...FREE ENTERPRISE Activities TO THE TEACHER Free Enterprise Activities relate important economic concepts taught in the text to the market economy. Each activity reinforces an aspect of the American free enterprise system. Many activities challenge students to play the role of an entrepreneur, underscoring the key part played by those who assume the necessary risks to develop a business. Other activities help students understand the roles of government, labor, consumers, and the global economy in American free enterprise. CREATING A CUSTOMIZED FILE The individual booklets in the Teacher’s Classroom Resources provide a wide variety of supplemental materials to help make economics meaningful to students. These resources appear as individual booklets in a carryall file box. There are a variety of ways to organize your classroom resources. Three alternatives are given here: ■ Organize by category (all activities, all tests, etc.) ■ Organize by category and chapter (all Chapter 1 activities, all Chapter 1 tests, etc.) ■ Organize sequentially by lesson (activities, quizzes, and other materials for Chapter 1, Section 1; Chapter 1, Section 2, etc.) Regardless of the organization you choose, you may pull out individual activity sheets from these booklets, or you may photocopy them directly from the booklets and file the photocopies. You will then be able to keep original booklets intact in a safe place. Copyright © by The McGraw-Hill Companies, Inc., All rights reserved....
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...How Capital Markets Enhance Economic Performance and Facilitate Job Creation BY WILLIAM C. DUDLEY US CHIEF ECONOMIST GOLDMAN, SACHS & CO. BY R. GLENN HUBBARD DEAN COLUMBIA BUSINESS SCHOOL NOVEMBER 2004 How Capital Markets Enhance Economic Performance and Facilitate Job Creation BY WILLIAM C. DUDLEY US CHIEF ECONOMIST GOLDMAN, SACHS & CO. BY R. GLENN HUBBARD DEAN COLUMBIA BUSINESS SCHOOL Introduction Our main thesis is that well-developed capital markets generate many economic benefits, including higher productivity growth, greater employment opportunities, and improved macroeconomic stability. To focus on these significant benefits, we examine three issues: (1) the importance of capital markets in facilitating superior economic performance, (2) how the capital markets foster job creation, and (3) the necessary preconditions for the development of well-functioning capital markets. Our analysis focuses on two particular sets of comparisons. First, within the United States, how has macroeconomic performance improved over time as the capital markets have become more dominant? Second, across countries, can one explain the superior macroeconomic performance evident in recent years in countries that have well-developed capital markets such as the UK and the US relative to countries such as Germany and Japan, in which the capital markets are much less developed? We highlight the impact of capital market development on the economic performance of the United States...
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...higher standards of living however the UK economy has been scarred by recession. The 80’s period saw great social, economic, and general change. Wealth and production progressively migrated to more newly industrialising economies. The early 1980s marked a severe global economic recession that affected much of the developed world. In the UK, the 1980s was a period of economic volatility. At the start of 1980, the biggest problem facing the UK was cost push inflation. In the late 1970s, UK inflation reached over 20%. This was caused by rising oil prices and wage push inflation. Unemployment shot up to 3 million and high unemployment persisted throughout the 1980s. After recovering from the 1981 recession, the UK experienced a long period of economic expansion. Towards the end of the 1980s, the growth rate reached record post-war levels. The 1990s began with a severe recession, leading to higher unemployment and a massive slow...
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...TABLE OF CONTENT 1.1 Understand the organizational purposes of business ……………………...………... 2 Vision….….………………………………………………………………………..…2 Mission..…….…………………………….....….………………….............................2 Objective……..…………………...…………………………………………………..3 Goal……….……………………..…...……………………………………………….3 2.1 Economic systems attempt to allocate resources effective………………..………......4 Economy market………..……………………………………………………………..4 Command market………….…….………………………………………………….....4 Mixed market……………...………..…………………………………………………4 2.2 The impact of fiscal and monetary policy on business organizations …….....…..…...6 Fiscal policy…....…………..…………………………………………………………6 Monetary policy………………………………………………………………………6 2.3 The impact of competition policy …………………………………………………....8 1.1Understand the organizational purposes of business. A) Vision Vision is the organization aims to grow in the future. It is seen as the key for any company or business want to achieve certain success. Nothing was ever created without a vision. It guides and gives organization direction and purpose, and can serve as a powerful motivate for it. For example: At Nestlé, Nestle believe that research can help them make better food so that people live a better life. Good Food is the primary source of Good Health throughout life. Nestle strive to bring consumers foods that are safe, of high quality and provide optimal nutrition to meet physiological...
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...Economics Discussion how a Epidemic can affect a country's economy The countries involved in an epidemic will immediately suffer in a population crisis where the average age of mortality decreases. More children will be born dead or carrying the TB at a very early stage. Countries that were mentioned in the context are most of them developing countries for instance India, Indonesia and South Africa. Poor average education and high unemployment are huge percent numbers in these countries and a epidemic could cause even more problems with the labor in a country if adults are dying. Result of these problems will eventually lead to a non-consumed agricultural resources since the eventual transmission of knowledge will fail in shortage of both labor and competent people. A starvation will break out due the shortage of food. The development of social and economical aspects will also decrease or stop completely. Progresses involving better healthcare and greater survival number of babies will suffer also suffer from epidemics. Possibilities of helping people will also become completely removed because of the shortage of competent staff and economical issues. The level of education will also decrease due the financial problems, schools will shut down and bad teacher salaries will not attract as many students becoming teachers because of the tough education. Regular working man and women will also have to quite their jobs to take care of their sick/infected relatives...
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...History of Human Services “Social work in the US today, as elsewhere, reflects the historical, social, cultural, and political context in which it is situated” (Arnd-Caddigan & Puzzuto, 2008, p. 68). Understanding the history of human services is necessary to gain a complete understanding of human services. American human services practice was greatly influenced by the English social welfare system; thus, it is important to understand the history of English social welfare to understand American human services (Martin, 2011). The history of English social welfare systems begin with the feudal system of the Middle Ages. Under the feudal system, landowners would allow serfs to live on and farm the land (Martin, 2011). The landowners were expected to care for the needs of their serfs. During this era, the church emphasized charity, and individuals felt that poverty was necessary to be charitable as demanded by God (Martin, 2011). After the decline of the feudal system, England introduced the poor laws. The poor laws stated that poverty would be dealt with in the community and changed the perspective of poverty (Martin, 2011). Only those who were determined to be worthy poor were allowed to beg or receive other benefits, and the unworthy were punishable by law. The Elizabethan Poor Laws of 1601 organized the previous poor laws and served as a model for American human service laws (Martin,2011). These laws had three basic principles, greatest responsibility of providing for one’s...
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...the sixth largest exporter on the world scale. South Korea is also one of the few developed countries that have avoided the harsh global depression in 2008. South Korea in the year 2010; had a GDP of approximately USD$990 billion with a growth rate of 6.1%. Their GDP per capita totalled USD$30,200. (CIA, 2011) II. The Theoretical Basis For South Korea, I have chosen to use the Keynesian system rather than the Classical system to analyse their economy. Classical economists argue that the economy is always capable of reaching the natural level of real GDP, which is the level where the economy is fully employed. (Peterson & Estenson, 1996) Unemployment exists in any country and it is unrealistic to think that a country can have full employment at any given time. In appendix 1, it shows that there is a steady rate of unemployment annually of 3.3% with a spike of nearly 5% in the first...
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...itself to production line techniques of producing food that is served packaged for immediate consumption, on or off the restaurant premises. Fast food customers normally order at a counter and pay before eating. GDP Fast food restaurants represent one of the largest segments of the food industry with over 300,000 restaurants and $184 billion in sales in the U.S in 2010. The industry also seems to be recession proof. When the U.S. GDP fell from $14.297 trillion in 2008 to $14.044 trillion in 2009, fast food sales increased 4.2%. Convenience and low costs seem to be the main reasons the industry thrives when the economy is down. Unemployment Rate Higher unemployment rates tend to hurt the fast food industry. Most fast food customers work in industries like construction, manufacturing, and retail – industries that are usually hit the hardest when unemployment is high. Inflation As inflation rises, cheap fast food restaurants become more popular. In recent years, fast food restaurants have introduced low price items to their menus . For example, McDonald’s introduced its “Dollar Menunaire” menu. Menu items like this are aimed at luring away customers from higher priced dine-in restaurants whose prices have suffered due to inflation. Employment Costs Employment costs seem like they would be low in the fast food industry since a large percentage of the workers are paid minimum wage. However, employee turnover is high in the fast food industry. Costs associated with employee...
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...New York unemployment rates are relatively high. People are trying to analyze the causes of this situation and explain reasons of unemployment in the United States. In the article “U.S.G. and P.T.A.” by Thomas L. Friedman, the author is discussing unemployment as a major society problem. He highlights three main problems, which foster unemployment: increase in global competition mainly because of globalization, fast-growing technology, which eliminates low-skilled workers from the job market and low American educational grades compared to other countries. In the article “Digging Deeper Into What Caused Job Losses” by Casey B. Mulligan the author argues that unemployment was not caused by credit-crunch or demand-based theories. He gives arguments why those theories are not accurate which indirectly approve and agree with the first article. Unemployment in The United States caused by global competition, fast-growing technology and lack of qualitative education and not caused by credit-crunch or product demands. The first deep problem fostering unemployment is global competition. “And as the education systems of China, India, Singapore, Poland and Vietnam continue to improve, and more of their cream rises to the top and more of their young people apply to ivy League schools, it is only going to get more competitive for American men and women at every school”. The author states that it is become really hard to compete with other countries, because their growing education. He gave...
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...islands. These homeless groups consist of males and females, young, and old. Whole families are not exempt, concerning this epidemic. We find that wrong. Because homelessness is a concern to many, Team A conducted a personal and confidential survey that revealed surprising responses. Selected persons, (ages 18 and over) were spouses, peers, and coworkers who answered 10 questions that pertained to the homelessness condition on Oahu. Our survey showed most people viewed the homelessness situation in Hawaii, no worse than other states. It is a dilemma everywhere. Our survey also disclosed a true concern for our homeless brothers and sisters. When asked, to choose a major contributor to homelessness, the answers varied greatly. Although unemployment is significant, substance abuse continues to plague the natives. In addition to these two factors, mental illness ranks high, as so evidently witnessed on the streets of King and Keeamoku. In recent news, the Honolulu Police removed a large group of homeless people from Ward Street. Were they justified? Our survey results were inconclusive. The visibility of the homelessness from various locations of Oahu produces a remarkable social impact on not only the “Kamainais” (locals) but particularly on the tourists. Undoubtedly, an image of sunny beaches and palm trees are part of the attraction of Hawaii yet is quite the contrast to the desolation of the homelessness. Team A’s survey found...
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...SHARJAH HIGHER COLLEGES OF TECHNOLOGY PROJECT COVER SHEET- (ASSESSMENT 2) [20%] Course Name | ECON N400 | Faculty Name | Angelo Olo | Project Title | Outlook of the UAE Economy | Due Date | Nov. 4, 2012 | Section | | Date Submitted | 3-11-2012 | Student Name | --- | Student ID | --- | This assessment will assess the following Learning outcomes: This assessment will assess the following learning outcomes: * LO 2: Analyze patterns of economic activity in the UAE from an oil-based economy to development of the non-oil sector. * LO 3: Evaluate the role of the non-oil sectors on the UAE economy. Declaration; Individual: * No part of this assignment has been copied from another source, (not from another group or student, an internet source or a book). * When another person’s words are used, this is shown in the text with “…” and referenced. * No part of this assignment has been written for me by any other person. * I have a copy of this assignment that I can produce if the first copy is lost or damaged.Name ………………………………………………… Signature …………………………………………….Declaration; Group: * No part of this assignment has been copied from another source, (not from another group or student, an internet source or a book). * When another person’s words are used, this is shown in the text with “…” and referenced. * No part of this assignment has been written by anyone other than the members of the group named below. * We have a copy of this assignment that...
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...after products are produced and sold for that period. Real GDP show the earned income for the economy after all sales are final. The focus is to get the economy growing which will increase output and income. Growth is always good for the state of the economy. The Nominal GDP analyzes current market prices, when there are changes in market prices that take place in the current year. This is usually is due to inflation and deflation. Unemployment Rate is the total number of people that are without employment. The formula to measure the percentages unemployment rate is number of people unemployed divided by the number of people in the workforce in the US. You must be actively seeking employment and able to work to fall under the unemployment stats. You do not count the discouraged workers in the unemployment rates because they aren’t seeking employment. Inflation Rates is when price levels rise in the economy. Inflation is the guide to macroeconomic policies. Our government can’t stop inflation without causing a recession, but when unemployment is reduced it will stimulate growth and help increase inflation. Interest Rates are an annual percentage of principal when the use of money charged or paid. Interest rates change when inflation goes up or down. Interest rates play a key factor in spending people make. The purchasing of groceries helps the Gross domestic product because people are purchasing the products and goods that are produced. Once the groceries are sold it becomes...
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...Inflation and unemployment were not improved by monetary policy Abstract The global financial crisis made a long term negative effect on the economy all over the world as well as New Zealand. GDP and inflation decreased with a high level of unemployment rate. This essay is going to discuss the effect of the actions from reserve bank. According to their response, the IS-LM, AD-AS and Phillips models will be used to analyze the effect of change in OCR on economic activities. Furthermore, some previous literature will be used in this essay which is relative to some problem happened during the recession. Introduction There is a big impact on the economic environment following the 2008 financial crisis. New Zealand faced a negative effect on unemployment rate, income, inflation and output and etc. as an important part of developed country. The main aim of this essay is to investigate what monetary policy has been used in response to the recession and whether it is useful to make a significant recovery. The financial crisis can be seen as a very serious problem in New Zealand. The stock market got hit seriously because the investment, income, confidence, employment rate etc. all fall. During the recession, the unemployment rate rose from a low of 3.5% in December of 2008 to a high level of 7.3% in June of 2012. (TRADING ECONOMICS, 2013) The New Zealand GDP had a negative growth during 2008 and 2010 because many businesses shut down and the unemployment rate increased...
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...It is important that we are aware of how the economic environment affects the businesses that operate within it, how the changes in the economy can cause an organisation to fail or push it forward, depending on how quickly this business can change and adapt to a new environment. If this business can make the most of a bad situation, or end up collapsing under the pressure. In any country, the economy is far from stable, and can be thrown off balance at any time, and sometimes without warning. In some the cases the effects of a declining economy can be limited to one region or country, in other cases however, the effects can be far reaching and devastating, for example the Credit-Crunch, which had effects on banks, businesses and even individuals all over the world. A good example of a company affected by the changing economic environment in the UK is Marks & Spencer's. I believe the recession has affected all businesses in the UK, in every industry, whether they are big or small, they have been affected by this recession. And even though Marks & Spencer's is an international organisation, it was still not safe from the effects. M&S was forced to close 27 stores in the UK!! This drastic measure followed their announcement of their worst sales performance in a decade, with a drop of 7.1% in their sales in the run-up to Christmas. I think this happened because it became more difficult to attract customers because people were trying to save money. And it may be cheaper...
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...Strengths Huge pool of labour force:- A decomposition of labour force share of the service sector into sub-sector in india show that High percentage of cultivable land Diversified nature of the economy Huge English speaking population, availability of skilled manpower Stable economy, does not get affected by external changes Extensive higher education system, third largest reservoir of engineers High growth rate of economy Rapid growth of IT and BPO sector bringing valuable foreign exchange Abundance of natural resources Weakness Very high percentage of workforce involved in agriculture which contributes only 23% of GDP Arround a quarter of a population below the poverty line High unemployment rate Stark inequality in prevailing socio economic conditions Poor infrastructural facilities Low productivity Huge population leading to scarcity of resources Low level of mechanization Red tapism, bureaucracy Low literacy rates Unequal distribution of wealth Rural-urban divide, leading to inequality in living standards Opportunities Scope for entry of private firms in various sectors for business Inflow of Foreign Direct Investment is likely to increase in many sectors Huge foreign exchange earning prospect in IT and ITES sector Investment in R&D, engineering design area of biotechnology Huge population of Indian Diaspora in foreign countries (NRIs) Area of Infrastructure Huge domestic market: Opportunity...
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