EF4b; EF5; EF6 Fundamental Economic Systems Standards Based Blog Assignment #4 - Due Date: Sept. 4, 2010

EF4b; EF5; EF6 Fundamental Economic Systems Standards Based Blog Assignment #4 - Due Date: Sept. 4, 2010

Title:  Economic Goals; Role of Government; Economic Growth and Productivity

1.  How are the economic goals of freedom, securitiy, efficiency, equity, stability, and economic growth achieved in a market economy? 


2.  Why has the role of government in the economy increased dramatically since the 1880s?

In the 1880's the great depression had took such an tole on the country the government had no choice but to find other ways to bring the economy back to place


3.  Write an argument that supports or opposes the statement in the visual below that says "deregulation won't work because people are greedy"  ?

4.  Explain why the government provides public goods and services?  Why are these public goods and services NOT provided by the private sector?  (Please include a discussion on non-rivalrous and non-excludable goods) The governemtn provides public goods and services because it is more efficient, goods and services benefit individuals other than the purchaser, and it also promotes economic equity


5.  What are the 6 functions of government in a market economy (provide an example of how the government fulfills each of these 6 functions)?

Maintaining Legal and Social Framework- Create laws and provide courts, provide information and services to help economy function better

Providing Public Goods and Services-

Maintaining Competition-Create and enforce antitrust laws; regulate natural monopolies

Redistributing Income- Higher income tax rates for rich than for poor, provide social security, and aid to dependent children, Medicare, Medicaid.

Correcting for Externalities-Taxes to reduce negative externalities, such as environmental pollution; subsidies to encourage positive externalities, such as education

Stabilizing the Economy-Use government budgets and/or the money supply to promote economic growth, control inflation, and reduce unemployment

6. Describe the relationship that inputs and outputs have on productivity?


7.  How do investments in capital goods, technology,  human capital and training and educating workers, improve productivity and economic growth? It makes WORK MUCH EASIER!!! think about it if everyone was doing things the same way exactly how it was first begun
 

8.  Refer to the chart below and explain the cause of the decrease in the output, productivity and employment in manufacturing in the United States.  What can the United States do to reverse this downward trend in manufacturing?

Reflection:  What are two questions that you still have about these particular standards? 

Please refer to your course notes, textbook or the supporting links below to complete this assignment:

Social and Economic Goals:
 http://www.amosweb.com/cgi-bin/awb_nav.pl?s=wpd&c=dsp&k=economic+goals

Economic Functions of Government:
 http://www.slideshare.net/rlsmithtim/economic-function-of-government
http://ecedweb.unomaha.edu/lessons/fecga.htm (Lesson from Class - Click on Visual 1 under materials)
http://www.theusaonline.com/economy/government.htm

Economic Growth:
http://www.socialstudieshelp.com/Eco_Growth.htm

Microeconomics - Standards M11 and M12 - Assignment #5 - Due 9/17/2010

What is Microeconomics?

1.  Using  the typical 'Facebook' lingo, write a definition for Microeconomics and then provide a standard English translation for your 'Facebook' definition.

The way I would use it on facebook I would say The flow of money yo on a small scale

Title:  Role of Money - M11

1.  Using what you learned about the three functions of money, explain how 'play money' differs from 'real' money?

Money is the medium of exchange, as a store of value, and as a unit of account

Medium of Exchange allows for greater efficiency in the economy and creates more trade in the economy. In a traditional barter system, trade between two parties could only occur if one had and wanted what the other party had and wanted, and vice versa

Store of Value- Any form of commodity, asset, or money that has value and can be stored and retrieved over time

Unit of account-Accounts that carry funds provided by entities of the U.S. Government.

2.  Money has no actual value other than the value we attach to it. The barter system would still be practiced today if the participants did not agree to set a value on a piece of printed paper that represented the value of the goods and services they had to offer.  What would you accept in place of money, if someone wanted to 'buy' your most prized material possession?

       First my most prized possesion is an 1930-1950 barbie dolll if someone wanted to trade for either a life time supply of my favorite ceral or food

Circular Flow Model - M11

1.  What does a circular flow model tell us?
The ciscular flow model tells use the flow of goods& services and factors of production between firms and households in a market

2.  What is the role of households in the three sector circular flow model?
purchase goods and services from business(supply labor) also pay taxes to the government

3.  What is the role of businesses in the three sector circular flow model?
Use households money to purchase from the four factos of production supplied by households

4.  What is the role of government in the three sector circular flow model?
receives revenue from the households who pay taxes to the government. Also recieves money from business through corparte income taxes
5.  What role do households have in the factors or resource market (inputs)?

Title:  Law of Demand and Law of Supply - M12

1.  For each event described below, explain what happens to either the demand or supply curve. (increase/decrease?  Shifts left or right?)

(a) What happens to the demand for chicken if concerns about mad cow disease lead to widespread euthanizing of  cows on U.S. cattle farms?
the demand for chickens would increase because its a fall back on beef


(b) What happens to the supply of orange juice if Florida is hit with very severe weather?
The supply of orange will decrease

(c) In the market for coffee, severe global weather systems destroy 30% of the coffee bean crop.
The quanity of cofee will decrease while price increase

(d) In the market for cereal, if the price of cardboard material used to package cereal increases.

Quainity will increase while price increase


2. For each part below,  EXPLAIN what happens to equilibrium quantity and price (increase or decrease?).

a)  In the market for doughnuts, if they were found to be a major contributor to high cholesterol in adults.
Quainity decrease

b)  In the market for doughnuts, if widespread unemployment continues.


c) In the market for doughnuts, if Krispy Kreme introduces a new whole wheat 'low-calorie' doughnut.


3.  What are two factors that can change the quantity demanded?  Provide an example for each.


4.  What are two factors that can change the quantity supplied.  Provide an example for each.

How different economic systems answer the three basic economic questions?

-Standard:SSEF4


What are the three basic economic questions that every society must answer?

- What to produce

- How to produce

- For whom to produce

What is an economic system? and what are four economic systems? Give an example of each

An economic system is the system of production, distribution and consumption of goods and services of an economy

Traditional Economy- Based on traditions and customs

Command Economy- Government officials control everything

Market Economy- Individuals( Buyers& Sellers)

Mixed Economy- has a combination of economic systems


Write a detailed explanation of how each of the four economic systems answers the three basic economic questions?

In a traditional economy the 3 basic economic questions is determined by the older genertation of the society.The command economy government officials/higher authority answer the 3 basic questions. The market economy the buyers and sellers answer the 3 basic questions. The mixed economy is unknown because it's an mix of all of the three economic systems
How does the united states reflect a combination of economic systems?




The United States reflect the market economy because the 3 basic questions is answered by the buyers and sellers and everything is based on supply and demand







The Inuit tribe in Alaska teach their children that they must always do their best at every task. The child begins by observing the adults working on a task. When the time comes for the child to do the task, the task is first divided into smaller tasks. The adults praise the child at each stage the child successfully completes. When all stages have been complete, the child is ready takes full responsibility for the task. What economic system is used by the Inuit? Explain.

This is an tradtioanl economy because it shows that they are being taught by an tradtion or an custom that has  been passed down from generations.


How do market, command and traditional economics systems compare and contrast with each other in terms of profit motive, private ownership, consumer sovereignty, competition and government regulation?
They are all similar due to profit motive. In order for a business to be successful it's bases upon supply and demand upon any business

Explain why Adam Smith would oppose government intervention in a market economy. Give a specific example of why you support Adam Smith’s theories of laissez faire and the ‘invisible hand’ in a market economy and one example of why you would oppose his theory? Explain.

I support Adam Smith theory because what's going to attract people is lower prices

Production Possibilities Curve; Rational Decision Making; and Specialization

Standards EF2 and EF3


If you owned a business, what would a production possibilities curve tell you? Be specific. What are two factors that could cause your production possibilities curve to shift outward?

If I owned a business a production possibilities curve would tell me the combinations of two products is possible with a given amount of resources. The two factors that can effect an a ppc to shift outward is a decrease in supplies or a limited use in technology

What is the best way to determine whether we are making a rational economic decision?

When marginal benefits exceed or equal marginal cost

Why do companies choose to specialize and trade? What would happen if companies did not choose to specialize?

Companies specialize and trade because if they are specializing in a country can produce the thing it can do best rather than dividing its resources. Most likely countries will trade with each other by doing this other goods they don’t have will be a comparative advantage in other words the products are now opportunity cost



Include two relevant visuals with captions that explain their significance to the standard.

This is an picture of the rational decision making process

This is an actually PPC graph

Formative Assessment Reflections- How do you feel about your knowledge of this standard? What are two questions that you have about this standard?

   I  understand this standard because I can use this in my everyday life. I have a question to the second problem on the blog I do not understand it or I am confused at what you are asking for can you please make it clear to me

Title: Limited Resources and Unlimited Wants and Needs

Standard EF1


Limited Resources and Unlimited Wants and Needs


How does scarcity influence the choices you make about how you spend your money? Give a specific example of a trade-off that you had to make. What was the opportunity cost of your decision? How did you make your decision? Afterwards, how did you feel about your choice?



It has been many events that scarcity has played a major role in my life such as making sacrifices . Examples of what I was going to do this weekend was to go to the movies, going out to eat, hanging out with friends. Out of the choices I decided to go out to eat with family members, the opportunity cost was time and money spent and including driving. I made my decision by mind processing I haven’t seen my relatives since I was a little child, I felt great after my choice because of the family I got to catch up on.


There are four factors of production-land, labor, capital, and entrepreneurship. How so business owners influence each of these factors of production? What is a risk and a reward that business owners might incur with each of the four factors of production

Business owners have to buy property on or build their business on (land). If they want to hire staff or workers, it is considered (labor). (Capital) for business owners have to create the goods or products that they are selling. (Entrepreneurship) Business owners are the entrepreneur. A risk that a business owner might face is bankruptcy the economy is now in a recession and it is certain amounts of money you can put in the bank, and people cannot afford cost of things. The workers could be lazy not wanting to do any work and quit for no reason. A reward that a business owner might also encounter is good sells, more profits.

Do you see yourself more as an individual that will supply labor or as an entrepreneur who makes decisions about the use of labor? Explain how you reached this conclusion.

I see myself more as an Entrepreneur that makes decisions about the use of labor, Depending upon what type of business I want to do I have to choice to have labor or not.


Include two relevant visuals(based on standards) with captions that explain their significance to the standards

 This is based upon the standards it shows unlimited wants and how it’s spent and funded through schools and police

This picture shows the whole factors of production step by step process



Formative assessment reflections- How do you feel about your knowledge of this standard? What are two questions that you have about this standard?

I’m better understanding this as I can relate the standards to myself and everyday life, I have no question on the standard