Definitions:
Globalization: The trans-national increase in trade and capital transfers across national boundaries.
Gross Domestic Product: The monetary value of all the finished goods and services produced within a country's borders
Market Economy: capitalistic economic system in which there is free competition and prices are determined by the interaction of supply and demand.
Supply and Demand: The law of supply states that the quantity of a good supplied (i.e., the amount owners or producers offer for sale) rises as the market price rises, and falls as the price falls. Conversely, the law of demand (see demand) says that the quantity of a good demanded falls as the price rises, and vice versa. "When a whole lot of something is being offered for people to buy and not many people demand it or buy it, the price goes down."
Capitalism: an economic system in which investment in and ownership of the means of production, distribution, and exchange of wealth is made and maintained chiefly by private individuals or corporations
Subsidies
Government payments that keep prices down for things in high demand.
Pros and Cons of Capitalism
Pros
-It pulls people out of poverty
-The wealthy can create jobs and products to make the whole economy prosper
-Rewards ambition
Cons
-It supports greed
-It rewards manipulation
-It gives a small group of people a lot of power
Milton Friedman Explains Capitalism
What were the criticisms of Capitalism as expressed by the interviewer? What were Friedman's arguments in defense of Capitalism? What is your reaction to the criticisms and defense? What more would you like to know?
How Does Globalization Affect Me?
Globalization affects me because it changes the price of everyday things from food to clothes. It can either make it cheaper and more available or it can be much more expensive. It can also affect what is available to me in the not too distant future (water, food, clothes, technology, etc) due to supply and demand as well as the amount of natural resources left to make those items.
What can we learn about globalization through exploring America's largest retailer?
By visiting America's largest retailer we found that a huge majority of the goods we sell are made somewhere outside the country. We realized how little we produce and sell within our country, and how diverse our connections are throughout the world.
What is America producing that the world wants?
America doesn't produce a lot of things relative to manufacturing giants like China, but we do produce things that people want. One of the biggest and most profitable things being oil, along with cars (General Motors), and planes (Boeing)
What can we learn about the benefits of globalization by following a T-shirt?
By following a T-shirt through its journey from farm to closet you can find out how many people are involved in its production and many people it supports.
What does Labor Day celebrate?
Labor Day celebrates the social and economic achievements of American workers as well as celebrating the working conditions we have today that were not in place before the late 19th century.
What can be learned about globalization through examining the production of mobile phones, laptops, and other electronic devices?
Pro Union
Globalization: The trans-national increase in trade and capital transfers across national boundaries.
Gross Domestic Product: The monetary value of all the finished goods and services produced within a country's borders
Market Economy: capitalistic economic system in which there is free competition and prices are determined by the interaction of supply and demand.
Supply and Demand: The law of supply states that the quantity of a good supplied (i.e., the amount owners or producers offer for sale) rises as the market price rises, and falls as the price falls. Conversely, the law of demand (see demand) says that the quantity of a good demanded falls as the price rises, and vice versa. "When a whole lot of something is being offered for people to buy and not many people demand it or buy it, the price goes down."
Capitalism: an economic system in which investment in and ownership of the means of production, distribution, and exchange of wealth is made and maintained chiefly by private individuals or corporations
Subsidies
Government payments that keep prices down for things in high demand.
Pros and Cons of Capitalism
Pros
-It pulls people out of poverty
-The wealthy can create jobs and products to make the whole economy prosper
-Rewards ambition
Cons
-It supports greed
-It rewards manipulation
-It gives a small group of people a lot of power
Milton Friedman Explains Capitalism
What were the criticisms of Capitalism as expressed by the interviewer? What were Friedman's arguments in defense of Capitalism? What is your reaction to the criticisms and defense? What more would you like to know?
How Does Globalization Affect Me?
Globalization affects me because it changes the price of everyday things from food to clothes. It can either make it cheaper and more available or it can be much more expensive. It can also affect what is available to me in the not too distant future (water, food, clothes, technology, etc) due to supply and demand as well as the amount of natural resources left to make those items.
What can we learn about globalization through exploring America's largest retailer?
By visiting America's largest retailer we found that a huge majority of the goods we sell are made somewhere outside the country. We realized how little we produce and sell within our country, and how diverse our connections are throughout the world.
What is America producing that the world wants?
America doesn't produce a lot of things relative to manufacturing giants like China, but we do produce things that people want. One of the biggest and most profitable things being oil, along with cars (General Motors), and planes (Boeing)
What can we learn about the benefits of globalization by following a T-shirt?
By following a T-shirt through its journey from farm to closet you can find out how many people are involved in its production and many people it supports.
What does Labor Day celebrate?
Labor Day celebrates the social and economic achievements of American workers as well as celebrating the working conditions we have today that were not in place before the late 19th century.
What can be learned about globalization through examining the production of mobile phones, laptops, and other electronic devices?
Pro Union
How can standing up for sweatshop workers do more harm than good?
-In Indonesia, 60% of the people live under the poverty line (defined as an income of less than $1.50). Nike jobs, considered "highly desirable," pay $65 month, or less than $.50/hour. Approximately 110,000 Indonesians are employed.
-American pressure on sweatshops clearly has two effects: 1) improves working conditions in American-owned companies overseas, and 2) it raises labor costs for those companies.