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
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
conomic Environment refers to all those economic factors, which have a bearing on the functioning of a business. Business depends on the economic environment for all the needed inputs. It also depends on the economic environment to sell the finished goods. Naturally, the dependence of business on the economic environment is total and is not surprising because, as it is rightly said, business is one unit of the total economy.
Economic environment influences the business to a great extent. It refers to all those economic factors which affect the functioning of a business unit. Dependence of business on economic environment is total — i.e. for input and also to sell the finished goods. Trained economists supplying the Macro economic forecast and research are found in major companies in manufacturing, commerce and finance which prove the importance of economic environment in business. The following factors constitute economic environment of business:
(a) Economic system
(b) Economic planning
(c) Industry
(d) Agriculture
(e) Infrastructure
(f) Financial & fiscal sectors
(g) Removal of regional imbalances
(h) Price & distribution controls
(i) Economic reforms
(j) Human resource and
(k) Per capita income and national income
Credits : Christ uni.
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.
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
Macroeconomics- Movie Location
This will be used as part of your Personal Professional Portfolio once graded.
Objective:
Prepare a presentation or a paper using research, basic comparative analysis, data organization and application of economic information. You will make an informed assessment of an economic climate outside of the United States to accomplish an entertainment industry objective.
2024.06.01 Introducing a competency framework for languag learning materials ...Sandy Millin
http://sandymillin.wordpress.com/iateflwebinar2024
Published classroom materials form the basis of syllabuses, drive teacher professional development, and have a potentially huge influence on learners, teachers and education systems. All teachers also create their own materials, whether a few sentences on a blackboard, a highly-structured fully-realised online course, or anything in between. Despite this, the knowledge and skills needed to create effective language learning materials are rarely part of teacher training, and are mostly learnt by trial and error.
Knowledge and skills frameworks, generally called competency frameworks, for ELT teachers, trainers and managers have existed for a few years now. However, until I created one for my MA dissertation, there wasn’t one drawing together what we need to know and do to be able to effectively produce language learning materials.
This webinar will introduce you to my framework, highlighting the key competencies I identified from my research. It will also show how anybody involved in language teaching (any language, not just English!), teacher training, managing schools or developing language learning materials can benefit from using the framework.
A Strategic Approach: GenAI in EducationPeter 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.
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.
Instructions for Submissions thorugh G- Classroom.pptxJheel Barad
This presentation provides a briefing on how to upload submissions and documents in Google Classroom. It was prepared as part of an orientation for new Sainik School in-service teacher trainees. As a training officer, my goal is to ensure that you are comfortable and proficient with this essential tool for managing assignments and fostering student engagement.
Biological screening of herbal drugs: Introduction and Need for
Phyto-Pharmacological Screening, New Strategies for evaluating
Natural Products, In vitro evaluation techniques for Antioxidants, Antimicrobial and Anticancer drugs. In vivo evaluation techniques
for Anti-inflammatory, Antiulcer, Anticancer, Wound healing, Antidiabetic, Hepatoprotective, Cardio protective, Diuretics and
Antifertility, Toxicity studies as per OECD guidelines
2. Chapter Introduction
Section 1: Economic
Systems
Section 2: Evaluating
Economic
Performance
Section 3: American Free
Enterprise
Visual Summary
3. Take a closer look at the way your
high school is organized. Who
makes the decisions on lesson
plans? Who plans out events that
take place during the year? Who
makes financial decisions, and
how? Are parents and voters
involved in the educational system?
Obtain information from your school
district office or the library to create
a chart that lists the rights and
responsibilities of people in your
school district to meet the needs of
education. Read Chapter 2 to learn
about the different economic
systems that societies set up to
meet their specific economic needs.
6. Section Preview
In this section, you will learn about the different
types of economic systems that govern WHAT
goods and services to produce, HOW to produce
them, and FOR WHOM to produce them.
8. Are you familiar with the similarities
and differences between a market
economy and a command economy?
A. Yes
A
0%
0%
0%
C
C. Somewhat
A. A
B. B
C. C
B
B. No
9. Economic Systems
• All societies use an economic system to
provide for needs and wants of their people.
• Three major economic systems exist:
– Traditional
– Command
– Market
Comparing Economic Systems
12. Traditional Economies (cont.)
• A traditional economy—use of scarce
resources and economic activity is based
on habit or custom.
13. Traditional Economies (cont.)
• Advantages
– Everyone knows which role to play.
– Little uncertainty on what or how to
produce.
– Customs and traditions determine who is
provided for.
14. Traditional Economies (cont.)
• Disadvantages
– Individuals generally not free to make
decisions
– New ideas discouraged, leading to
stagnation and a lower standard of living
– Strict rules defined by elders and
ancestors
15. Which of the following societies
operate under a traditional economy?
A. Australian Aborigines
B. Botswana
0%
D
A
0%
A
B
C
0%
D
C
D. All of the above
A.
B.
C.
0%
D.
B
C. Mbuti
18. Command Economies (cont.)
• Advantages
– Can change direction drastically through
emphasizing/allocation
– Health and public services available to
everyone at little or no cost
19. Command Economies (cont.)
• Disadvantages
– Basic wants and needs of consumers
are ignored.
– Economies tend to be unproductive, not
producing a good product.
– Large decision-making bureaucracy
lacks flexibility.
20. Command Economies (cont.)
– Severely limits private property rights
– Individual freedom and initiative are
limited.
21. Which is a disadvantage of a
command economy?
A. Large decision-making
body needed
0%
C
B
C. Can change from a
rural society to an
industrial nation in
a few decades
A. A
B. B
0%
C. C0%
A
B. Health and public services
available to everyone
22. Market Economies
In a market economy,
consumers and businesses
jointly answer the questions
of WHAT, HOW, and FOR
WHOM to produce.
23. Market Economies (cont.)
• A market economy allows people to make
decisions in their own best interest.
• Buyers and sellers exchange goods and
services in a market.
• Market economies are based on
capitalism.
• Capitalism means that the factors of
production are privately owned.
24. Market Economies (cont.)
• Advantages
– High degree of individual freedom
– Adjusts gradually to change over time
– Small degree of government
interference
– Decision making is decentralized
– Large variety of goods and services
– High degree of consumer satisfaction
25. Market Economies (cont.)
• Disadvantages
– Not everyone is provided for
– May not provide enough of some basic
goods and services
– High degree of uncertainty for workers
and employers
26. In the following areas, do you think
government needs to increase or
decrease its presence?
A. National defense
A
C. Care for elderly and
disabled
B
A. A
B. B
0%
0%
C. C
0%
C
B. Environmental protection
28. Mixed Economies (cont.)
• Most economies in the real world are
mixed economies.
• When political systems are considered
with economic systems, the picture gets
more complicated.
• An example is socialism and its extreme,
communism.
The Spectrum of Mixed Economies
29. Mixed Economies (cont.)
• The type of political system in a mixed
economy is less important than the way
basic economic decisions are made.
The Spectrum of Mixed Economies
30. Mixed Economies (cont.)
• Advantages of a mixed economy
– Provides assistance for some people
who might otherwise be left out
– In a democratic society, voters use
electoral power to affect WHAT, HOW,
and FOR WHOM decisions.
– In a socialist society, FOR WHOM is
addressed more directly by government.
31. Mixed Economies (cont.)
• Disadvantages
– More services mean higher costs for
citizens overall.
– In socialist countries, availability of
services may be limited or quality
deteriorates over time.
32. What is the main advantage of a
mixed economy?
A. Ownership and control by
government
B
A
C. Provides assistance to
people otherwise left out
A. A
B. B
0%
0%
C. C
0%
C
B. More services are provided
at a higher cost to citizens.
33.
34. Section Preview
In this section, you will learn how economic
freedom, economic security, and economic equity
are related to the level of satisfaction people have
with their economic systems.
36. What happens when our economic
system fails to achieve our goals?
A. Societies demand laws to
modify system until needs
are met.
0%
0%
D
A
B
C
0%
D
C
D. Inflation occurs.
A
C. A command society results.
A.
B.
C.
0%
D.
B
B. The government collapses.
37. Economic and Social Goals
Americans share several
major economic and
social goals.
38. Economic and Social Goals
(cont.)
• In the United States, there are seven
major economic and social goals:
– Economic freedom
– Economic equity
• The minimum wage was established on a
national level.
• Many states established lemon laws.
39. Economic and Social Goals
(cont.)
– Economic security
• Social Security was established for disabled
or retired beneficiaries.
– Full employment
40. Economic and Social Goals
(cont.)
– Price stability
• Inflation makes paying bills difficult for
individuals on a fixed income.
• High rates of inflation discourage business
activity.
– Economic growth
41. Economic and Social Goals
(cont.)
• As our society evolves, more goals may
become important to us.
42. Do you think the current list of seven
goals is enough?
A. Yes
B. No
A. A
B. B
0%
B
A
0%
43. Resolving Trade-Offs Among Goals
Conflicts among goals can be
solved by comparing the cost
of a goal to its benefit.
44. Resolving Trade-Offs Among Goals
• Individuals have different ideas on how to
reach a goal or on the goal itself.
• Our economic policies have opportunity
costs and trade-offs.
(cont.)
45. Resolving Trade-Offs Among Goals
(cont.)
• In many cases, trade-offs among goals are
resolved when people compare their
estimate of the costs to their estimate of
the benefits and then vote for candidates
accordingly.
• The U.S. economy is flexible enough to
allow choices, accommodate compromises,
and still satisfy the majority of Americans.
46. Do you support the preservation of
endangered species such as the
California Channel Islands fox?
A. Completely
A
0%
0%
C
C. Not at all
A. A
B. B
0%
C. C
B
B. Somewhat
47.
48. Section Preview
In this section, you will learn how under capitalism
the basic economic decisions of WHAT, HOW,
and FOR WHOM to produce are made through
the free interaction of individuals looking out for
their own best interests.
50. Can you name any countries that
operate a free enterprise economy?
A. Yes
B. No
A. A
B. B
0%
B
A
0%
51. American Free Enterprise
• In many parts of the world, capitalism has
become the economic choice.
• Capitalism allows private citizens to own
and use the factors of production to
generate profits.
• The U.S. economy is based on free
enterprise.
Characteristics of Free Enterprise Capitalism
52. American Free Enterprise (cont.)
• Capitalism and free enterprise are often
used interchangeably, although meanings
are different.
– Capitalism stands for the private
ownership of resources.
– Free enterprise is the unhindered use of
privately owned resources to
earn profits.
Characteristics of Free Enterprise Capitalism
53. Characteristics of Free Enterprise
Capitalism
The American economy
incorporates the main
characteristics of a free
enterprise economy.
54. Characteristics of Free Enterprise
Capitalism (cont.)
• There are five major characteristics of a
free enterprise economy:
– Economic freedom
– Voluntary exchange
Characteristics of Free Enterprise Capitalism
55. Characteristics of Free Enterprise
Capitalism (cont.)
– Private property rights
• Private property gives individuals incentive to
work, save, and invest.
– Profit motive
• People are free to take risks to earn a profit.
– Competition
Characteristics of Free Enterprise Capitalism
56. What is largely responsible for the
growth of a free enterprise system?
A. Competition
B. Profit motive
0%
C
A
0%
A. A
B. B
0%
C. C
B
C. Voluntary exchange
57. The Role of the Entrepreneur
Entrepreneurs are the driving
force of the free enterprise
system.
58. The Role of the Entrepreneur (cont.)
• Entrepreneurs
– Organize and manage land, capital, and
labor to gain a profit
– Are the people who start up new
businesses
– Want to “be their own boss”
– Are willing to take risks
59. The Role of the Entrepreneur (cont.)
• Entrepreneurs are both the spark plug and
the catalyst of the free enterprise
economy.
• Their search for profits leads to a chain of
events that brings
– New products
– Greater competition
60. The Role of the Entrepreneur (cont.)
– More production
– Higher quality
– Lower prices for consumers
Profiles in Economics:
Tony Hawk
61. Why might an entrepreneur fail?
A. Not enough capital
B. Poor product or service
0%
D
A
0%
C
D. All of the above
A. A
B. B
C. C 0%
0%
D. D
B
C. Not aware of competition
62. The Role of the Consumer
The economy in the
United States adapts
to consumers’ wants.
63. The Role of the Consumer (cont.)
• Consumers ultimately determine which
products are produced.
• If consumers like a new product,
producers are rewarded with profits.
• Consumers not purchasing a product can
cause a firm to go out of business.
64. The Role of the Consumer (cont.)
• The phrase “the customer is always right”
recognizes consumer sovereignty.
• Consumers are always looking for new
ideas and products.
65. Do you believe that “the customer is
always right”?
A. Always
B. Sometimes
0%
C
A
0%
A. A
B. B
0%
C. C
B
C. Never
66. The Role of the Government
The economic role of the U.S.
government is decided by its
citizens.
67. The Role of the Government (cont.)
• The role of government stems from the
desires, goals, and aspirations of its
citizens.
68. The Role of the Government (cont.)
• Government has become
– A protector
– Provider
– Regulator
– Consumer
69. The Role of the Government (cont.)
• In general, the role of government in the
economy is justified whenever the benefits
outweigh the costs.
• An unintended consequence of
government’s role is the emergence of the
mixed or modified free enterprise
economy.
70. The Role of the Government (cont.)
• Some people prefer to have no
government involvement in the economy—
which is not possible.
• Services like a national defense and a
system of laws and justice cannot be
supplied by the private sector alone.
71. Do you agree or disagree with the
statement that the role of government in
the economy is justified whenever the
benefits outweigh the costs?
A. Always
0%
0%
C
0%
B
C. Never
A. A
B. B
C. C
A
B. Sometimes
72.
73. Economic Systems Most countries have a mix of
three different types of economic systems.
74. Economic and Social Goals In the United States,
we share several economic and social goals.
75. Free Enterprise The U.S. economic system is
based on the free enterprise system and is
characterized by competition and private ownership
of resources.
76.
77.
78.
79.
80. Tony Hawk (1968– )
• professional athlete at age
14 and best skateboarder in
the world by age 16
• owner of a successful
business empire based on
resurgence of skateboarding
and name recognition
86. traditional economy
economic system in which the
allocation of scarce resources and
other economic activities are based
on ritual, habit, or custom
109. consumer sovereignty
role of consumer as ruler of the
market when determining the types of
goods and services produced
110. mixed or modified free
enterprise economy
economy where people carry on their
economic affairs freely but are subject
to some government intervention and
regulation
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