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The world came to look as it is today (Capitalism (Economic System…
The world came to look as it is today
Capitalism
Economic System
Institutions
Free Markets
Reciprocated
one person’s transfer of a product to another is reciprocated by a transfer in the other direction
Voluntary
Both transfers (buyer and seller) are voluntary because the things being exchanged are private property.
Competition
Competitive markets wanting to get more profits that the rest
The lack of opportunities and inequalities presented
Different sets of laws and social customs that help regulate the production of goods in families, businesses and/or government bodies.
Private Property
Capital Goods
equipment, buildings, and other durable inputs used in producing goods and services
People owning things
Firms
Labour Market
Supply Side
workers
Demand Side
employers
A way of organizing the goods and services in a economy
Technology
Technological progress
new productive technologies and more investment in capital good
Living Standards
GDP
marker value of all finished goods and services produced within a country in a year
Real GDP
With real GDP you eliminate inflation and use the amount of goods and services (more valuable goods and services) to calculate a country's year GDP.
GDP per capita
Wellbeing
3 more items...
Nominal GDP
value of all final goods and services that an economy produced during a given year
Hockey Stick
RIse of GDP pero capita after a period of time
Industrial Revolution
the change between a more handicrafted economy to one more dominated by industry and machine manufacturing.
2 more items...
Specialization
division of labour
New works and products were specialized
privately owned capital goods
workers who are paid wages
Centralization with decentralization
inequality
loss of self reliance
poor working conditions workers were exposed to once land, labor and capital separated
pooverty and starvation
Ambiguosity of the Law of the Harvest
social clases to appear
Estratos in Colombia
reward to be proportional with property and connections instead of efforts
a mutual dependancy between the rich and the poor
a loss of freedom
Globalization
Globalizartion 2.0
World trade, the good you consumed were not only local but worldwide
caused
Information was slow which cause the need of people to be in the same place always
Globalization 3.0
Information revolution
Information wasn't slow anymore, you coud consume information and goos from all around the globe
global supply chain
Pokemon Go or Gangam Style
Globalization 4.0
The virtual presence
Tapir and virtual school during a pandemic
A surgeon operating on a patient in NYC while he is in LA
Globalization 1.0
Everything is local
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made up of
which include
which are
meaning
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Cause
include
means
such as
Also include
helped develop
Because of
leads to
lead to
helped develop
uses
this means
also known as
Because of
combines
had an impact on
helped with
led to
had an influence on
can be measured using
causes
and the
caused
because of
due to the
which caused
such as
this caused
caused
due to
which is
may vary into
may vary into
may vary into
leads to
improves
may cause
may be measured by
Caused
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an example is
includes
transforms
also knows as
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this led to
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means
may lead to
a far example is
a nowadays example is
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measures the
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