10. Which is the federal government’s official measure of how much output our economy produces?
11. What is a business cycle?
12. Compare and contrast a recession and a depression; describe some of the key characteristics of each of these two economic phases.
Now, go to Encarta Online Concise Encyclopedia and find the article entitled Economics.
NOTE: It would be very wise to add the Encarta Online Concise Encyclopedia URL to your bookmarks or favorites. We use this site quite often in this course, and it is only given in this lesson!
13. Write AT LEAST one-paragraph summarizing the influence of Adam Smith on modern economic thought. (Note: You can also see the Encarta Online Concise Encyclopedia article specifically about him, or get some information on the Internet, if you prefer.)
14. What is mercantilism?
15. What was the goal of this philosophy?
16. What was the main idea of physiocracy?
Now, read Encarta Online Concise Encyclopedia’s article about Karl Marx.
17. Write AT LEAST one paragraph summarizing Karl Marx’s influence on modern economic thought. (Note: As with Adam Smith, you can also see the Encarta Online Concise Encyclopedia article specifically about Marx, or get some information on the Internet, if you prefer.)
Now, go down to the section entitled Economic Systems (In the article entitled Economics).
18. Give an example of what the US government has done in the past to intervene in an otherwise relatively free market economy.
19. Why do you think the government intervenes in such instances?
20. What are some of the disadvantages of a capitalist economy?
21. Briefly compare and contrast the economic systems used in Sweden and in the former Yugoslavia.
22. What was Adam Smith’s most famous and important work?
23. Some schools of thought believed that bullion was crucial to a country’s economic sustinence; others believed that land was the most important commodity. What did Smith believe was the most important element to an economy?
24. What is the “invisible hand”?
25. Adam Smith wrote, “It is not from the benevolence of the butcher, the brewer, or the baker that we expect our dinner, but from their regard to their own interest. We address ourselves, not to their humanity but to their self-love, and never talk to them of our own necessities but of their advantages.”
Do you agree? Why or why not?
In many ways, Adam Smith’s economic ideas underpin Western ideas of enterpreneurialism. Being an entrepreneur means organizing a business or series of business ventures that are undertaken with considerable possibility for profit and with considerable risk for loss. The risk factor, balanced with the possibility for significant profit-taking, makes entrepreneurial business ventures attractive to some, while frightening to others. Excessive government regulation regarding employee benefits or environmental restraints and responsibilities, no matter how beneficial to society as a whole, can “kill” some ventures before they get off the ground. Benevolent governmental tax policies regarding small businesses, as well as incentive programs to help businesses get established, are key factors in the numbers of successful entrepreneurial ventures. The key to success when starting a business is knowledge. Know your business from all angles, including expenses, record keeping, advertising, and risk.
26.
NEW QUESTION AS OF 11-17-08: How did Adam Smith feel about government intervention in capitalism?
27.
NEW QUESTION AS OF 11-17-08: Under what circumstances did Adam Smith feel government intervention was warranted?
28. What are two advantages of improving the “dexterity” (ease of movement) of workers?
29. What are the advantages of moving the tasks between workers rather than the workers from task to task — that is, creating an assembly line?
30. What are the advantages of the invention and use of machines?
31. Name four ways Henry Ford produced cars more efficiently by using an assembly line.
32. List three reasons why Ford raised his worker’s wages to $5.00 a day.

Hi, I’m writing an essay on air quality in Beijing. My topic is “If the 2008 Olympic Games were not being held in Beijing, the air quality would not be improved and would instead deteriorate.”
I need some help finding articles on this topic. In particular, I’m looking for: the profits China will make as a result of the Olympics, the methods they have tried to improve air quality, examples of China’s poor environment record, and any thing else that will help. Thanks so much!

picapp.com improves the way people
express themselves
communicate
and profit
online

i need to find 2 articles on each topic. 1-fundraising and charity giving.schools no longer rely on bake sales n car washes local restaurants donate a percentage of their receipts to a school activity.do corporations make a profit off tehir contacts with non-profit fundraising or do they just write it off on tehir taxes? are fundraising efforts replacing taxes?how will this pervasive fundraising impact society?
2-protection of national treasures.a major concern.as chemicals in the air increase, they are having adverse effects on many natural and manmade obejects nations hold as part of their heritage.how will these national treaseures be perserved for future generations?3-cultural prejudice.we must be thinkers who accept differences.will cultural prejudice continue to be a sociietal factor in the future?4-caring for elders.basic living needs and personal care may be unaffordable for elders.since most adults need to work to be able to support their own familieshow will wesupport elders

Jim Demint’s “American Option” plan that Republicans tout as the solution to our problems does the following:
* Reducing business taxes from 35 percent to 25 percent;
* Making the tax policy changes of 2001 and 2003 permanent;
* Dramatically reducing the estate tax rate to 15 percent; and
* Keeping tax rates on dividends and capital gains at 15 percent.
First of all, making the Bush Tax Cuts permanent doesn’t do anything to stimulate the economy. The tax cuts are currently in effect, they aren’t changing right now, and we are still where we are right now. The only changes in this plan are directed at businesses and the wealthy – reducing business taxes and the estate tax. These are efforts directed solely at increasing production and supply and putting more money in the bank accounts of the rich. Folks, we don’t have any lack of supply, and the rich aren’t the people struggling with unemployment right now.
We’re in a period of deflation (negative inflation), we have been since October, and we were in a period of disinflation from June – Sept. Inflation was only 1/10th of 1% (0.01%) for all of 2008, with inflation in the first half wiped out by strong deflation in Q4. In comparison, inflation for 2007 was 4.1%.http://www.bls.gov/news.release/cpi.nr0.…
This situation is in part the effect of excess supply in relation to demand, which causes the prices of goods & services to drop and the value of currency to increase. Additionally, credit markets are frozen, decreasing the availability of cash, and cash is subject to the law of supply and demand just like everything else in the economy. Thus, when supply decreases, demand increases in relation to it, and the value of cash increases. This is obviously just adding to the deflationary problem.
We’re entering a deflationary spiral where prices across the economy continue to fall, profit margins decrease, more workers are laid off as labor costs are deemed cost-prohibitive for many products, and production thus decreases further while demand decreases at the same time as unemployed workers have no money to create demand for anything.
With this understood, could someone please explain to me how these tax cuts, and only tax cuts, directed toward increasing our already excess supply and putting money in the savings accounts of more-fortunate Americans could possibly lead us out of this mess? Has this guy talked to an economist? Has anyone in the GOP talked to an economist? Because I don’t know of any honest-to-God, trained and respected economist who is touting anything resembling this tripe.
If you want a more technical economic explanation of our situation, read the links below to the articles written by Nouriel Roubini. He predicted this economic mess years ago but those words fell on deaf ears. He has since followed that prediction with a number of other predictions relating to this recession, and all of them have been dead on. By the way, he supports the stimulus plan, and thought it should have been implemented months ago, and he feels the TARP was poorly implemented and excessive.http://www.forbes.com/2008/10/29/stagnat…http://www.rgemonitor.com/