The+Principles+of+Economics...

Economic terms predictions chart:

Public-health and education || Helping and providing assistance in different forms-community services –public services. || The action of helping or doing work for someone || other: places where individuals, businesses, and other organizations engage in buying and selling. A phrase that people often use to mean an abstract situation of pure exchange A market is a mechanism that facilitates the exchange if specific scarce resources amongst competing agents. There are two major types of markets: a.)goods markets in which services and finished goods are exchanged and b.) factor markets in which factors of production of production that is, things used to produce other goods and services, and exchanged. A goal is anything deemed desirable by the agents in the economy, e.g., soda, pizza, running water, or a link of pollution. Factors of production are items that are used yo produce goods, and services; there are three major factors of production: *Land, *Labour, *Capital aka money/finance ||
 * Word || My prediction || Paired Prediction || Shared Prediction || Finally ||
 * goods || The products manufactured in a country. || Products manufactured for the public. || Products manufactured for the public to consume and utilize. || To be desired or approved of ||
 * exchange || Trading goods and services with another country. || Switch and trading of services and goods || Switch and trading of services, goods, and techno. Inter and intra nations. || Act of giving one thing and receiving another ||
 * services || Transportation, and hotels. Things that are offered. || Community services-transportation, hotels.
 * market || Where many things are sold at once. || Where exchange, buying, selling and advertising happens || Where exchange ,trading, and advertising happens for the public. || 3 ways to use this term- a place to exchange goods and services(souk), exchange in a larger sense of a country's economy-exchange of goods of services on a national-level-third is global market is the interrelationship of all aspects of the market
 * price || The amount of money something costs || The amount of money a product is sold for on the market to the public. || The amount of money require to buy or sell something on the market to the public. || The amount of money expected, required, or given in payment for something. ||

/an analytical tool that highlights some aspects some aspects of reality while ignoring others. ||
 * demand || What people want or need. || What people request and need. || What people request forcefully || A desire or request of something. ||
 * assumptions || To guess or think something without knowing whether it is true or not || A thought applied without evidence. || A thought or prediction applied without evidence || Something you expect-without proof.-something that is accepted as true without any real basis. ||
 * models || Something that Is close to the real thing but acts as a make shift item || Imitation of the ideal outcome. || An imitation or small scale model of the final product || An imitation, a prototype, or a blue print to follow, an explanation of reality, a theory.


 * expectations || When you just assume or expect something to happen. || When people make a prediction regarding the outcome || When one believes something will happen without having proof, or factual evidence || A strong belief that something will happen ||
 * income || The amount of money we make or receive regularly. || The amount of money earned. || The amount of money that one makes or receives from working. || Money received on a regular basis, or work or through investment ||
 * tastes || What you like, and prefer. || A small scale experience, or preference in the ideal final product. || What you like or prefer. || A brief experience of something conveying it’s characteristics ||
 * tastes || What you like, and prefer. || A small scale experience, or preference in the ideal final product. || What you like or prefer. || A brief experience of something conveying it’s characteristics ||


 * supply || What is available to buy and what the companies and businesses produce for us to buy. || What companies and businesses produce to satisfy public demand. || What is produced to satisfy public demand, or needed to create a product. || Something that completes or enhances something else when added to it ||
 * efficiency || How well something works || How well and fast a govt. or company works to complete the tasks at hand. || How well people, a company, or govt. Work to complete specific tasks. || Useful energy output over total energy input ||
 * scarcity || Whether something is readily available or not || LACK OF SOMETHING! || The lack or shortened amount of something || resources are scarce to the extent that they are not sufficient to allow all goals to accomplished at once. ||


 * opportunity costs || The amount of money something could cost. Or the amount of money that one should make when selling something. || A possible market price. || The achieved or lost price of what one could have, and wanted to earn. || The loss of potential gain from other alternatives, when one alternative is chosen ||
 * trade offs || When you trade something with someone else. || Exchange of goods, techno., and info. || The equal exchange of goods between two countries, people, etc. || A balance achieved between two desirable but incompatible features ||

finally: The sate of being comfortable, healthy and happy. A shorthand term for the broad goal of promoting the sustenance and flourishing of life. ||
 * well-being || Whether you feel you are happy, comfortable, and healthy. || The success, and health of a company, govt., or person.,

Questions asked a the beginning of the unit!!:
 * Economics || The flow of money within a community. || The control and study of the flow of money within a community. || The control and study of the flow of money within a community. || The branch of knowledge concerned with the production, consumption and transfer of wealth. ||
 * ceteris paribus || Free goods. || Complementary goods || Stating a problem, or complementary goods. || With other conditions remaining the same ||
 * utility || Something we use. || The practical/pragmatic functions of a product. || The usefulness or practicality of a product, or company etc. || The state of being useful, profitable or beneficial. ||


 * Harry, Saad, Fahad, Razan || Abdullah, Alyssa, David, Miral, Osama || Meghan, Pamela, Andrea, Abdulrahman, Abdullah J. || Rami, Kate, Danya, Zein, Mohammad ||
 * What kind of regulations do governments not enforce with regards to trading?

What makes a country economically developed?

Which type of government has proven more beneficial and profitable?

What is the relationship between globalization and economics?

How can one major country's economy affect other economies?

How does the government support the economy?

What's the difference between micro and macroeconomics?

How does economics affect us? Are people naturally inclined to exchange and create markets? Could we be referred to as //homo economicus//? || What is Economics?

What part of economics is the government restricted from?

Which aspects of economics does the government influence?

What makes an economy strong? Why do we need the government to play a role in the economy and in keeping a country's economy strong?

Why do governments apply taxes?

Can the governments have any part in making international alliances?

What is the relationship of globalization to government?

How does the economy of a country relate to the government (type of government?) of a country?

How can the economy influence countries negatively and positively?

When were markets created? || Are there different types of economics?

What does the government do in terms of economics?

How does the government support the economy of a country?

What is the connection of economics to trade?

What is the relationship of globalization to economics?

What are the regulations of economics?

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

How and why did economics start?

How does a country's economy affect neighboring countries?

Why is there macro and microeconomics? || Does the whole world use the same economic system? Do better or stronger alliances with countries create a stronger economy? Can the economy affect a countries society of people living in a country?

Does the government have any relations internationally (UN, trade)?

How and when was the economic system created?

Where do the benefits of the economy and trade go to?

How does the government help the growth of the economy?

How does the strength of a country help the government?

What is the definition of Economics? || My finished Questions::  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 regions in the other parts. He gives an example of this by stating, “ India’s southern states, also deeply integrated in world trade, have experienced much faster economic development that 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 because 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 they will realize that the tax will increase, which means the social spending will increase commensurately. (72)

Sachs, D. Jeffrey; __The End of Poverty__; 2006, New York.

What is the relationship between globalization and economics?

The movie is to large to upload!!

Globalization is related to economics based on the factors of trade, corporations becoming multi-national companies, and organizations such as the WTO, or the IMF establishing regulations on what the multi-national corporations are able to do in certain countries. However, economic globalization can also affect political, and social globalization; in the sense that the following factors of economic globalization affect the way we humans live everyday, and they also affect the political and economic decisions made by the country. The link between economics, globalization, and trade is abstract, there is no book, website, graph, or number that evidently describes the link yet we all know it exists. The most common example of that would be the clothes we wear everyday, the pants you are wearing right now could be made in India, and your shirt in Haiti. This describes economic globalization because in the process of you buying those items of clothing; money, goods, and services were transferred to other parts of the globe. This factor again relates to the corporations becoming global, and that means companies and businesses that originated in one country, begin to open stores and sell their goods in other countries all over the world. This allows people to not only buy the goods in the origin country but to buy the goods in stores set around the globe. Globalization is also related to economics in the sense that rules and regulations are created, by organizations such as the IMF, or the WTO, on how certain businesses can operate in other countries besides their own, and how they can trade goods in and out of countries that are not of origin to them. These rules are guidelines to make sure that businesses know their boundaries, and do not over step the limits of the country they have just started selling goods in. As Shelia Nelson demonsrates in __The UN and Cultural Gobalization,__ politics, crime, health, environment, etc. all play a role in the economics of the world. All of these types of globalization, not only open the world for us, but they help us map out our lives, on a globe that used to be mysterious and vast, yet now is known and connected. Nelson, Shelia; __The UN and Cultural Globalization__; 2007, Philadelphia

Summary:

In my two projects I discuss how government and economics affect the poverty of the world, and the relationship between globalization and economics. In the poverty question I describe how Jeffrey Sachs demonstrates that government is not including poorer parties in economic growth, and that parts of countries that are not included in trade, are not as economically developed as others. In the globalization question I describe how factors such as trade, corporations becoming multinational companies, and organizations such as the IMF, and WTO establish regulations on what the multinational corporations are able to do in certain countries.

Q & A:

For poverty Q:

How will including the poor and destitute groups, in govt. spending, increase tax?

Including minorities in government spending will increase tax, because governments will need more money to spend on the minorities, for infrastructure, services, and ways to improve living for ALL citizens. And the only way to get more money is to tax people more. Which means they will increase interest rates on things, and they will increase they amount of money they pay towards goods and services in the country.

For globalization Q:

What could some rules and regulations be for the companies beginning to sell their goods in other countries?

Some rules and regulations that would apply to companies beginning to sell their goods in other countries MAY be: · * Company’s goods have to abide by the rules of the country, for example if it were being sold in Saudi no alcohol will be sold. · * Companies are not allowed to sell goods in a country if a company already in the country could manufacture the goods. · * Companies can only sell the goods if they are completely/partly manufactured in the country they are being sold in. In order for the country to benefit from the sale of the goods, by utilizing raw materials, and work force.