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5th grade economics 3 of 4
Transcript of 5th grade economics 3 of 4
Roles of Government - Video/link
ECONOMIC SYSTEMS - Video/link
Apple’s executives had estimated that about 8,700 industrial engineers were needed to oversee and guide the 200,000 assembly-line workers eventually involved in manufacturing iPhones. The company’s analysts had forecast it would take as long as nine months to find that many qualified engineers in the United States. In China, it took 15 days.
How the U.S. Lost Out on i Phone Work
Top 20 Oil-Producing Countries
Hans Rosling's 200 Countries, 200 Years, 4 Minutes
Hans Rosling on global population growth
a society's means of deciding
what goods and services to produce
how to produce them
who gets them when they are produced
is how society chooses to employ its limited resources, which have alternative uses to produce goods and services for present and future consumption.
Also called FREE-MARKET ECONOMY is one where decisions are made through the
market mechanism. The forces of demand and supply, without any government
interference, determine how resources are allocated.
What to produce is decided upon by the level of profitability for a particular product.
Buyers cast their spending votes in the market place.
How production should be organized is equally determined by what is most profitable.
Firms are encouraged through the market mechanism to adopt the most efficient methods
For whom production should take place, production is allocated to those who can afford
to pay. Consumers with no money cannot afford to by anything.
Traditional or Subsistence Economies
It is one where there is little specialization and little trade. People tend to live in family
groups, and these families grow most of their own food, make their own houses, gather
their own fuel and provide their own leisure activities i.e. to a great extent they are self-
sufficient. It is a traditional economy because it is the type of economy that has existed
all over the world since man began being economically active. What, how and for whom
to produce are decisions that are answered by looking to the past. If a society has
managed to survive for some time, then what was done in the past must have been
successful. No two traditional economies are the same, so it is impossible to describe
typical economic mechanisms by which resources are allocated.
Centrally Planned Economy
Also called COMMAND ECONOMY is one where all economic decisions are made by
The government decides what to produce, how it is to be produced and how it is to be
allocated to consumers. This involves a great deal of planning. Planned economies tend
to be run by governments who, in theory at least, want to see greater economic equality
between consumers. By state planning, goods and services can be produced to satisfy the
needs of all the citizens of a country, not just those who have the money to pay for goods.
It is one where some goods and services are produced in the free-market sector of the
economy, but others are produced by the state – i.e. it is mixture of a pure free-enterprise
market economy and a pure command economy. Some resources are allocated via the
market mechanism and some via the state.
Traditional Economy - Barter
UN MIllennium Goals
Education is about Choices
Less education means less choices
Roads = kilometers of roads
Trains = kilometer of rail
Shipping = Ports/ waterways
Planes = airports
CIA - The World Factbook
Infrastructure consists of the essential facilities and services such as roads, airports, sewage treatment, water systems, railways, telecommunications and other utilities for economic activity.
The lack of any of these facilities will harm the ability to achieve economic well being. If goods cannot be transported from one area to another because of poor roads, or from one area of the country to the seaport for export, then trade, and thus growth, is restricted.
Limited infrastructure also hinders development prospects. Poor roads or public transportation means that it may be difficult to get to a school or obtain an education. Undeveloped communication systems make it difficult for people to find and participate in markets. The avalability of gas and electricity is important for households for activities such as cooking and food preservation, while sanitation and safe water are vital for health to improve.
The legal system should function smoothly and appropriately or there is no way to enforce contracts and there is no way to uphold property rights. Social scientists consider property rights to be an "essential" of legal rights
Property Rights - allow people to own and benefit from their choices in ways to use their property. If a person cannot guarantee ownership of their property then their is no incentive to improve that property since it is possible that the property could be lost and the investment will be wasted
Protection for people's personal well-being and for their property is essential to facilitate economic activity.
Tax revenue provide governments with the means to finance necessary public services and generally to improve the infrastructure of the country.
Improvements in education improve the well-being of the population, both the educated themselves and society as a whole. That is, education provides benefits. It leads to a more efficient workforce (able to take advantage of choices). Increased levels of education means that more people can read and communicate. This makes discussion and debate more likely and as a consequence, may lead to positive social and economic change.
There is a tendency to assume that developing countries must be poorly endowed with resources, both physical and human. However, this is not necessarily the case. While it is common for human resources to be undernourished and poorly educated and thus low-skilled, endowment of natural resources can vary immensely between countries.
Chad had been considered a country that lacked physical resources, but the discovery of oil and its subsequent production since 2003 may make a large difference in the country.
Angola possesses oil and diamonds, and yet is a developing country.
Japan is not well endowed with physical resources, and Singapore has almost literally none, yet both countries have become wealthy countries in the last 50 years.
of human capital may be increased either through the encouraging of population growth or by increasing immigration levels.
of human capital is improved through education, health care, vocational training and retraining for the unemployed. In addition, the provision of fresh water and sanitation can also very much improve the health and thus the quality of human capital.
g - Free Markets
The World of Seven Billion
cool world income map
Of course, without human ingenuity resources would remain tfrapped in rocks or the ocean and be unavailable for use. It all starts with the mind.
How the U.S. Lost Out on i Phone Work
"A foreman immediately roused 8,000 workers inside the company’s dormitories, according to the executive. Each employee was given a biscuit and a cup of tea, guided to a workstation and within half an hour started a 12-hour shift fitting glass screens into beveled frames. Within 96 hours, the plant was producing over 10,000 iPhones a day.
“The speed and flexibility is breathtaking,” the executive said. “There’s no American plant that can match that.”
Many production activities are rooted in the limits set by the physical environment. For example logging is only possible in a forested region. The unequal distribution of minerals makes mining only possible in areas where specific minerals occur.
Why education is k
ey to developing climate awareness in Ghana - By Tierney Smith
Morroco and Climate