Transcript Economics10-13 - Heathers Wikispace

Economics
Readings 10-13
Quiz tomorrow – Wed. May 19th
Vocab
Advertisement: attempt to sell product
or service
Labor union: Organizations dedicated to
workers’ rights
Currency: Paper and metal money
Vocab
Money: Provides us with way of saving
wealth
Deflation: When the value of a dollar
becomes stronger and it takes fewer
dollars to buy goods and services
Reading 10
Worst time- Great Depression 1930’s
Best time – WWII
Economy DOES NOT do smoothly from
one stage to next of business cycle
When GNP is high – nation is producing
a lot, employment high, money to spend
Opposite for low GNP
1970’s
Flow of oil from mideast lower
Not enough energy to operate
businesses
Economy declined
Other effects
Decisions companies make about
employees
Government decisions and laws
– Spending, military
– Cuts make business cycle go down
Reading 11 Advertising
Early days – easier to get consumers
and producers together.
– Less choice
– Simple signs outside shops
Drugstores
Example of evolving business
1940’s – social hangout, part restaurant
1960’s – social, restaurant part
disappeared
Today – don’t have “Drug” in name, sell
lots of products
Walgreens
Ads
Most expensive – prime time, Super
Bowl
Prices of Ads – where is it run/showed,
when, how big, etc.
Reading 12 - Unions
Without labor, production and
consumption would not be possible
Soviet Union – Command Economy,
more Government control
First unions
At first, companies did not allow unions
to form
Started in early 1900’s to protect rights
of workers
4 rights
Right to organize
Right to elect own leaders
Right to bargain
Right to strike
Unions
Less powerful since machines can do
jobs
High demand of unions cause loss of
jobs
In Soviet Union, unions don’t have
rights – exist to support government
Reading 13 Money
Barter is oldest system for exchanging
goods and service
Money came out of bartering
Buying on credit – buy now, pay later
Money
Using animals to barter – animals get old, die
Services of money:
– Measures value
– Medium of exchange
– Standard of payment in future
– Saving wealth
We accept its value
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