Governments+and+Economics

Danya Al-Saadi, My Question: How and when was the economic system created? Mp3- media type="file" key="How and when was the economic system created.m4a" width="166" height="40"

Dana AlQahtani, her Question: How does the government help the growth of economy? The PowerPoint. The essay

Mohamed, His Question: what is the definition of economics ? Zein, His Question: where do the benefits of the economy and trade go to ? Kate,

1) Do better or stronger alliances with countries create a stronger economy? 2) How does the strength of a country help the government? Rami

1) Does the whole world the same Economic System? 2)Can the economy affect a countries society of people living in a country?



1) What is Economics? (Discuss definitions of types, discuss definition of social science)?

Economics has a lot of definitions, from governments to society, to me or to you, but what I think it is the study of how people seek to satisfy their needs and wants by making choices, Adam smith thought it is the Search in the nature and causes of the Wealth of Nations but Alfred Marshall though that it’s The regular study of the work carried out by human beings. But whose right?!! Everyone is. Economics is something that has a bunch of definitions you can’t describe it in one sentence you can write an essay about it, they manage, help, they provide what our society needs. Reflection: I think my answer was good, complete, it sounds that I know what I’m talking about, but what would’ve helped is if I gave examples when I answered in the group discussion. But I did give two formal meanings and I understood them and talked about them.

2) What are problems with economics as a field of study? (ceteris paribus, assumptions of the model, rational actors, maximizing benefits…)

I believe that biggest problem is our (humans) unlimited demands and needs, A **need** is something that can be seen as being essential to survival, such as food, water, shelter and warmth. A **want** is something that we would like to have but which is not essential to survival - a car, the latest version of the PlayStation. The problem is that every company every country has limited resources, So for me this is the major problem we as humans we will never stop needing and wanting stuff, and for that more problems will come to the economy not only with money but with who to give, why to give. Reflection: in this question I talked a lot, I explained the whole thing which I thought was wrong to do, I have to give another person a chance to speak, and that what I though about next questions, but my answer was complete and I gave main points and meanings.

3) What are ways in which you can measure the development of a nation-state?

Gross Domestic Product (GDP), is a basic measure of a country's overall economic output. And Gross National Product (GNP) to estimate total economic activity in a country or region. Reflection: In this question I remember answering by GDP and asking Kate to tell us what it is, I was applying one of what you asked us to do, I did answer and I got a point for asking someone else of what they think, I gave a formal answer and I thought that was good, this question didn’t take us much time, because the answer was simple

4) What makes an economy strong?

What makes it strong is what they have, what they are There politics, resources, money,trade, how global they are, what they have is needed wanted, there is no sense of having an economy that is not global. If it’s not connecting through with the world I don’t believe they are needed anywhere accept where they are and when there supplies are done, they will get weaker but if the economy is global they could trade, and have more supplies of what there country need and trade it for something that have a lot of. For example, when the king of Saudi Arabia stopped trading oil to America, to stop a war, and since America needs oil it worked. And that’s why when you have things that are needed and your global your economy is stronger. Reflection: I think I didn’t do well in this question, I started talking about it but my sentences were broke in the middle of the talking, I had the example I said it, but I stopped my self because I didn’t have full sentence to say. So if I had them in my head I would’ve discussed more about them and that’s why this question I didn’t do well as I wanted on.

5) What are the different types of economies?

Types of economies: Market economy- Aims to reduce or eliminate entirely subsidies for a particular industry, the pre-determination of prices for different commodities, and the amount of regulation controlling different industrial sectors, For example united states and Canada. Planned Economy- Aims at using all available resources for developing production instead of allotting the resources for advertising or marketing, for example Cuba and North Korea Reflection: In this question I answered with two formal meanings and I gave examples, and then I discussed them with the others in my team, there were other things I could’ve talked about, I need to give others a chance.

6) Why is economics and trade important? How are they related?

Because without trade the economy is getting weaker and there supplies will be limited, so the are important because trade is where the economics started, it’s in the human nature to trade buying stuff is actually you trading money for something you want or need, so economics started with trade, and trade is what there doing and that’s also how there related they started by one thing trade. Reflection: I think I did well in this question, I argued with Zein in it, to give my point and I hade it well explained then Rami added to what I said, and Kate as well, and I translated the question to Mohamed and he gave a point and we added to completing his statement.

7) How can countries affect each other positively or negatively through economics or trade? In economics there policy changes, there conflicts and it connects with trade conflicts also by simply not buying, or selling to each other by limiting what they sell and what’s wanted in the world, or the other way around. For example: if a country stops trading a demanded and needed thing, this might create conflict with others countries. Reflection: I think this questions is a simple one I said what I just wrote we talked, we added points and asked each other for examples and I talked and gave chance for other too.

8) How is economics regulated? Provide examples of how governments regulate economies, control economies, or how they encourage growth?

The government is responsible for making economic rules to ensure that the market serves the needs of the people, Government spending can affect long-term economic growth in both positive and negative ways and for that Governments can save the economy from recessions,, so in conclusion for all of this, without governments economy doesn’t exists. Which means that everything is depending in having a good government and with it an economy will be strong, a government is like the supervisor for the economy of a country. Reflection: I think in this question I did will I added for my team some information for the first time, and we discussed it, it was interesting.

9) How do governments and economies affect poverty whether in their own country or around the world? In many ways, as Jeffrey Sachs Proved for us 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.” All of this proves the average of economics growth is high, Sachs also states that the government plays a role in persistent poverty which means that the government focuses in the source of their income which might be parties and anything that’s gives the money, but they might neglect the poorest of poor because they are part of ethnic or religious minorities, and all of this could affect the taxes and other things, which means the social spending will increase commensurately. Reflection: I did pretty well, Rami said what he needs to and I added by an example and Zein argued, we didn’t talk much in it because we were running out of time. I didn’t start the question this time I should’ve gave Mohamed a chance considering his language.

10) When did modern economics begin? What was necessary for this to occur? · During the industrial revolution of the 1700s and 1800s, It wasn’t made in a sudden appearance in the world history but developed through several centuries; So basically there is no specific Date to when economic was invented but you can say it was approved in the 90 century more like they named what they were doing.

· Throughout the late eighteenth, the nineteenth, and the first half of the twentieth centuries the economic created more wealth at a faster rate than ever before in the history of mankind.

· For example: innovations in computer and networking technology are changing how people work, do business, find information, and communicate.

What was necessary is all the things that made start too. · It began with the fact that people cannot have everything they need and want and for that they need goods and services, and human needs are unlimited but goods and services are. Which leads to scarcity it force companies and people to make choices · It also began with method and principles society, which is used to produce goods and services; the free market has created it, and capital’s invested. · The [|city states] of [|Sumer] developed a trade and market [|economy] based on the [|commodity money] of the [|Shekel] which was a certain weight measure of [|barley], The earliest discussions of economics date back to ancient times Back then, and until the industrial revolution, economics was not a separate discipline but part of philosophy. · For example: A super market must choose between advertising to attract new customers or to hire new workers or machines.

· Adam smith had a huge part in it; he believed that economic development was best fostered in an environment of free competition that operated in accordance with Universal “natural laws.” Because Smith’s was the most systematic and comprehensive study of economics up until that time, his economic thinking became the basis for classical economics. Reflection: This question was my best since it’s the one I’ve been working on the whole month, I answered, and then we made some examples. I think this question was the best I answered.

11) Who gets the benefits of economic interaction and trade? The government and the country, the money they get or the supply the got is something they need and since we are humans our needs are unlimited, but goods and services are. Trade is saving countries, be exchanging something you have and not need to something your country needs it, and that benefits the people in the country, they get what they demanded, the other country gets what it wants and everyone is happy. But also the economics it self by trading they become global and more succeed. Reflection: This question was really good, we started asking each other to see whose right we argued without interrupting someone else, we really gave it my best, and it was hard for me to talk English and give them my point in a good way. And for that I think this was good.

12) Are people naturally inclined to trade and create an economy? What is required for this to occur? Yes, people are for long ago, it stared with trading food to something then a supply to anther, a human to become a slave, them we started to trade money, yes when you buy something your actually still trading because your giving something you have to get what you want, it’s in the nature for humans to trade, to create an economy is too, because you need to have rules, to have name that your known of and trade made the economy strong so they depend in ach other, all of this started because humans need, want, they have unlimited wants and wishes so trade was made to help them Reflection: This question is something any person could argue on, it’s something you notice on people, so I did well it took long for us because each person answered it’s what’s common between us we trade each one of us, so I think I did great in it.

13) How are economics and globalization related? In what other ways can you see the effects of globalization and economics in a society? In many ways, interdependence, technology, trade, capital, organizations and regulations. the more trade economy do the more their global, and if their global they trade more, it’s all connected to each other,all occur as a result of the economic transformations related to globalization. They challenge directly the metrics, such as GDP, used to measure progress promulgated by institutions such as the World Bank, and look to other measures, gdp, [|Happy Planet Index], and you can see who has more then others and their supply is needed thn their global. Reflection: Our team didn’t have time to finish this question we rushed through it, but I think we talked enough because it’s really simple to answer this question.

FINAL REFLECTION: Over all the question I think I did well, I might have a better grade if my English was well, and if I read the questions more in my head I was focused, I talked a lot and I gave chances for others, I let anyone add to point witch was good, I was a risk taker in every chance I got to speak I did, and I asked others to, it was really a interesting dissection, I like these kind of test they take your pressure a way because in a test I might know the answer but if I write it might be wrong, but here when you have friends to re say your point you have a chance, and you learn about how different brains could stood up. Knowledge: 8 Concepts: 6 Skills: 10 Organization/Presentation: 6 Thank you :)