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Road to Industry

Road to Industry. A. Types of Economic Systems 1. Traditional Economy D efinition: based on faith/traditions Barter economy- t rading, no money system P roblems : value (what = what) need (do you have what I need) 3 rd world countries

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Road to Industry

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  1. Road to Industry A. Types of Economic Systems 1. Traditional Economy Definition: based on faith/traditions Barter economy- trading, no money system Problems: value (what = what) need (do you have what I need) 3rd world countries http://www.economywatch.com/economies-in-top/ http://www-personal.umich.edu/~lormand/poli/nike/nike101-8.htm

  2. Road To Industry 2. Market Economy definition: based on choice/competition Laissez-Faire: government “hands off”. (government does not control the economy) Free enterprise/survival of the fittest Pure market economy- no unemployment aid, no welfare, medicare, social security, or minimum wage. Do any exist?

  3. Road to Industry 3. Command Economy: Definition: Government owns/controls all means of production -No private ownership or private business. Examples (Cuba, China) Benefits: no unemployment Socialism/Communism No social classes-all equal

  4. Road to Industry 4. Mixed Economy: Definition-market and command Examples--US and Japan Benefits: * Private Ownership *Options * Class systems Government influence: welfare system, medicare, healthcare, unemployment, minimum wage 2013 Budget http://en.wikipedia.org/wiki/2013_United_States_federal_budget Minimum Wagehttp://www.minimum-wage.org/federal-minimum-wage

  5. 2013 Budget

  6. Big Business Corporation Definition: Company formed by investors who share ownership in proportion to investment Investor: A person who owns stock in a corporation Stocks: Piece of ownership of company Examples of corporations https://nyse.nyx.com/ Fortune 500 http://money.cnn.com/magazines/fortune/fortune500/index.html

  7. Big vs Small Business

  8. Big vs Small Who would you rather do business with??? WHY?

  9. Types of Corporations • Vertical Consolidation (Legal) • Joined businesses engaged in different but related activities • EXAMPLE • Oil company (British Petroleum-BP) • Gas stations • Trucking companies • Oil refineries • Oil drilling • Construction companies

  10. Types of Corporations Horizontal consolidation: • Legal at one time • Illegal today! • Definition: company owns all competition (monopoly) • Bad for consumers • Controls price • Example (Standard Oil-Rockefeller) • Exxon, Shell, Marathon, Citgo

  11. Monopoly

  12. Types of Corporations Holding Company • Produces no products • No customers • A company that owns stock in other companies

  13. Road to Industry Labor Unions Definition: group of workers of same profession Goals: -Better pay/ no minimum wage -Working conditions/ equipment and training -Better hours/ overtime -Fairness in work place -End child labor (Industrial Period) http://198.234.41.198/w3/webwh.nsf/allbykey/0a2cc2509843265a852566180051af2e http://usgovinfo.about.com/od/moneymatters/a/Labor-Union-Membership-Declined-In-2010.htm

  14. Labor Unions Business owner: why oppose it? • Costs to businesses • Alternatives: Cut employees or move overseas • Cheap labor • Less government restriction • Fewer government regulations • Less cost to produce equals more profit Are Unions good or bad? • Closed shop: no choice must join • Open shop: choice to join • Impact of unions on economy/consumers

  15. What is Made in USA? • http://www.bing.com/videos/search?q=made+in+america+or+made+overseas&FORM=HDRSC3#view=detail&mid=1315251BF88D49A66F571315251BF88D49A66F57

  16. Social Changes Urbanization Definition- moving of people to the cities Rural>Urban>Suburb

  17. Immigration Why come to the USA? • Freedom of religion • Job opportunities • Better life • Political freedom • Better Treatment • Education • Lifestyle

  18. Immigration • Where are immigrants from? • Majority: Europe and Asia (China) • In 2012, Hispanic, Middle East, and Southeast Asia.

  19. Immigration Issues of Immigration • Discrimination • Rise of Nativism • Laws-Government/Segregation Long Process to US citizenship Visa Permanent Residency Green Card Citizenship Deportation http://www.american-citizenship.org/naturalization/naturalization-eligibility-requirements.php • US Citizenship Test • http://www.uscis.gov/portal/site/uscis/menuitem.d72b75bdf98917853423754f526e0aa0/?vgnextoid=afd6618bfe12f210VgnVCM100000082ca60aRCRD&vgnextchannel=afd6618bfe12f210VgnVCM100000082ca60aRCRD

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