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How did we do??Wall Street Journal papers

John McPheePioneer of narrative non-fictionJohn McPheePioneer of narrative non-fictionOne of the greatest living essay writersJohn McPheePioneer of narrative non-fictionOne of the greatest living essay writersPulitzer Prize, National Book Award winnerJohn McPheePioneer of narrative non-fictionOne of the greatest living essay writersPulitzer Prize, National Book Award winnerAmong his 29 books are Unc0mmon Carriers and Levels of the GameJohn McPheePioneer of narrative non-fictionOne of the greatest living essay writersPulitzer Prize, National Book Award winnerAmong his 29 books are Unc0mmon Carriers and Levels of the GameWrote entire books about oranges and birch bark canoesJohn McPheePioneer of narrative non-fictionOne of the greatest living essay writersPulitzer Prize, National Book Award winnerAmong his 29 books are Uncommon Carriers and Levels of the GameWrote entire books about oranges and birch bark canoesThere is some writing talent in this class!Some TDIs (technical deadly nits)Some TDIs (technical deadly nits)Two adjectives before a noun get a hyphen... e.g., double-digit profit and triple-mint Mustang GTSome TDIs (technical deadly nits)Two adjectives before a noun get a hyphen... e.g., double-digit profit and triple-mint Mustang GTCompanies are an impersonal it not a they... e.g., Verizon is losing its customers, not their customersSome TDIs (technical deadly nits)Two adjectives before a noun get a hyphen... e.g., double-digit profit and triple-mint Mustang GTCompanies are an impersonal it not a they... e.g., Verizon is losing its customers, not their customersInsert punctuation inside quote marks... e.g., President Obama said this, he remarked, not President Obama said this, he remarked.Some TDIs (technical deadly nits)Two adjectives before a noun get a hyphen... e.g., double-digit profit and triple-mint Mustang GTCompanies are an impersonal it not a they... e.g., Verizon is losing its customers, not their customersInsert punctuation inside quote marks... e.g., President Obama said this, he remarked, not President Obama said this, he remarked.A principal is your pal or the first, not a guiding rule... thats a principleA few basic concepts

what is capitalism?first, what is capital?

what is capitalism?

capitalCash or goods used to generate income either by investing in a business or a different income property

capitalCash or goods used to generate income either by investing in a business or a different income propertyThe net worth of a business; that is, the amount by which its assets exceed its liabilities

capitalCash or goods used to generate income either by investing in a business or a different income propertyThe net worth of a business; that is, the amount by which its assets exceed its liabilitiesThe money, property, and other valuables which collectively represent the wealth of an individual or business

capitalCash or goods used to generate income either by investing in a business or a different income propertyThe net worth of a business; that is, the amount by which its assets exceed its liabilitiesThe money, property, and other valuables which collectively represent the wealth of an individual or businessHuman resources considered in terms of their contributions to an economy

capitalismcapitalismA broad economic system where competition in a free market determines the price, production and consumption of goods and services through the invisible hand of supply and demand

capitalismA broad economic system where competition in a free market determines the price, production and consumption of goods and services through the invisible hand of supply and demandCapital, property and enterprises are privately owned and managed for a profit

capitalismA broad economic system where competition in a free market determines the price, production and consumption of goods and services through the invisible hand of supply and demandCapital, property and enterprises are privately owned and managed for a profitNew enterprises may freely gain market entry without state restriction

capitalismEmployment and wages are determined by a market and there will be some unemployment

capitalismEmployment and wages are determined by a market and there will be some unemploymentSome government intervention is necessary to guard against price fixing and collusion by producers

capitalismEmployment and wages are determined by a market and there will be some unemploymentSome government intervention is necessary to guard against price fixing and collusion by producersThe capitalist economy will likely follow a cycle of growth and recession

capitalismSeveral basic forms: capitalismSeveral basic forms: -- Mixed (state intervenes in market activity and provides some services) capitalismSeveral basic forms: -- Mixed (state intervenes in market activity and provides some services) -- Laissez-faire (state plays minimal role)

capitalismSeveral basic forms: -- Mixed (state intervenes in market activity and provides some services) -- Laissez-faire (state plays minimal role)-- Anarcho (markets completely free from state)

What are the worlds freest economies?What are the worlds freest economies?Hong Kong, 16th consecutive year

What are the worlds freest economies?Hong Kong, 16th consecutive yearSingapore, Australia, New Zealand, IrelandWhat are the worlds freest economies?Hong Kong, 16th consecutive yearSingapore, Australia, New Zealand, IrelandSwitzerland, Canada, U.S., Denmark, ChileWhat are the worlds freest economies?Hong Kong, 16th consecutive yearSingapore, Australia, New Zealand, IrelandSwitzerland, Canada, U.S., Denmark, Chile"The U.S. governments interventionist responses to the financial and economic crisis that began in 2008 have significantly undermined economic freedom and long-term prospects for economic growth.

Source: Heritage Foundation and Wall Street Journalwhat are worlds most restricted economies?what are worlds most restricted economies?Cuba, Zimbabwe, North Korea

what are worlds most restricted economies?Cuba, Zimbabwe, North KoreaGuess which are three of the poorest countries in the world?

Who was Adam Smith?Who was Adam Smith?Born in 1723 in ScotlandWho was Adam Smith?Born in 1723 in ScotlandConsidered the father of modern economics

Who was Adam Smith?Born in 1723 in ScotlandConsidered the father of modern economicsAuthored The Theory of Moral Sentiments and The Wealth of Nations

Who was Adam Smith?Born in 1723 in ScotlandConsidered the father of modern economicsAuthored The Theory of Moral Sentiments and The Wealth of NationsDiscussed the "invisible hand" to describe the apparent benefits to society of people behaving in their own interests

Who was Adam Smith?Born in 1723 in ScotlandConsidered the father of modern economicsAuthored The Theory of Moral Sentiments and The Wealth of NationsDiscussed the "invisible hand" to describe the apparent benefits to society of people behaving in their own interestsFirst discussed importance of scarcity

Who was Adam Smith?Wealth of Nations considered the most influential economics book ever

Who was Adam Smith?Wealth of Nations considered the most influential economics book everSmith believed that while human motives were often driven by selfishness and greed, competition in the free market would tend to benefit society as a whole by keeping prices low, while still building in an incentive for a wide variety of goods and services

Who was Adam Smith?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.what is socialism?

socialismBroad economic system in which the major enterprises are either owned or controlled by the state

socialismBroad economic system in which the major enterprises are either owned or controlled by the stateSome socialist societies direct the economy through a national plan, but most favor a mixed economy of public and private ownership

socialismBroad economic system in which the major enterprises are either owned or controlled by the stateSome socialist societies direct the economy through a national plan, but most favor a mixed economy of public and private ownershipOthers (Social Democrats) advocate social welfare programs in a mainly market-based economy

socialismPrivate property and private ownership of capital typically is restricted

socialismPrivate property and private ownership of capital typically is restrictedThe state usually decides what is produced, prices, incomes and levels of production

socialismPrivate property and private ownership of capital typically is restrictedThe state usually decides what is produced, prices, incomes and levels of productionOften, unemployment is abolished and employment is guaranteed for life

socialist countries?Would include Venezuela, Bolivia, Libya socialist countries?Would include Venezuela, Bolivia, LibyaLots of social democratic nations including Sweden, Netherlands, Norway, Finland, U.K. socialist countries?Would include Venezuela, Bolivia, LibyaLots of social democratic nations including Sweden, Netherlands, Norway, Finland, U.K. Do we now include U.S. among social democracies?what is communism?

communismThe evolution of socialism

communismThe evolution of socialismThe role of the state has withered away and is no longer necessary for the functioning of the planned economy

communismThe evolution of socialismThe role of the state has withered away and is no longer necessary for the functioning of the planned economyAll property and capital are collectively owned and managed in a communal, classless and egalitarian society

communismThe evolution of socialismThe role of the state has withered away and is no longer necessary for the functioning of the planned economyAll property and capital are collectively owned and managed in a communal, classless and egalitarian societyfrom each according to his ability, to each according to his need

communismWhat are some communist countries?communismWhat are some communist countries?Cuba, North Korea, China, VietnamcommunismWhat are some communist countries?Cuba, North Korea, China, VietnamChina and Vietnam are run by the communist party but have mixed economies; even Cuba is reducing its state employment by 500,000 people

Assignment for October 12Read and STUDY chapter 5 in Basic Economics: The Rise and Fall of BusinessesAssignment for October 12Read and STUDY chapter 5 in Basic Economics: The Rise and Fall of BusinessesThis is the first chapter in the four-part Industry and Commerce sectionAssignment for October 12PLUS, write a 350-word paper: Video chain Blockbuster just filed for bankruptcy. Once a Wall Street darling and ubiquitous retail presence, Blockbuster is just the latest company to fail to adapt to change. Discuss the changes that were at play -- social, economic and technological, all contained in Chap. 5 of Basic Economics and how they influenced the fate of Blockbuster.