Professional Documents
Culture Documents
Howell
ECON 1740
5 Aust 2017
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.
There was hope that the immigrants had to reach their goals and
accomplishments that they could not have done in their home land. As
well as rewards for their talent and hardship. It was so easy to start
businesses when people immigrated here, because there was no need
for licensing and permits, there was no red tape on the free market.
People strived in their business and new jobs because of the lack of
rules and regulations on the free market.
3. What are the factors which led to the rapidly rising standard of life in
Hong Kong? (Be specific.)
The British were not worried about the local affairs of Hong Kong at
the time. Because of this lack of responsibility of the British, Hong
Kong was never introduced to policies, tariffs, regulations, or
intervention. Since there was no restrictions on the free market, it was
able to grow in a natural way. The people were able to go in any
industry they wanted, to trade with whomever they wanted, and to buy
cheapest from the market.
5. Explain how the lead pencil & the smart phone are examples of
invisible hands.
The invisible hand is that to make your life better, you have to better the
lives if of others. For example, to make a lead pencil you have to get
the wood from a tree. To get that wood, you must cut it down with a
saw. To get the saw, you must get steel. To get the steel, you must
retrieve it from iron ore. Then to get graphite, you must mine it. Then
you must get the ribber for the eraser. Thousands of people help to
make a pencil. To make a cell phone, you must get the display from
Japan, then the camera from Vietnam, then the microphone from
Australia, then the chip set from France, then the memory from Korea,
then the battery from China, the software and design from Finland or
India, Britain, Or the U.S. It is then all manufactured in one facility.
6. In 1980, Milton Friedman visited Hong Kong & met Mr. Cheung who
made & sold metal containers. Decades later, Johan Norberg visited Mr.
Cheung & found that he still makes metal containers however, he now
produces more things for the tourist trade. This is an example of what
economic concept? Explain its significance.
Drawbacks: Reduced the rewards for working hard and taking risk. There
is less creative ways to start business. And it also decreases in incentive to
work since the reward for working hard is almost the same as what they
are doing now.
People who have money are able to fund and spend money on luxury
items. Which this leads to more money for the business and then in return
makes more products for less money. It makes the company more money
even though it becomes a common item since people will want to buy more
since it cost less.
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 uses the analogy of a race to explain the concepts of
Equality of Opportunity and the Equality of Outcome:
Equality of Opportunity
All race participants are given the opportunity to begin the race at the
same starting line at the same time.
Also known as Free Market Capitalism.
Equality of Outcome
All race participants are guaranteed to finish at the same time.
Classroom
! Hypothetically, if we applied the Equality of Outcome concept in this
class, all students would be guaranteed to receive the class average
grade.
! The grade would be determined by combining all points earned (by the
class as a whole) & dividing them equally among each student. All
students would earn the same grade regardless of their performance.
! Unless the class average were unusually high or unusually low, the most
likely result would be all students would earn a grade in the C range
(C+, C or C-). Grades in the C range are generally considered to be
average grades.
Workplace
Reflective Writing
Compose 2-3 paragraphs explaining how completing this assignment helped
you achieve at least two (2) of the SLCC Learning Outcomes:
Learning Outcome #1
This assignment helps me work on the Think Critically & Creatively SLCC
Learning Outcome. It did so because I needed to look through and analyze
the video to completely understand why we are learning this. As well as how I
can make my own thoughts from this assignment. Even though some
questions were just what came from the video, it was also what my opinion is
and what I can form with it to make an answer. The questions were not
necessarily a right or wrong, but what I am able to come up with my own
thinking. Rather than repeating from the video, I thought deeper and tried to
come with something that means more to me and that I can reflect on my own
life.
Learning Outcome #2