Economics week 1 agenda

Economics week 1 Agenda

Journals

Monday
If you could live anywhere in the world where would it be and why? What are the advantages and disadvantages of living there?

Tuesday
One of the main ideas of Communism is that everyone shares everything, is this a good or bad idea, and why?

Wednesday
Would you be willing to give more of your paycheck to help other people? Does it matter how much money you make

Thursday

Friday
Do you think it is possible to overthrow a economic system without a war? Why or why not?

Main topics covered
Major economic systems
Command economy
Traditional economy
Mixed economy
Adam Smith (the Wealth of Nations)
Karl Marx (The Communist Manifesto)

Readings
Parts of (The Communist Manifesto) (the Wealth of Nations)
480-495 Roger

Assignments

In 1776, Adam Smith wrote a classic economics book entitled An Inquiry into the Wealth of Nations. In this rather long, rather tedious, but amazing book, he observed that:


“As every individual endeavors as much as he can to maximize his own economic well-being, every individual necessarily labors to render the annual revenue of the society as great as he can. He generally, indeed, neither intends to promote the public interest, nor knows how much he is promoting it… he intends only his own gain, and he is in this… led by an invisible hand to promote and end which was no part of his intention.” [Emphasis added.]

Please give me 10 examples of how helping yourself will help the whole economy. Please use complete sentences.

Example: If I make lots of money that means I can buy lots of goods, someone has to make those goods which provides jobs.