Canavero Final

Canavero Final - Ryan Leung 6/4/09 Government/Econ Final 5...

Info iconThis preview shows pages 1–4. Sign up to view the full content.

View Full Document Right Arrow Icon
Ryan Leung 6/4/09 Government/Econ Final Period 5 5 essay questions with one set of lists 1. What is the most important resource, land (natural resources), human, or capital? Why? a. Which of one these resources was the most important to the growth of the United States All of these resources are vitally important, and it is impossible for the United States to thrive without any one of these resources. There is no clear winner for what resource is the most important. Natural resources, such as food and wood, are the cornerstone of any industry, such as housing or restaurant franchising. Human resources, according to some, are the most important assets to large businesses, which require a lot of manpower and intelligence. Capital is the equipment and breakthroughs in technology. Each of these is important in its unique way, but capital is the most essential resource of them all. All of these resources can be seen in play in the Industrial Revolution. Eli Whitney began this era when he created the cotton gin, and this capital was the beginning point for every innovation to come. Capital is created by the innovation and creativity of the human mind, such as the cotton gin. With natural resources such as the cotton, one can argue that the cotton gin cannot be invented without this resource. It probably could not, but without innovation and wisdom, the cotton could not be thought of as a tool in the cotton gin. The United States would not have evolved
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
as quick without the vitality of physical and human capital. During the Industrial Revolution, most of the industries utilized equipment that sped up process and creation efficiently. Human capital made visions of the engine, arguably the most important creation to exist, and replaceable parts come to life. This led to a complete evolution of the United States and how the United States became a world power. Capital is the resource that elevates the elite, and without capital, resources such as human resources or land resources could not have been utilized to their fullest potential. 2. Communism, Socialism, Capitalism. What are some down sides of each of these systems? Which system to you feel works the best and why? Communism is structured in a way that dictatorships and totalitarianism are the usually the end result. The societies whose beliefs are based on communism also tend to take away civil liberties. A true communist state would live in a society without government, where everyone is considered equal. Socialism, on the other hand, is the median between capitalism and communism. The government behaves in a way in which it controls a lot of markets and programs and nationalizes a lot of institutions. Capitalism is a free market, where people are allowed to own their own property. Individuals can own their own industry. However, when society leaves the market to regulate itself, society is directed towards an oligarchy, where the elite make the most money, leaving others to a downfall. Also, the economy has to keep growing in order for it to
Background image of page 2
survive, because the economy is based on consumerism. Without production and
Background image of page 3

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 4
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 02/01/2011 for the course ECON 1 taught by Professor Max during the Spring '11 term at DeVry Addison.

Page1 / 9

Canavero Final - Ryan Leung 6/4/09 Government/Econ Final 5...

This preview shows document pages 1 - 4. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online