Government+and+Economics

Are there different types of economics?

How does a country's economy affect neighboring countries?

What is the connection of economics to trade? [|Q1 Video for the relationship between globalization and economics.]

Q2 How does the government and economics affect the poverty of the world?

The government and economics affect the poverty of the world in many ways, as was recognized in __The End of Poverty__, by Jeffrey Sachs. Sachs states that economic growth is hardly regularly distributed across a country. He proves that certain regions of countries that have been largely integrated with world trade, show more rapid growth and development than the other regions. He gives an example of this by stating, “ India’s southern states, also deeply integrated in world trade, have experienced much faster economic development than the northern regions in the Ganges Valley.” This statement demonstrates that all though the final quota, or the average of the countries economic growth is high, parts of the country may be suffering from undeveloped, and down trod economies that make it hard for cities, or regions to remain stable. (72)

Sachs also states that the government plays a role in persistent poverty. Because governments only focus on the people and parties who are feeding them the money, in order for them to use it for more infrastructures, and keep increasing economic growth since that allows them more tax. But governments might also neglect the poorest of the poor because they are part of ethnic or religious minorities. Yet, governments do not realize that if they include the poor and destitute groups, in govt. spending, they will notice that the tax will increase, which means the social spending will increase commensurately. (72)

Abdulrahman: What does the government do in terms of economics? How does the government support the economy of a country?

Hanouf.

Hanouf

Class Discussion:

Q1. What is economics? A. I believe economics is the study of how people make decisions based on production, consumption, and trade of products and services. Yet it is also the study of micro and macro economics, which economics in different levels, micro is economics on a small level,and macro is the econ on a bigger level. And it is also the study of human interaction. Reflection: I could have gone into more depth when I discussed micro and macro economics, but other than that i think i did a reasonable job with it, and got the conversation started.

Q2. What are problems with economics as a field of study? A. The problem with studying economics as a field is that it is a broad topic, with many factors, and sub topics that go into it. Things also change very quickly in economics and that is why it is hard to measure everything, because if one thing changes it also affects many other things. The other thing that makes economics hard to study is that countries economies are so different and they often clash. Reflection: I think that in the discussion i could have elaborated more on why it is so hard to study economics, and possibly given an example.

Q3. What are ways in which you can measure the development of a nation-state? A. You can measure the development of a nation-state by using the Human Development Index, measuring the Gross Domestic Product, and seeing how industrialized a nation state is. Development can also be measured by the freedom, healthiness, and safeness of the people living in the nation state. Reflection: I feel in the discussion I did not contribute enough when it came to this question because the answer was very specific, yet all of the students in my group had the same answer since it was the most important info from thث presentation they had. Someone had already said it. Yet i still tried to contribute to the discussion and added my opinion.

Q4. What makes an economy strong? A. The main factors that make an economy strong are trade which is mainly the exchanging of goods between countries, provinces, cities, etc. Also the resources of a country, a government that serves the people, and collaboration between business owners, product producers, and consumers. Reflection: I did not have a prepared answer for this question, which is why i had to improvise a lot of the time, but as other people contributed, i was able to develop my idea of the answer more and answer it adequately.

Q5. What are the different types of economies? A. There are three main different types of economies, there is market economy, which is run by the consumers, focuses on supply on demand, and it is very free because there are not limits or barriers set my the government. Secondly, there is a planned/command economy that is run completely by the government, which is frowned upon because they have everything so set out that they are caught off guard when something doesn't go as planned, and the economy reacts slower to the changes. Yet they use many of the available resources. Thirdly, there is the mixed government where both the government and the people are involved. Reflection: I think I answered this question quite adequately in the discussion, although i could have been more enthusiastic and tried to include more of the other people in my group, in the discussion.

Q6. Why is economics and trade important? How are they related? A: Economics and trade is important because it helps regulate the economic growth and development of a country, by allowing the citizens of countries to not only buy, but experience tastes of products from their country and from different countries. Trade is related to economics in the sense that it also causes globalization. And it affects the relationships between countries. Reflection: I think i could have elaborated more on this answer, and I think i might have in the discussion.

Q7. How can countries affect each other positively or negatively through economics or trade? A. I think that mostly countries affect other countries through economics and trade, by setting tariffs on imports and exports and by either having positive or negative relationships with other countries. A relationship between two countries can actually be very complicated, because one relationship can affect another that can affect another with other countries. Allies are allies and enemies are enemies, along with that comes the positive or negative affects based on whether countries are allies or enemies. Also what is based on that is trade between countries. the better the relationship the better the trade. Reflection: I believe in the discussion i could have added more detail to this answer and given more examples to help back my answer up. I sort of just left it hanging there without and proof of what i mean.

Q8. How is economics regulated? Provide examples of how governments regulate economies, control economies, or how they encourage growth? A. Economies are regulated by tariffs, and non tariff barriers. Tariffs are taxes on imports into a country, and they are often increased or decreases depending on the relationship of the countries trading. Non tariff barriers are just regulations or rules set on the country that is importing goods, and these can also change depending on the relationship between the countries trading. Government also rebuilds an economy by sending tax returns, which allow citizens to get the economy rolling again. Reflection: I believe i answered this question well enough in the discussion, except i could have possibly provided examples.

Q9. How do governments and countries affect poverty whether in their own country or around the world? A, Regions of countries with no trade are poorer, and are overlooked, because when measuring the the growth of an economy they take the average of the entire country not just specific regions. Also minorities are ignored by the government, which is stupid because the government does not realize that if they include the minorities they will earn more money from taxes. Reflection: I think i did quite well on this question, and during the discussion I answered it with more detail, i was able to do so because it was my question that i had to answer for a grade.

Q10. When did modern economics begin? What was necessary or this to occur? A. Modern economics began in the mid 18th century, during the industrial revolution on england. it improved trading, and it had so much to do with science that people realized religion was not the only cause for money, and the economy. It was science, it corrupted the religious society, yet it caused people to think about things rationally. R. I think in the discussion i could have answered this better, yet it was another answer that was very common so most people said this, and i just elaborated on it.

Q11. Who gets the benefits of economic interaction and trade? A.I believe that the community/ households are the ones who benefit most in the economy simply because everyone seems to cater to our fancy. The goal of an economy is to make the consumer happy, and persuade them to buy the item, no matter what way they do it. That is the only way an economy keeps flowing. R. I answered this question quite well in the discussion, but i could have given a better example.

Q12. Are people naturally inclined to trade and create an economy? What is required for this to occur? A. Yes, I believe that people are naturally inclined to trade and create an economy because simply put, since the beginning of man kind if someone is not satisfied with what one has then they will trade for something better. It was even made into a fairy-tale. It is very easy to understand, and i think it is just common sense, we use it nowadays even in our daily life. For example when i go shopping and i buy a shirt that i realize does not suite me, i will go back to the store and exchange it for a different one. Reflection: I think i did very well in this question in the discussion, because i gave this example and i described it.

Q13. How are economics and globalization related? In what other ways can you see the effects of globalization and economics in a society? A. Economics is related to globalization though trade, corporations becoming multinational companies, and organizations such as the WTO/ IMF making rules that the corporations have to follow in order to be successful in other countries. Reflection: I should have gone into more detail, and i think i might have in the discussion because many people contributed which lead to a good conversation.

Overall: I believe i did quite well in the discussion, i think i have to work on elaborating on all my answers and possibly giving more examples of what i am trying to explain. I also want to get more people involved in the discussion instead of having it between the stronger students in the group and when my peers give me replies such as "i agree with that" i need to ask then to add more, or give more input. Because yes it was an individual grade but i want my peers to benefit to, and i want a more lively discussion not just people saying their answers an continuing to the next one. I also would like to put more thought to the questions and answers next time. and try to answer them better.

Knowledge:7 Concepts:7 Skills:5 Organization/presentaion: 4