Celia de la Cruz Perez

Economics 1740-405
ePortfolio Assignment
Free or Equal Questions While watching Free or Equal, answer the questions as follows:
Fill-in-the-blank questions - Use the precise language from the video. Short answer
questions - Summarize the concepts in your own words. Question 10 - Analyze the proposal
& provide your unique perspective. You do not need to use the same format as shown below
(with boxes). Use a format which works best for you.
1. If the government gives everybody the same freedom to work and reap the rewards, some will
do better than others. The result will be equality of opportunity, but not equality of outcome.
2. Immigrants who arrived in the late-1800s/early-1900s found that America was truly a land of
opportunity. Describe the factors these immigrants encountered which helped them thrive.
The first and most important factor was the free market. The other factors were a lot of hope,
more opportunities, and less rules and restrictions.
3. Professor Friedman referred to Hong Kong as the freest market in the world. Summarize
how he described the free market.
Free market happens when the government doesnt interfere with businesses with things such us
tariffs. Every body has the same opportunities to succeed, but if they fail, they will also have to
pay the costs.
4. Human and political freedom has never existed (and cannot exist) without a large measure of
economic freedom. Those of us who have been so fortunate as to have been born in a free society
tend to take freedom for granted, to regard it as the natural state of mankind. It is not. It is a rare
and precious thing.

5. Explain how the lead pencil & the smart phone are examples of invisible hands.
They are examples of invisible hand because both of them were created by a small group of
people or small company but ended up benefiting the whole world. So, thanks to the hard work
and input of some people, society gained something.

6. Explain the concept of creative destruction as described in the Free or Equal video.
Economy changes constantly, and only the most creative and adaptable business can succeed and
survive.
7. The idea that the economic race should be so arranged that everybody ends at the finish line at
the same time, rather than that everyone starts at the beginning line at the same time. This
concept raises a very serious problem for freedom. It is clearly in conflict with it, since it
requires that the freedom of some be restricted in order to provide the greater benefits.
8. Our economic system gave us Henry Ford, Thomas Alva Edison, Bill Gates & other very
successful entrepreneurs. These entrepreneurs all went in with their eyes open, knew what they
were doing & win or lose, we (society) benefited from their willingness to take a chance. If we
did not allow these successful entrepreneurs to become incredibly rich, we would be more equal.
But, would we be better off? If entrepreneurs did not think that a possible reward for all the
sacrifices they make, all their hard work, all the risk they take is a lot of wealth, then they might
do something else instead. In that case, we would not have the goods, services and technologies
(they created) that make our lives better.
9. As Milton Friedman said, The society that puts equality before freedom will end up with
neither. The society that puts freedom before equality will end up with a great measure of both.

10. Professor Friedman compares the concept of equality of opportunity to a race where
everyone begins at the starting line at the same time. In contrast, equality of outcome
guarantees that everyone finishes at the same time. Today, equality of outcome is referred
to as fair shares for all. If we applied the fair shares for all concept in this class, all
students would receive an average grade of C. This would be accomplished by taking
points away from students earning As and Bs to give to students earning Ds and Es.
Distributing points equally would result in fair grades for all. 1. Would you approve of
this method in calculating your final grade? Why or why not? 2. Would this differ from
fair shares for all economically? Why or why not? For example, whats the difference
between a successful student being required to give up some of his/her hard-earned grade
and a successful person being expected to give more of his/her hard-earned income? I
f you support redistribution of income and wealth, shouldnt you also be willing to
redistribute academic grades? After all, many of your fellow students may not have had the
advantages in education and upbringing that youve had.
3. Address the above questions in your own words, in a minimum of 3 paragraphs.
I would not approve of this method in calculating my grade because that would be completely
unfair. It would be unfair because not all students put the same amount of effort and work into
the class, so it wouldnt be fair if someone who only dedicates one hour a week to this class
received the same grade as someone who spent seven hours. The only people who would be
benefited by this would be the lazy students.
It does not differ from fair shares for all economically because it would be equally unfair. In
my opinion, it is not about equality, it is about justice. If you work hard to make a nice amount of
money, you should be the only only to enjoy that money, no one should take it a percentage of it
to give it to someone else unless thats your own choice. I also believe that fair shares for all
would promote laziness because people would think that they can get money, or a good grade
without doing anything.
In conclusion, I believe that effort and hard work should be more valued in society in order to
keep economy and society in general flowing. If you give to everybody just to be equality, you

wont promote justice because the lazy people will take advantage of the people who really works
hard.
Reflective Writing
Compose 2-3 paragraphs explaining how completing this assignment helped you achieve at
least two (2) of the SLCC Learning Outcomes:
Doing this assignment has helped me achieve and develop two main SLCC Learning outcomes.
First of all, this assignment has helped me think more critically and creatively. This is because in
order to answer all the question I didnt only have to watch the video, but I also had to research
on the internet the meaning of some words and some more detailed information of specific
events mentioned on the video. Doing that research made me think more critically because I had
to tight information together and understand its meaning.
The second outcome I have learned is communicating effectively because I had to think of ways
to write my ideas, opinions, and knowledge about the subject in a clear and cohesive way. Also,
since English is my second language, I had to think more thoughtfully in order to use the proper
vocabulary, transitions, grammar, etc. in order to be able to communicate my ideas and answer
the questions.