Final Exam Review Terms

Economic Systems & Development
Command Economy
Market Economy
Mixed Economy
Socialism
Communism
Partial Command Economy
Full Command Economy
Capitalism
Laissez Faire
Karl Marx
Adam Smith
Highly Developed Economy
Developed Economy
Developing Economy
LDC (Least Developed Economy)
indicators
variables
infant mortality rate
literacy rate
GDP
GNP
trade off
opportunity cost
risk and return
Recessions & Recovery
Keynesian Theory
Classical Theory
Trickle Down Economics
New Deal (FDR)
New Frontier (Kennedy)
Great Society (Johnson)
Reganomics (Regan)
Stimulus Plan (Obama)
boom
STOCK MARKET

lull
bubble
Stock Market Crash
Dot Com Boom
Stock Market & Federal Reserve
risk & return
stock
share
dividend
NYSE
American Stock Exchange
NASDAQ
Dow Jones
S & P 500
book value
beta
preferred stock
common stock
cyclical stock
counter cyclical stock
growth stock
income stock
blue chip stock
speculative stock
value stock
div/yield
market cap
last price
ask
bid
Yield
Volume
52 Week Hi-Low
Year to Date %
regulators
FDIC
IRS
SEC
split stock
merger
assets
liabilities
bull market
bear market
broker
Series 7 Exam
loopholes
CEO
CFO
Earnings Per Share
P/E (Price/ Earnings) Ratio
Diversified Portfolio
commodities
globalization
ENRON
Jeff Skilling
Kenneth Lay
Andy Fastau
Arthur Anderson
auditors
subsidies
mark to market accounting
rank and yank
pump and dump
bandwidth
PGE
bankruptcy
rolling blackouts
insider trading
401 K
Pensions
perjury

Globalization
global interdependence
World Trade Organization
World Bank
International Monetary Fund
International Court of Justice/ World Court
General Agreement on Tariffs and
United Nations Department of Economic and Social Affairs
tariff
sanction
embargo
subsidy
subsidize
protective tariff
union
Turtle Exclusion Device
International Whaling Commission
sustainability
unilateral
sovereignty
sweatshop
multinational corporation
outsourcing
fair trade
free trade
lazissez faire
service industry
manufacturing industry
Immigration
ICE
INS
green card
visa
chayotes
deportation
amnesty

Final Blog Project - Globalization in the Modern World

In The Economics of Globalization, A Labor View, AFLCIO leader Thomas Palley defines globalization as "a process of international integration of national goods, financial, and labor markets. It is a process that is being
driven by firms through their competitive search for profits, and it is also being driven by the process of market arbitrage which works to ensure that the same goods sell for the same price no matter where they are traded. In a sense, none of this is new, and globalization is just the logical extension to the international economy of processes that have long operated within our own domestic economy for over one hundred years."

http://www.aaas.org/spp/yearbook/2000/ch8.pdf

As with many other controversial issues of international importance, globalization presents both opportunities and challenges. Although the process of integration of markers and policies creates some new problems, it also offers the possibility of addressing old concerns and expanding the reach of resources needed to prevent crises to developing regions and people around the world.

Your term project will require exploring ONE specific aspect of globalization and it's impact on the economy and human rights and development in several areas of the world.

Directions:
I) Select a topic from the list below and actively read the article(s) provided. (In the areas where more than one article is indicated, the purpose of assigning multiple sources is to cover all of the components of your response. Don't be turned off from what looks like potentially "more work", as we will be working with the topics for several weeks, it is key that it be interesting to you.)

1) Technology and the Digital Divide:
http://www.globalization101.org/index.php?file=issue&pass1=subs&id=48

2) Music Piracy/ File Sharing http://www.bbc.co.uk/worldservice/specials/1042_globalmusic/index.shtml (be sure to read the introduction and sections entitled "the global music machine" and "music piracy")

3) World Health and Perscription Drugs
http://www.globalization101.org/uploads/File/Health/health2010.pdf

And either:
a) http://news.bbc.co.uk/1/hi/world/4885714.stm



4) Environmental protection

Introduction: http://www.globalization101.org/issue/environment/

and ONE of the articles linked onto the "Are International Trade and Protection of the Environment Enemies" OR "International Environmental Problems and the Efforts to Solve Them" sections

5) Energy
Introduction: http://www.globalization101.org/index.php?file=issue&pass1=subs&id=326

and ONE of the sub topics listed on the index on the link above (Nuclear Power, Alternative Sources, Energy and the Environment or Energy and Development)

6) Labor / worker's rights:
http://news.bbc.co.uk/1/hi/business/4331896.stm

AND EITHER

a) http://www.globalization101.org/index.php?file=issue&pass1=subs&id=27
OR

b) http://www.globalization101.org/index.php?file=news1&id=111 (emphasizes NAFTA)
http://www.blogger.com/img/blank.gif

7) Child Labor:
http://www.globalization101.org/index.php?file=issue&pass1=subs&id=462


8) Women's Development
http://www.globalization101.org/issue_main/woman

You must address all of the following issues in your project (consider this an optional outline):

a. A description of the political and economic context (development index, role in global economy, etc.) in the nations you selected.

b. an overview of the issues you identified as a matter of importance in these nations (the globalization issue)

c. An explanation of how each of the nations (2 or more) you selected are being impacted by this issue

d. A comparison and evaluation of the impact of these changes on the nations you selected (consider different social classes in your response)

Your final project may be submitted in the form of a paper, powerpoint, scrapbook, website or video with substantial narration.
It must
-be no shorter than 700 words (3-5 pages typed) in length.
-reflect research from no fewer than three outside sources beyond the links posted above.
-include an MLA works cited list as evidence of this research.
-incorporate no fewer than three images
-be presented during our class to your peers during finals week.

Note - this presentation is in addition to not in place of a final exam. A review sheet for units 1-6 will be distributed for your review in class by the end of this week.

This project is due Wednesday June 1 at the beginning of class.

Globalization Test Review Terms

NOTE: This test will be 20 multiple choice questions ONLY, so it's imperative that you study terms and concepts from the last two weeks.

globalization
global interdependence
World Trade Organization
World Bank
International Monetary Fund
International Court of Justice/ World Court
General Agreement on Tariffs and Trade
United Nations Department of Economic and Social Affairs
tariff
sanction
embargo
subsidy
subsidize
protective tariff
union
Turtle Exclusion Device
International Whaling Commission
sustainability
unilateral
sovereignty
sweatshop
multinational corporation
outsourcing
fair trade
free trade
lazissez faire
service industry
manufacturing industry


Additionally, be sure to review the arguments for and against globalizaiton as well as why some people support and oppose the WTO, World Bank and IMF

Be familiar with economic, social, political, technological and environmental aspects of all perspectives.

May Day 101: An Introduction to the International Labor Movement

May 1st is May Day, an international holiday honoring the rights and causes of workers worldwide. This week’s blog asks you to explore contemporary May Day traditions worldwide and requires you to evaluate the role of the labor movement in the modern world.


Introduction:


May Day, also known as International Worker’s Day, is an international day of activism for working people and their families. The origins of May Day can be traced to the national strike movement for an 8 hour work day which gained momentum in the industrial American cities in 1886. In particular, the Chicago strike received national attention as a movement of nearly 35,000 strikers from April 25- May 3 escalated into a riot, resulting in the deaths of three workers. Seeking revenge for what many workers believed to be police brutality (blaming riot police for the escalation of the violence at the Haymarket Square demonstration), strikers continued demonstrating- one angered radical threw a bomb at the police, killing a uniformed officer. While no individual was ever directly linked through evidence to that death, five union organizers were tired, convicted of and received capital (death) sentences for the officer’s murder. Public uproar over the (mis) trial continued and American workers have conducted annual protests on May 1st ever since. In1893, Governor John Peter Altgeld granted the three imprisoned Haymarket defendants (one of them committed suicide in prison) absolute pardon, citing the lack of evidence against them and the unfairness of the trial.

While the immediate result of the Haymarket Affair can be viewed as a mixed result for the labor movement, the protestors work was not in vain. Unions in the mining, railroad worker’s and building trades industries successfully negotiated an eight hour work day by 1890. The Fair Labor Standards Act established the eight hour workday as a federal labor regulation in 1938 as part of FDR’s New Deal reforms.

Inspired by the success of the American labor movements as publicized by the London and New York Times, Mexico and France honored Mayday in 1890 and the movement spread on a global scale ever since. National Labour Day, as it is called in the UK, Austrialia New Zeland, have become particularly popular among workers rights activists since the anti-globalization movement emerged in 1999. While many of the protests have been peaceful demonstrations, there have also been multiple incidents of escalation on both the activists’ and police/ governments’ behalf.

Directions:
1. Actively view the photo essay “May Day” in the TIME Magazine Europe archive from 2011: http://www.time.com/time/europe/photoessays/mayday/And ONE of the following articles on how May Day is honored abroad:

South Korea:
http://mayday.nodong.net/2000/laborday/khistorye.htm
Cuba:
http://news.bbc.co.uk/2/hi/americas/7377662.stm/
Germany:
http://ca.news.yahoo.com/s/afp/090429/business/finance_economy_germany_demo_mayday

Mexico: http://ipsnews.net/news.asp?idnews=33059

Australia: http://www.timeanddate.com/holidays/australia/labour-day

Response: Your post, emailed or typed response is due Wed. April 27 and should be no less than 250 words.





Summarize what you learned about May Day/ International Worker’s Day from the sources. How do the issues you read about relate to what we are learning in class about globalization and/ or trade regulations and the WTO? Provide at least two examples of specific topics we have covered in class or that may have come up in your project.


In your view, should the US adopt May Day/ International Worker’s Day as a federal holiday as it is in Spain and Australia? Explain.

International Trade and Globalization Webquest

For classwork today, complete the questions for the Webquest sections 1-3.

Your blog assessment that is due TUESDAY before class and should be no fewer than 250 words typed. Be sure to include a citation of any articles you reference for question 4.


Hey Hey, Ho Ho! Why do we need the WTO?
www.wto.org
http://news.bbc.co.uk/2/hi/europe/country_profiles/2429503.stm
http://www.g20.org/about_what_is_g20.aspx

1. What is the World Trade Organization, (WTO)?

a. When was it created?

b. Why was it created?


c. Who are its members (in general) ? Who are the G20? (name them)


What is their role in the modern world? What do they do?




2. What is the International Monetary Fond (IMF);
http://www.imf.org/external/about.htm

a. when was it created?

b. Why was it created?


c. What does the IMF do?


d. How does it work?

e. What makes the IMF unpopular?


4. Find out about the World Bank:
http://www.worldbank.org
a. What does it do?

b. Where does the money go?


c. Where does the bank get its money?


d. Who are its members?


e. Who gets to decide where the money goes?



Blog Assignment - Research the internet to identify one example of a modern issue/ region being affected directly by one of the institutions (WTO, IMF or Word Bank).
a. Where is this partnership taking place?

b. Why is this institution involved there?

c. What are their goals for this project?

d. In your opinion, is this a wise investment/ development plan? Explain.

Stocks and Scandals Review Terms for Wednesday's Exam

Note: Use your Language of the Stock Market open note quiz to prepare for this exam. As it is mainly a vocabulary test, it's important to STUDY and memorize definitions, examples and formulas for this test.

Stock Terms
risk & return
stock
share
dividend
NYSE
American Stock Exchange
NASDAQ
Dow Jones
S & P 500
book value
beta
preferred stock
common stock
cyclical stock
counter cyclical stock
growth stock
income stock
blue chip stock
speculative stock
value stock
div/yield
market cap
last price
ask
bid
Yield
Volume
52 Week Hi-Low
Year to Date %
regulators
FDIC
IRS
SEC
split stock
merger
assets
liabilities
bull market
bear market
broker
Series 7 Exam
loopholes
CEO
CFO
Earnings Per Share
P/E (Price/ Earnings) Ratio
Diversified Portfolio
commodities
globalization

Enron Terms:
Jeff Skilling
Kenneth Lay
Andy Fastau
Arthur Anderson
auditors
subsidies
mark to market accounting
rank and yank
pump and dump
bandwidth
PGE
bankruptcy
rolling blackouts
insider trading
401 K
Pensions
perjury

Introduction to Globalization: Case Studies in Enron and Otherwise

In the interest of bridging our current unit on stocks and scandals with our upcoming unit on globalization, this week's blog asks you to explore the concept of globalization through the lens of the global impact and underpinnings of the Enron scandal.

Directions:

1. Read “What is Globalization” at http://www.globalization101.org/What_is_Globalization.html

Summarize what globalization means to you (based on the articles) and identify several potentially positive and negative effects of the growing trend of global interdependence.
* you may also want to read the hyperlink for “investment” and “international trade” for additional information

2. Next read the Nation article entitled “Enron’s Global Crusade”
http://www.thenation.com/article/enrons-global-crusade
Explain how globalization is related to the Enron scandal – even though it was a US based and traded company. Do you think the Enron case represents the positive or negative aspects of globalization? Explain.

For extra credit (10 points on a blog or test) summarize a RECENT article describing the impact of globalization on a modern company or industry. Be sure tp cite your article (author's last, first name, "Title of Article", Title of Page. Date Posted. )

Your blog should be no fewer than 250 TYPED words. The extra credit should be a minimum of 150 words. Handwritten blogs will lose 10% of their grade. This assignment is due Tuesday, April 5 before class.

Reminder: Progress reports are due Thursday, so catch up with any missing work.

Stock Scandals: Corporate (un)accountability in the United States

Directions: Readthe articles below (each is less than one page in length. Reading them in order will make them easiest to understand.)

What Happened to Enron?
http://www.pbs.org/newshour/extra/features/jan-june02/enron_past.html


Lessons of Enron
http://www.csmonitor.com/2002/0116/p1s1-usec.html

AIG is the New Enron
http://features.csmonitor.com/economyrebuild/2009/03/19/aig-is-the-new-enron/



AND

A Whiter Shade of Enron (AIG)
http://www.nytimes.com/2005/04/03/business/yourmoney/03gret.html

A) Use these articles and any outside resources you chose to summarize the American International Group (AIG ) and ENRON scandals.
B) What happened in both cases that outraged so many Americans?
C) How did these events change the stock market and the American public’s view of corporations?
D) In your opinion, how should corporations be held accountable for “white collar crimes”? What can be done to prevent future scandals like these?
E) What questions do you have about these scandals and how they relate to the US economy?

Due Friday March 25 before class. Minimum 250 words.

Resources for upcoming debates

Should all Americans have access to Universal Health Care?

http://healthcare.procon.org/
http://healthcare.procon.org/#Background
http://www.huffingtonpost.com/news/health-care-reform
http://www.whitehouse.gov/healthreform
http://topics.nytimes.com/top/news/health/diseasesconditionsandhealthtopics/health_in

Should the Big Three automakes have been bailed out by the US government? surance_and_managed_care/health_care_reform/index.html
http://www.newser.com/tag/12684/1/health-care-reform.html
http://www.reuters.com/subjects/healthcare
http://bigthreeauto.procon.org/
http://money.cnn.com/news/specials/assignment_detroit/
http://articles.cnn.com/keyword/bailout
http://www.huffingtonpost.com/news/auto-bailout
http://www.bbc.co.uk/news/business/global_car_industry/
(be sure to use the sources about the U.S. as this is a global site.)

Should the government bail out Wall St. to save the financial industry?
http://www.nytimes.com/2008/09/21/business/21qanda.html
http://www.teachablemoment.org/high/boombust.html

Blog#4: Exploring the recession in our community

This week's blog/ creative assessment requires that you consider the recession from a personal perspective. You are required to read and summarize TWO news articles related to one aspect of the recession and interview a friend, neighbor or family member (ages 25 and up) to examine the direct impact of this financial crisis.

Your options for the topic are:
-unemployment
-underemployment (people working in positions below their skill level due to lack of other options in the job market)
- debt
- declining sales and business problems (in a specific industry)
- forclosures and the housing crisis
- health care/ insurance costs

Directions -

1) Research, read, summarize and cite two articles on your topic of choice. You will need to find the articles on your own but
good sources for economic news include:

www.wallstreetjournal.com
www.theeconomist.com
www.dollarsandsense.org
www.nytimes.com
www.usatoday.com
www.time.com
www.newsweek.com
www.motherjones.com

Your summaries may be separate or combined and must meet a minimum of 150 words total.
Remember, proper citations for an online news article should follow MLA format:

Author or publication group, "Title of Article." Title of website. Date POSTED.

EXAMPLE:
"Francis, Bridgette , "Exploring the Recession." World Economies and Globalization. March 4, 2011.

2) After your preliminary research, find a friend, neighbor, relative, local business owner, teacher, etc. who is willing
to talk to you about how the topic you have selected has impacted his/ her life. You may want to decide what to research AFTER you've figured out what your interview will be about. Summarize an interview of no fewer than THREE questions
related to your topic.

3) Explain how your subject/ interviewee's responses relate to the articles you read and the material we have covered in class.

Your complete post should be no fewer than 300 words. You may elect to submit this work as a blog post, typed, or in a more
creative format (video, powerpoint, poster, etc.)

This work is due before class on Thursday March 10. WE will be sharing our work in class that Thursday so be prepared and have your work with you or sent to me before school so you can participate in the discussion.

Be mindful that the marking period ends Friday March 11, so this is not a wise assignment to submit late.

You and the Recession

As you are all very much aware, the current recession (or the recently ended recession, for those of you that were persuaded by articles last week) is having a very direct impact on newcomers to college and the university system as a whole. This week's blog asks you to consider the impact of the recession on your generation as it relates to options in higher education and post-professional training programs.

Read any two articles from the list below and summarize them in no fewer than 150 words (total/combined- not separately) and answer TWO of the following questions reflecting analysis and synthesis (comparisons) of the articles in an additional 150 words - this blog must be a minimum of 300 words total.

Blog due Tuesday, March 1

Questions:
1) What's the good news? Explain what insight the articles give that shed some positive/ hopeful light on the opportunities for your generation as you move on to (and from) college.

2) Why are tuitions recesison-proof? Explain why in spite of financial hard times college costs continue to rise.

3) What advice do the articles give for those presently in or applying to college? How/ does this advice impact your perspective on college financing and planning?








A) Recession is Forcing Many to Lessen Hopes for College
http://query.nytimes.com/gst/fullpage.html?res=9D0CE5DF1530F93AA35751C0A967958260

http://www.nytimes.com/1991/02/09/us/recession-is-forcing-many-to-lessen-hopes-for-college.html?pagewanted=2&src=pm

B) What the Recession Means To College Students

http://media.www.thechaparral.com/media/storage/paper570/news/2008/04/07/Politics/What-The.Recession.Means.To.College.Students-3308397.shtml

http://media.www.thechaparral.com/media/storage/paper570/news/2008/04/07/Politics/What-The.Recession.Means.To.College.Students-3308397.shtml

C) Why College Tuition Rises in a Recession:


http://www.huffingtonpost.com/2009/09/04/why-college-tuition-rises_n_277957.html
http://www.huffingtonpost.com/2009/09/04/why-college-tuition-rises_n_277957.html

D) Community Colleges Booom in a Recession:
http://abcnews.go.com/Business/Economy/story?id=6968514&page=1
- Show quoted text -

http://abcnews.go.com/Business/Economy/story?id=6968514&page=1
">

E) Surviving a Recession: What Soon to be College Grads Need to Know
http://www.mtv.com/news/articles/1582672/surviving-recession-what-soontobe-college-grads-need-know.jhtml

Is the worst behind US? Tracking the recession and economic recovery.

2008 is cited as the year in which we entered the current financial crisis; potentially one of the worst in US history. This week's assessment asks you to evaluate the progress of economic recovery in the US and consider how our nation will overcome this crisis.


a) http://norris.blogs.nytimes.com/2011/01/28/the-american-economy-bigger-than-ever/?scp=7&sq=recession&st=cse

b)http://www.time.com/time/business/article/0,8599,2044918,00.html

C) http://www.thefiscaltimes.com/Columns/2011/02/11/GOP-Cuts-Budget-with-an-Axe-Instead-of-a-Scalpel.aspx

Respond to all of the following questions in a blog or typed statement of no fewer than 250 words. Responses may be posted, turned in or emailed to me at: bridgettefranciscsi@gmail.com

1. Based on these three articles, what is the current state of the U.S. economy? In your opinion, is the economy on the rise or still in a period of stagnation (no growth)? Explain.

2. What do you see as the greatest barriers to economic recovery in US Society?

3.Many state the reason why the US' economy can't recover is the amount that the government is spending. Explain why the solution to cut spending is more complicated than many believe - (use article B to help.)

4. Make a proposal for enhanced economic recovery over the next two years in the USA.

Assessent #1: Trade-offs in US Economic History

Consider the FIVE MAIN ECONOMIC QUESTIONS and the terms TRADE OFF and OPPORTUNITY COST as they are defined below while completing this week's assessment.

The Five Main Economic Questions :
What goods and services should be produced?
How should these goods and services be produced?
For whom should these goods and services be produced and distributed?
How can the economy adjust to changes in society?
How should the economy support growth?

Trade-off
Every time a nation, group or individual faces the ECONOMIC QUESTIONS, a choice is made that has a direct impact on individuals and the potential for a trickle-down economic impact (on industry, society, the economy as a whole, etc.)When choices are made (collectively or by an individual) to accept having less of one thing in order to get more of something else, the results are called trade-offs. For example, when one is allocating (limited) funds, the trade-off usually involves reduced spending for some purposes in order to be able to spend more for other more urgent purposes. However, the concept does not apply only (or even primarily) to decisions involving money. A student faced with the choice of spending Saturday studying for a Political Economy exam or shopping at The Mall makes a trade-off of shopping time for study time in deciding how many hours to study and how many to spend shopping. Society also makes trade-offs -- such as, for example, between its need for a more plentiful supply of energy and its need to prevent excessive deterioration of the environment caused by energy production technologies. Evaluating trade-offs, when done carefully and systematically, involves comparing the costs and benefits of each of the available alternatives with each other.

Opportunity cost
is defined as the value of the sacrifice involved in a trade off – in other words what you give up in a an economic decision. Most choices are not all-or-nothing decisions; rather they typically involve small changes at the margin -- a little more of this at the cost of a little less of that. Consumers continuously practice marginalism and make trade-offs as they consider whether to buy one more unit or one unit less of a good or service in their efforts to obtain a mix of goods and services that afford them the greatest satisfaction for their available buying power. Producers must constantly be deciding (and reevaluating) their trade-offs in choosing whether to produce somewhat more or somewhat less of a particular product, whether to add a few more workers or lay a few off, whether to invest in more plant and equipment or whether to close down some of existing capacity, and so on -- in their efforts to maximize profits.

This week's choice assessement asks you to look at key trade-offs in US history and evaluate the wisdom of those decisions on a policy level and matters of popular (citizens) choice.

Directions –
1) Actively read the “US Economy: A Brief History” summary at:

www.countrystudies.us/united-states/economy-3.htm


2) Identify TWO moments/ periods in US history wherein individuals in US society and/ or the government as a whole participated in or was affected by an economic trade off.

-What was the opportunity cost of this decision?

-Did it advance or restrict social and economic progress at time when this decision was made?



Your assignment may take the form of:

a - 

A blog or typed reflection of 250 words or more
OR
'
b- 

A visual chart/ graphic organizer/ comic strip or timeline reflecting all of the ideas above

OR


c-A media analysis blog, poster or paper that summarizes the information in a minimum of 150 words and connects the information in the article to that of a recent newscast (include time and date of broadcast or article)