The document discusses economic systems and the basic economic questions of what to produce, how to produce, and for whom to produce. There are four main types of economic systems - traditional, command, market, and mixed - that answer these questions in different ways. Most economies today are mixed, combining elements of traditional, command, and market systems. The US and other nations also have economic goals that sometimes conflict, such as efficiency, equity, and growth, requiring policymakers to prioritize which goals to focus on first.
A market economy is an economic system where businesses and consumers drive the economy with minimal government intervention. In a market economy, the laws of supply and demand determine the price and quantity of goods produced.
In a market economy, economic decisions are regulated by the market itself. The market is an enterprise that arranges the free interaction of people pursuing their economic pursuits.
In a market economy, the interactions of a country's individual citizens and businesses guide economic decisions and the pricing of goods and services.
Market economies are open economies that allow the free flow of goods and services between producers and consumers based on demand and supply.
Chapter 2 Economic Systems; Capitalism, socialism, Communism market economy, command economy, mixed economies and how to tell the difference. The economic effects on societies as a result of their economic systems
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June 3, 2024 Anti-Semitism Letter Sent to MIT President Kornbluth and MIT Cor...Levi Shapiro
Letter from the Congress of the United States regarding Anti-Semitism sent June 3rd to MIT President Sally Kornbluth, MIT Corp Chair, Mark Gorenberg
Dear Dr. Kornbluth and Mr. Gorenberg,
The US House of Representatives is deeply concerned by ongoing and pervasive acts of antisemitic
harassment and intimidation at the Massachusetts Institute of Technology (MIT). Failing to act decisively to ensure a safe learning environment for all students would be a grave dereliction of your responsibilities as President of MIT and Chair of the MIT Corporation.
This Congress will not stand idly by and allow an environment hostile to Jewish students to persist. The House believes that your institution is in violation of Title VI of the Civil Rights Act, and the inability or
unwillingness to rectify this violation through action requires accountability.
Postsecondary education is a unique opportunity for students to learn and have their ideas and beliefs challenged. However, universities receiving hundreds of millions of federal funds annually have denied
students that opportunity and have been hijacked to become venues for the promotion of terrorism, antisemitic harassment and intimidation, unlawful encampments, and in some cases, assaults and riots.
The House of Representatives will not countenance the use of federal funds to indoctrinate students into hateful, antisemitic, anti-American supporters of terrorism. Investigations into campus antisemitism by the Committee on Education and the Workforce and the Committee on Ways and Means have been expanded into a Congress-wide probe across all relevant jurisdictions to address this national crisis. The undersigned Committees will conduct oversight into the use of federal funds at MIT and its learning environment under authorities granted to each Committee.
• The Committee on Education and the Workforce has been investigating your institution since December 7, 2023. The Committee has broad jurisdiction over postsecondary education, including its compliance with Title VI of the Civil Rights Act, campus safety concerns over disruptions to the learning environment, and the awarding of federal student aid under the Higher Education Act.
• The Committee on Oversight and Accountability is investigating the sources of funding and other support flowing to groups espousing pro-Hamas propaganda and engaged in antisemitic harassment and intimidation of students. The Committee on Oversight and Accountability is the principal oversight committee of the US House of Representatives and has broad authority to investigate “any matter” at “any time” under House Rule X.
• The Committee on Ways and Means has been investigating several universities since November 15, 2023, when the Committee held a hearing entitled From Ivory Towers to Dark Corners: Investigating the Nexus Between Antisemitism, Tax-Exempt Universities, and Terror Financing. The Committee followed the hearing with letters to those institutions on January 10, 202
Read| The latest issue of The Challenger is here! We are thrilled to announce that our school paper has qualified for the NATIONAL SCHOOLS PRESS CONFERENCE (NSPC) 2024. Thank you for your unwavering support and trust. Dive into the stories that made us stand out!
Honest Reviews of Tim Han LMA Course Program.pptxtimhan337
Personal development courses are widely available today, with each one promising life-changing outcomes. Tim Han’s Life Mastery Achievers (LMA) Course has drawn a lot of interest. In addition to offering my frank assessment of Success Insider’s LMA Course, this piece examines the course’s effects via a variety of Tim Han LMA course reviews and Success Insider comments.
The Roman Empire A Historical Colossus.pdfkaushalkr1407
The Roman Empire, a vast and enduring power, stands as one of history's most remarkable civilizations, leaving an indelible imprint on the world. It emerged from the Roman Republic, transitioning into an imperial powerhouse under the leadership of Augustus Caesar in 27 BCE. This transformation marked the beginning of an era defined by unprecedented territorial expansion, architectural marvels, and profound cultural influence.
The empire's roots lie in the city of Rome, founded, according to legend, by Romulus in 753 BCE. Over centuries, Rome evolved from a small settlement to a formidable republic, characterized by a complex political system with elected officials and checks on power. However, internal strife, class conflicts, and military ambitions paved the way for the end of the Republic. Julius Caesar’s dictatorship and subsequent assassination in 44 BCE created a power vacuum, leading to a civil war. Octavian, later Augustus, emerged victorious, heralding the Roman Empire’s birth.
Under Augustus, the empire experienced the Pax Romana, a 200-year period of relative peace and stability. Augustus reformed the military, established efficient administrative systems, and initiated grand construction projects. The empire's borders expanded, encompassing territories from Britain to Egypt and from Spain to the Euphrates. Roman legions, renowned for their discipline and engineering prowess, secured and maintained these vast territories, building roads, fortifications, and cities that facilitated control and integration.
The Roman Empire’s society was hierarchical, with a rigid class system. At the top were the patricians, wealthy elites who held significant political power. Below them were the plebeians, free citizens with limited political influence, and the vast numbers of slaves who formed the backbone of the economy. The family unit was central, governed by the paterfamilias, the male head who held absolute authority.
Culturally, the Romans were eclectic, absorbing and adapting elements from the civilizations they encountered, particularly the Greeks. Roman art, literature, and philosophy reflected this synthesis, creating a rich cultural tapestry. Latin, the Roman language, became the lingua franca of the Western world, influencing numerous modern languages.
Roman architecture and engineering achievements were monumental. They perfected the arch, vault, and dome, constructing enduring structures like the Colosseum, Pantheon, and aqueducts. These engineering marvels not only showcased Roman ingenuity but also served practical purposes, from public entertainment to water supply.
Palestine last event orientationfvgnh .pptxRaedMohamed3
An EFL lesson about the current events in Palestine. It is intended to be for intermediate students who wish to increase their listening skills through a short lesson in power point.
Embracing GenAI - A Strategic ImperativePeter Windle
Artificial Intelligence (AI) technologies such as Generative AI, Image Generators and Large Language Models have had a dramatic impact on teaching, learning and assessment over the past 18 months. The most immediate threat AI posed was to Academic Integrity with Higher Education Institutes (HEIs) focusing their efforts on combating the use of GenAI in assessment. Guidelines were developed for staff and students, policies put in place too. Innovative educators have forged paths in the use of Generative AI for teaching, learning and assessments leading to pockets of transformation springing up across HEIs, often with little or no top-down guidance, support or direction.
This Gasta posits a strategic approach to integrating AI into HEIs to prepare staff, students and the curriculum for an evolving world and workplace. We will highlight the advantages of working with these technologies beyond the realm of teaching, learning and assessment by considering prompt engineering skills, industry impact, curriculum changes, and the need for staff upskilling. In contrast, not engaging strategically with Generative AI poses risks, including falling behind peers, missed opportunities and failing to ensure our graduates remain employable. The rapid evolution of AI technologies necessitates a proactive and strategic approach if we are to remain relevant.
2. • What to produce
• How to produce
• For whom to produce.
• A nations responses are determined by its economic
system, which reflects the process a nation follows to
produce goods and services.
Review: What are the three
basic economic questions? 2
3. • Traditional, command, market and mixed.
• All economies today are mixed, a pure economy doesn’t
exist
• Mixed economies that are closest to the pure command
model are classified as command economies. Same with
other types of economies.
What are the four types of
economic systems? 3
4. • Based on a societies values, customs and traditions.
• Tradition decides what you produce. If your family has
always caught fish, your family will most likely always
catch fish. Roles are usually passed down from father to
son and mother to daughter.
• Traditional economies still exist in parts of N. America,
Asia, Africa, San of the Kalahari Desert and the
Aborigines of Australia.
Traditional Economy 4
5. • They are found in the past. Contemporary economic
activities are based on the collection of rituals, habits,
laws and religious beliefs developed by the groups
ancestors.
• For whom? The entire group or tribe
How are the three basic economic
questions answered in traditional
economies? 5.1
6. • The government has complete control over production.
• Also called planned economies
• Individuals in a command economy have little or no say
in economic choices.
• Command economies were popular in the past. Egypt
(2700-2200 b.c.), China (1122-221 b.c.), western europe
in the middle ages.
Command Economy 6
7. • Relies on government officials to answer the three basic
economic questions.
• Officials, or central planners, have the power to decide
what products will be produced and how.
• They also decide who will receive the products.
How are the three basic economic
questions answered in command
economies? 7
8. • People can buy, sell and produce anything.
• Market – free exchange of goods and services.
• Ex. US, Germany, and Japan
Market economy 8
9. • Individuals answer the three basic questions.
• For whom? Everyone
• How? Anyway
• What? anything
How are the three economic
questions answered in market
economies? 9
10. • Self-interest benefits all of society by helping the
economy grow.
• In a market exchange, each person attempts to gain the
greatest possible advantage.
• Self-interests serve as an “invisible hand” that leads them
to do what is best for society.
• Incentive – something that encourages you to act in a
certain way.
• Examples of incentives include commercials, billboards,
ads, etc..
What are the roles of self-interest
and incentives in a market
economy? 2.1
11. • Authoritarian socialism – (communism) the government
controls nearly all the factors of production which in turn
limits the decision making power of individuals. Ex. Cuba
• Capitalism – individuals own the factors of production and
answer the basic economic questions. Ex. US, Canada,
Mexico, Japan and Taiwan. The governments involvement in
the economy is limited.
• Democratic socialism – the government owns only some of the
factors of production like phone and electrical utilities. Ex.
Sweden, Poland, France, Tanzania, Angola, and Mozambique.
What types of mixed
economies exist today? 2.1
12. • Individuals have the right to:
• Own private property
• Make individual choices,
• Engage in economic competition
• Make decisions based on self-interest and
• Have limited government interference when participating in
the economy (laissez-faire)
What are the basic principals
of free enterprise in the US? 2.2
13. • Product market: all of the exchanges of goods and
services in the economy
• Resource market: exchange between the resources
between those who use them.
What are the 2 markets in
the circular flow model? 2.2
14. • Its shows the exchanges between the flow of resources
and the flow of payments.
How does the circular flow
model reflect exchange? 2.2
15. • They set goals. A nation’s policymaker makes choices on
how to use scarce resources depending on the goals that
are set.
How do nations decide how
to use scarce resources? 2.3
16. • The US economic goals are freedom, efficiency, equity, security,
stability, and growth.
• Economic freedom: maintaining freedom of choice in the
marketplace.
• Economic efficiency: efforts to make the best use of scarce resources.
• Economic equity: (economic justice) fairness of choices in economy
• Economic security: protection from poverty, medical emergencies
and other things that could put someone’s economic well-being in
danger.
• Economic stability: full employment and stable prices.
• Economic growth: increase the amount of goods and services put out
by each worker in the economy.
What are the major goals of
the US economic policy? 2.3
17. • People’s needs and wants may conflict, priorities can
conflict, solutions can conflict and priorities can change.
• To fix this, the nation will depict what economic goals are
more important, then assign which goal they will plan to
meet first.
Why do economic goals
sometimes conflict? 2.3