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Economy

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Mickayla Molnar

on 8 December 2014

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Transcript of Economy

Economy
David, Jon, and Mickayla
Some people are questioning professions and the professionals feel that their work is being degraded and their identity is being questioned.
Ex.
Physicians being called "health care providers" instead of "medical doctors".
Pharmacists being referred to as pill pushers.
Deprofessionalization
Occupations in the U.S.
Deprofessionalization is a global issue. In Africa there is a problem with deprofessionalization in teachers. In many countries people enjoy teaching but in Africa young people don't take interest in teaching and therefore degrading it.
Deprofessionalization in Africa
Russia's problems with deprofessionalization are very similar to the U.S. In Russia, they are seeing a lot of deprofessionalization in the medical field. Russias doctors don't feel that they are getting all of the deserved credit for their work and that people just like Americans.
Russia and the U.S.
South Korea
Japan
Choose three countries to compare and contrast with the U.S. on at least four economic measures (unemployment rates, welfare, GDP, & home of multinational corporations).
What is the economy as a social institution? What are its functions?
Contrast
capitalism
and
socialism
as types of economies. What are examples of how both play out in the U.S.?

David Spier
Discuss types of occupations: professions, primary labor market, secondary labor market, contingent work. What is deprofessionalization and what are some examples of careers that have gone through this process?
Jon Hansel
Mickayla Molnar
Taj Mahal
Taj Mahal
Types of Occupations
Profession
Paid occupation that requires formal qualification
Primary labor market
Generally higher paid and long lasting
Secondary labor market
Less pay and usually part time or temporary work
Contingent work
There is a relationship between employer and employee
There are many other occupations in the U.S. that are being affected by deprofessionalization
occupations in the medical field are facing the most deprofessionalization in the U.S.
Capitalism:
An economic and political system in which a country's trade and industry are controlled by private owners for profit, rather than by the state.
Definitions
Socialism:
is a social and economic system characterized by social ownership of the means of production and co-operative management of the economy, as well as a political theory and movement that aims at the establishment of such a system.
Capitalism Examples
Socialism Examples
The largest funded program is the military which uses complete socialism. The military uses taxpayers money to serve and protect every citizen of the united states.
American roads are complete socialism systems on the same bases as the military. Roads are funded by taxpayers money to help preserve, expand, and upkeep our roads to help every person get to their destination.
An economic and political system characterized by a free market for goods and services and private control of production and consumption
Apple Products overcharging for their items, while underpaying their workers. to make more money for themselves
Farmers who own land and plant corn to make a profit off of the harvest.
The person who makes the money gets to keep it and spend it how they want
How do they differ?
Capitalism
Socialism
Private or corporate
Public enterprises
Products and services
are produced to make
a profit
The services are payed for by the public and the public is benefited from it
Profits are used to buy
more goods fueling the
economy to grow
Production is used in marking planning and economics
Police are based on a state socialism, the taxpayers pay for their states police so anybody (taxpayer or non-taxpayer) can call them to serve and protect when needed.
Unemployment rate:
3.5% as of Oct 2014
Gross Domestic Product

(GDP):
$4,901 Billion
Gross Domestic Product

Per Capita:
$37,432.91
Based on GDP, Japan is ranked in 3rd place.
Unemployment rate:

3.5% as of Oct 2014
Gross Domestic Product (GDP):

$1,304.55 Billion
Gross Domestic Product Per Capita:
$23,892.53
Based on GDP, South Korea is ranked in 13th place.
Great Britain
Welfare
Welfare
Welfare
Economy as a Social Institution
The economy is the social institution that ensures the maintenance of society through the production, distribution, and consumption of goods and services.
Goods
are tangible objects that are necessary (such as food, clothing, and shelter)

Services
are intangible activities for which people are willing to pay (such as dry cleaning, a movie, or medical care)
Sometimes they can provide these things for themselves, and sometimes they rely on others to provide them. When people rely on others for goods and services, they must have something to exchange, such as currency or other goods and services.
South Korea has a State Capitalist economy. The government works closely with the country's major companies to ensure their success in the global market.
Home of Multinational Corporations
4 Multinational Corporations
Samsung Electronics
World's biggest technology firm by revenue
Market Cap is $165.2 billion
Hyundai Motors
World's fifth largest car maker
Market cap is $49.8 Billion
POSCO
World's fourth-biggest steelmaker
Market cap is $32.6 Billion
LG Chem
Largest chemical maker and one of the leading suppliers of car batteries
Market cap is $20 Billion
Home of Multinational Corporations
4 Multinational Corporations
Honda
Market Cap: 56.27 Billion
Sony
Market Cap: $25.43 Billion
Toyota
Market Cap: $220.45 Billion
Nakano Corporation
Market Cap: $13.97 Billion
Home of Multinational Corporations
United States
Welfare
Home of Multinational Corporations
Unemployment rate:
6% as of July 2014
Gross Domestic Product (GDP):
2,522.26 Billion
Gross Domestic Product Per Capita:
$37,955.11
Based on GDP, the United Kingdom is ranked in 6th place.
www.tradingeconomics.com/south-korea/indicators
www.tradingeconomics.com/japan/indicators
www.tradingeconomics.com/united-kingdom/indicators
Unemployment rate:
5.9% as of September 2014
Gross Domestic Product (GDP):
$16,800 Billion
Gross Domestic Product Per Capita:
$45,863.02
www.tradingeconomics.com/united-states/indicators
Based on GDP, the United States is ranked in 1st place.
BP
Market Cap: $122.18 Billion
4 Multinational Corporations
Compass Group
Market Cap: $18.29 Billion
Diageo
Market Cap: $76.38 Billion
Vodafone Group
Market Cap: $93.12 Billion
The United States is home to at least 100 multinational corporations.
3M,

Adobe Systems
, Apple,

AT&T
, Best Buy,

Caterpillar Inc
, Coca-Cola,

Comcast
, Dell,
Facebook
, FICO,

Google
, IBM,
Intel
, Johnson & Johnson,
Mars Inc
, MasterCard,
Microsoft
, PepsiCo,
RetailMeNot
, Rockstar Games,
Sysco
, Time Warner,
TreeHouse Foods
, Visa Inc,
W.L. Gore and Associates
, Walmart,
The Walt Disney Company
, Xerox,
and Yahoo
~Production
~Distribution
~Consumption of goods and services
FUNCTIONS
30 Well-Known Multinational Corporations
www.cnbc.com/id/48237596#.
Social Insurance Policy
Industrial Accident Insurance Program
The National Health Insurance
The National Pension Scheme
The Unemployment Insurance System

National Basic Livelihood Security Program

Rising Life Expectancy
South Korea became a welfare state after the financial crisis of 1997.
www.koreatimes.co.kr/www/news/biz/2010/10/291_69271.html
Great Britain and the United States share the same type of welfare model: liberal.
The modern welfare state in Great Britain started to emerge with the Liberal welfare reforms in 1906-1914.

~Old-Age Pensions Act in 1908
Provides a pension for persons over the age of 70
~Free School Meals in 1909
Gives free meals to students in school
~Labour Exchanges Act in 1909
Help the unemployed find employment
~Development Act in 1909
Provided greater government intervention in economic development
~National Insurance Act of 1911
Set up a national insurance program for the unemployed and provided health benefits from work
www.bbc.co.uk/history/british/modern/field_01.shtml
en.wikipedia.org/wiki/Category:Multinational_companies_headquartered_in_the_United_Kindgom
www.ehow.com/info_8526293_list-japanese-multinational-corporations.html
The Japanese Welfare System was established in 1946 and began in 1950.
The Japanese Welfare System contains seven types of welfare:
Life Allowance

Medical

Educational

Housing

Childbirth

Finding Job

Formal Occasions Supports
33%
are elderly

45%
are households with sick or handicapped members

14%
are fatherless families

8%
other
The Japanese Welfare System is based off of European models.
countrystudies.us/japan/75.htm
Welfare programs in the United States fit into 13 categories. All programs provide benefits to low-income individuals and families. In addition to the 13 categories, the U.S. Welfare programs also include the Medicaid Program which provides health care to low-income citizens and cartain non-citizens.
SNAP
Food program for low-income individuals and families, form known as food stamps
SSI
Program to pay cash to low-income individuals over the age of 65 or under who are blind or disabled
Negative Income Tax
Two tax credit programs are administered by the IRS to distribute mney to low-income Americans
Housing Assistance
Various housing programs are administered by the Department of Housing and Urban Development
Pell Grant
Grant program administered byt the Department of Education to distribute up to $5,550 to students from low-income households to promote postsecondary education
TANF
Combined federal and state program that pays cash to low-income households with the goal of moving individuals from welfare to work
Child Nutrition
Food programs administered by the USDA that include school lunch, breakfast, and after school programs
Head Start
Pre-school program available to kids from low-income families
Job Training Programs
Myriad of training programs administered by the Department of Labor to provide job training, displacement and employment services generally targeting low-income Americans
WIC
Program to provide healthy food to pregnant women and children up to five years of age
Child Care
Block grant program to states and local public and private agencies who administer child care programs for low-income families
LIHEAP
Program to aid low-income households that pay a high proportion of household income for home energy, either heating or cooling a residential dwelling
Lifeline
Program to provide discounted phone service, including cell phones, to low-income individuals
federalsafetynet.com/us-welfare-programs.html
en.wikipedia.org/wiki/Category:Multinational_companies_headquartered_in_the_United_States
Full transcript