Economics Unit 6 – Money, Banking, and the Fed

Unit 6 – Money, Banking, and the Fed Chapter 14.1 – The evolution, functions, and characteristics of money Federal Reserve System (Fed) – private owned, publicly controlled central bank of the united states Federal reserve note – paper currency issued by the Fed in use today The evolution of money Barter economy – moneyless economy…

Economics Unit 4 – Free enterprise capitalism

Free enterprise capitalism Voluntary exchange Profit motive Economic freedom Private property rights Competition – businesses attract consumers; consumers obtain the best products at lowest prices 7.1 – competition and market structures Laissez-faire – philosophy that government should not interfere with business activities Market structure – nature and degree of competition among firms in the same…

Unit 1 – What is economics

Unit 1 – What is economics Chapter 1.1 – scarcity and the science of economics The fundamental economic problems Societies do not have enough productive resources to satisfy everyone’s wants and needs Scarcity – fundamental economic problem of meeting people’s virtually unlimited wants with scarce resources Economics – social science dealing with how people satisfy…

Financial Management & Control

Management Financial management refers to the coordination of a business’s accounting and finance activities. Accounting: management tool used to record financial transactions to provide a summary of the business’s financial position. Finance: coordination of how a business funds (pays for) its activities Key elements include: Financial planning Financial control Financial decision making Business: an organization…

Britain’s Welfare State

The Classic Welfare State was initiated by the Labour’s Beveridge Report which aimed to eliminate the ‘five giant’ towards post-war reconstruction[1]. This essay will argue to a small extent the classic Welfare State promotes a more egalitarian society. It is because cost and benefit were not often equally shared under the system, within different socio-economic…

International Business – Marketing and Distribution Terminology

ADAPTATION – The process of adjusting to a different environment. BRANDING – A name, term, design, symbol, or any other feature that identifies one seller’s good or service as distinct from those of other sellers. CROSSCULTURAL SYMBOLS – The meanings of symbols across several cultures. CUSTOMS BROKERS – An authorized agent specialized in customs clearance…

International Business – Terminology

International Business: Includes all commercial transactions (such as private and governmental, sales, investments, and transportation) that take place between two or more regions, countries, and nations beyond their political boundaries Balance of Trade: The difference in value between a country’s imports and exports Balance of Payments: The difference in total value between payments into and…

MERCOSUR: Economic & Political Union

MERCOSUR is an economic and political union formed in 1991 by Argentina, Brazil, Paraguay, and Uruguay to promote the free movement of goods, services and people among member states. MERCOSUR’s primary interest was to eliminate obstacles to regional trade, such as high tariffs and income inequalities. In 1994 the MERCOSUR countries also established a protection…

Free The Children: NGO, History, Projects

Free The Children literally wants to free the children from poverty, exploitation, and the thought of being powerless. They put these three values into their mission statement, “Free the children from poverty. Free the children from exploitation. Free the children from the idea that they are powerless to change the world.” (Craig Kielburger, 1995). Young…

Foreign Policy: Terms & Definitions

Isolationism Isolationism is a foreign policy whereby a country decides to exclude itself from relations with other countries; isolating itself in the world. Example: the U.S. in the 1920’s when they refused to join the League of Nations.  Another example would be North Korea today who purposefully does not interact with many nations. Unilateralism Unilateralism…

McDonaldization

McDonaldization is the term Ritzer derived from the McDonalds’ fast-food chain to describe the state of our society. Ritzer claims our social institutions have become completely dehumanized in the form of a bureaucracy. Health care is an example of one institution that is characterized by the four components of bureaucracy: efficiency, predictability, control, and quantification.…

Essay: Problems of Modernization in Developing Nations

The economic situation which exists in the developing world today, is the result of the relationship between the modern, and developing nations of the world.  Modernized nations benefited from this relationship because it gave them access to natural resources. However, because of this relationship, many developing nations now suffer from severe problems.  These nations are…