, people work hard for their lives so they deserve their money, to each their ownLiberal- free from tradition, free up economic and political power so everyone shares, economicsare equitable distribution, thinks about old, poor, disabled, sick, basically people who cant work should still have money, share the wealthConservative- rely on community or people but not the governmentLiberal- infrastructure are elements in business success so government ha to pay Liberal- gov should be directly involved in regulating the economy in order to benefit the citizensConservative- wants the gov to stay out of the economy, want businesses to take care of the economy, more economic growth is important, child labor, Liberal- gov should regulate businesses with services and benefitsConservative- wealth accumulation should get more money when people work harderLeft- gi=ov should be used as empowerment politically and economically, gov should be involved in economic activity, should distrubte wealth via social services, public education, healthcare, welfare, etc, pro taxationRight- gov should not be in economics, gov should minimize regulation and taxation in businesses, gov should provide a minimum of social services, free market capitalism, anti regulation
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