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Economics (What is economy? (Types (global or local, private or…
Economics
What is economy?
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From powerpoint...
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a system for the production and exchange of goods and services to satisfy the wants and needs of the population
services
consultants, über, cleaning staff
goods
buying actual physical stuff, like clothes
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People
Adam Smith
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"Every individual is continually exerting himself to find out the most advantageous employment for whatever capital he can command. It is his own advantage, indeed, and not that of the society, which he has in view. But the study of his own advantage naturally, or rather necessarily, leads him to prefer that employment which is most advantageous to the society." -p 12
criticizing that the 1% had all the power and money, saying that they had a negative impact on society and making it harder for people to follow what their the best at
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John Maynard Keynes
"We have evolved ourselves in a colossal muddle, having blundered in the control of a delicate machine, the workings of which we do not understand" -p. 94, year 1930
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Michael Goodwin
"We're citizens of a democracy. Most of the issues we vote on come down to economics. It's our responsibility to understand what we're voting about."
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Economic actors
Government
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Public sector
Deals with the production, delivery and allocation of goods and services by and for the government
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A law was passed that means that households have to amortize 20 per cent of their mortgage each year
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Household
4.8 million in Sweden, 12 million in California, 11 million in Canada
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Credit institutions
work with the idea of money (a medium, a measure, a store and a standard)
Money can be "stored" to ensure that it retains its value, e.g. in US dollars
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Companies
Multinationals can have "economies" that are greater than many countries, for example Afghanistan
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Good for the government since they provide jobs #
Facebook
In 2012 the majority of the shares (69%) were owned by Facebook associates, such as employees and founders
Small and medium-sized enterprises SME are the most common, can be a few or even one person up to 100-255: the self-employed, small firms, start-ups
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Factors of production
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Human resources
Work force
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Technical
Know how, education and training
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Important to see the bigger picture, since we aren't just working force, we're are also citizens with rights and above all we are human
Manufactured resources
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Fixed capital
Machinery, buildings, etc...
Computers, phones, cars, radio
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Public sector
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Creates policy which covers education, infrastructure of all kinds, social services and so on
Deals with the production, delivery and allocation of goods and services by and for the government
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Changes according to a socialist, communist, liberal-democratic or fascist forms of government
Capitalism
Capitalist
Someone who can live off their investments in companies or stocks, and doesn't have to work
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