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
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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)
Haynes Yatco
ReplyDeleteC-Block
Throughout America’s history, many economic tradeoffs have led to opportunity costs. During the time of the Great Depression, the United States’ biggest economical crisis, the United States was affected by an economic trade off. Tradeoffs were made to put an end to the depression. In the late 1920s, the stock market crashed leading to the Great Depression. President Franklin D. Roosevelt created the New Deal. The New Deal extended federal authority in banking, agriculture, and public welfare. The New Deal increased productivity and efficiency to resolve conflicts. The opportunity cost of the economic advantages jeopardized free markets because of the government’s interference.
Between the 1960s and 1970s, the United States was affected by an economic trade off. The 1960s and 1970s, was a time of great change. President John F. Kennedy increased economic growth by inflating government spending and cutting taxes. Also, he pressed for medical help for the elderly, aid for inner cities, and increased funds for education. And the creation of the Peace Corps and advancing American space exploration, Kennedy pushed for economic growth because of countries arising to become economic powerhouses competing with the United States. When Johnson becomes president after Kennedy’s assassination, inflation occurs. Johnson spent money to create more food stamps, education funds, and aid for the military. The citizens of the United States were not aware of stagflation, which led to debt and unemployment. During this time period, the economic trade off restricted social and economic progress, which later on, led to a recession.
Economic trade offs entale that one aspect of something is lost, but to compensate for the loss at the same time something is gained to replace it. One example of such a time when this was evident was during the great depression when Roosevelt had issued the New Deal in hopes of stimulating the nations economy to try and get it out of the depression. The deal had given Federal Powers more authority over economic transactions. By doing so however, this also boosted their productivity so that the economy could be stimulated. Another example of a trade off in history was through John Locke's view of government control over people. On the positive side, an individuals life, liberty and property would be protected. In order to have this, however, some freedoms would be lost. This creates a balance for the trade off, because whatever is lost for sacrifice in the name of the trade offs success, it is usually repayed through a positive gain for the party's benefit. One last example of an economic trade off was when Kennedy increased government spending while cutting taxes for citizens. By doing so, stagflation occured (a period of high unemployment with slow economic growth) and cast the nation into a recession as a direct result.
ReplyDeleteby Michael Jagiello E-Block
After World War II, many Americans felt the economy would resemble that of the economy back during the Great Depression simply because many felt it would be difficult to return to consumer based products and not war products. To many's surprise the economy return to its former glory with ease. The national product rose a stagering $200,000 million by 1940 and by 1950 $300,00 due mainly by the baby boom of hte 1950's. Because of the increase of population consumer demands increase, more and more joined the middle class and stimulated the economy. By 1956, farming became a difficult task as groups would have compete with one another just to make a living. Because of this farming groups decreased as years went by. Consumer and war products flourished while the agricultural aspect suffered. In the end the farming/agricultural departments suffered greatly, the US needed more supplies for war as the Cold War was a real possibility. This would mean more concentration in supplies usable for war, like pots, fire arms, shovels, etc.
ReplyDeleteAfter the fear of nuclear proliferation during the Cold War, America faced a heavy burden as the economy suffered. Bankruptcies rose by 50% but farmers suffered the biggest blow. Americans later elected Ronald Regan as president, Regan then enacted his plan to stimulate the economy and in theory save the economy from collapsing. The idea was to lower taxes. This would create the idea that American's would work harder and longer knowing that they would keep a larger sum of their money. Besides cutting taxes, Regan also took away government regulations affecting consumers, and the work place. Regan continued his plan by increasing war defenses as the Vietnam War had called for them. The problem with the federal budget began to manifest after the continued spending and tax cuts. The federal budget increased instead of decreasing, the deficit went from $74,000 million to $221,00 million in just 6 years. Instead of helping the American people, Regan actually made more of a problem. Though his intentions were just, the final product hurt the people more, farmers would not sell their products, workers lost their jobs and could not sustain a decent life.
Derrick Tam, D-Block
The United States of America has been through a lot in the short time of its existence. It has experienced many changes, governmentally, ideologically, and economically. Two of the most important economic events were the period of Industrial growth and the Great Depression. During the late 1800s, America was undergoing a great change. People were making the decision that they could make more money if they moved to cities with the new factories than if they stayed in rural areas farming. Also, many immigrants stayed in Eastern cities because they were too poor to move out west. One of events that greatly effected the economy during this time was the Civil War. When the Southern States were determined to secede from the Union, President Abraham Lincoln knew that his first priority was to keep the Nation together. In the end, he succeeded in winning the Civil War and abolishing slavery in America. In doing this, the plantations where cotton were made lost their workforce and made less profits. The North on the other hand, boomed with Industry and the economy changed to prefer industry over agriculture. This affected America both socially and economically because there were now job opportunities for all in the factories.
ReplyDeletePerhaps the most well known event in the American Economy is the Great Depression. The Great Depression started in 1929. It was caused by a stock market crash, which led to President Franklin Roosevelt to utilize the New Deal plan to try and fix the disaster. It capitalized on many of the wages and standards that we have today in our jobs. This also regulated the Stock Market so that something like this could be avoided. It also established Social Security so pensions could be provided for soldiers and the retired.
John Schiavone C-Block
The United States of America has gone through a great deal of tribulations and blemishes since the Great Depression. That was one of the most horrid disasters ever to phase the United States. A moment in History where society was effected in a trade-off was after world war II. After World War II, a great deal of American citizens strongly believed that the economy would come back to life because of the great depression. In a short time the economy had been recharged. The economy had fabricated 200 million dollars by the year 1940. By 1950, that had shot up to 300 million dollars because of the baby boom. When there was an increase in population, there was an increase in consumer demands. A lot more citizens started to rank up in the middle class and balanced the economy. More families started to buy more groceries, vaccumes, automotive vehicles, microwaves, homes, etc. In 1956, people in the lower classes had a tough time with farming and just to make a decent living. Farming has decreased substantially over the years.
ReplyDeleteA second moment in history where a society was affected by a trade off was during the Cold War. After the downfall of the farming and agricultural industries, the Cold War had a 100 percent chance of proceeding. This war would take all the attention away from the citizens of America. And centralize on war supplies, such as weapons, food, equipment, etc. Shortly after the Economy was subjected to failure. Bankruptcies had increased by 50%. America had elected Ronald Regan for president, they had looked for hope and believed that the economy would regain its composure. But it had turned for the worse. Mr. Regan had lowered taxes and increased government spending in the war. Citizens then had to work longer hours and harder. Sadly the budget was increasing not decreasing. The surplus had went from 74 million dollars to an astounding 221 million dollars in only six years. His intention was to aid the people, but he ended up making it worse. American people had continued to lose jobs, and industries were not making enough money.
Adrian Nieves C-Block
After the invention of the cotton gin, planters and farmers started to buy farmland and farms in order to become wealthy. With motivation and help from the slaves, people were able to make fortunes due to this invention. But soon after, people from the south as well as people from the north east started to move west because the government set up easy routes as well as buisness oportunities. For example, with the opening of Cumberland Pike (1818) and the Erie Canal (1825), transportation was available toward the west. This allowed people to explore the untouched land as well as opening up business opportunities. This was a great opportunity for farmers because there was moist and fertile land next to these waterways, which meant crops and other animals will make good use of this land. Through the invention of the Cumberland Pike and the Erie Canal, both economic and social progress was made. Since farmers had new land which was fertile and moist, they were able to plant a lot of crops and feed their animal fertile grass. This helped quicken the process of crop growing as well as trade. In the past because it was hard to navigate toward the west, people had a hard time trading. But now with the opening of waterways, trade is quicker and more efficient.
ReplyDeleteSoon after, by 1860, The Industrial Revolution began in Europe and traveled oversees to the States. As people soon realized that manufacturing produces more money quicker, they started to travel back north east to factories and other mass production areas. While some people moved up north, others decided to stay in the south. However, after the Civil War, the economy of the United States was based on manufacturing rather than farming. This advancement from farming to manufacturing was a huge step for the United States because it helped compete with other leading nations such as England and Russia. Through this first step, it helped manufacture future weapons in wars as well as the technology we have today. This Industrial Revolution was a huge step in social progress because now people have jobs get pay better than farming and also have a chance to climb the social ladder.
-KENNY CHO
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From the beginning of time the concept of trade offs had been used. Picking one thing over another and deciding what will benefit you the most. Weighing the option in a statistical matter is something people and even countries do on a daily basis. A nations economy is usually home to these trade offs and these most often have a large effect on how the country is run afterward. During the late part of the 1920’s the United States was facing an economic fallout and hit rock bottom with the Stock Market Crash of 1929. The United States went into an economic depression and it was desperate to find a way out. Franklin D Roosevelt used trade offs to try and rid the United States of the poor economic times by employing the New Deal. The New Deal gave increased federal authority in banking, agriculture, and public welfare. Roosevelt created the term “alphabet soup. He created a series of programs to try and relive the damage done by the depression. The New Deal created jobs decreasing the unemployment rate to get America back on its feet. Construction work was popular, like building public bridges, parks and houses. With increased government interference it moved the United States father away from a mixed economy. In United States history the 1960-70’s is known as the time of great change. As the United States was changing so was the rest of the world. The United States was no longer the sole economic powerhouse in the world. Rival countries were getting stronger and the United States had to answer. It was President Kennedys turn up and his idea to increase the economic state of the US was the increase government spending and decrease taxes. Lyndon B Johnson, our next president kept in time with JFK’s policy of increased government spending especially during the Vietnam War. But inflation soon hit the United States and that plan was scratched by 1970. For the next five years oil trade had become a big part of Americans economy but the high energy prices led to inflation and the unemployment rate continued to go up. Economic progress was at a halt for many years and the trade off led to a national recession of the economy. Trade offs in the United States have be shown to be a hit and miss game. With some being successful and others being disastrous, trade offs are still necessary for progress.
ReplyDeleteJames Verdi D-Block
The United States has gone through many trade offs during its history.During the industrial revolution, 16 percent of the U.S. population lived in urban areas, and a third of the nation's income came from manufacturing. Many immigrants came to the states but remained in the west because they couldn’t afford to move. In the south slavery was a big part of their society. President Abraham Lincoln spoke very heavily on slavery. After the civil war was over and the north attained victory slavery was abolished making cotton plantations much less profitable. While southern industry had fallen the northern industry kept on moving forward. Northern economy was booming because of the demand for war.
ReplyDeleteDuring his 1960 presidential campaign, Kennedy said he would ask Americans to meet the challenges of the "New Frontier." He wanted to accelerate economic growth.
Amanda L.
ReplyDelete2/5/11
The United States economy and/or government makes what are known as trade offs and opportunity costs. Trade offs led to opportunity costs. After World War II was over, many Americans thought the economy would slip back into the economic state they were in during the Great Depression. But instead of that happening many industries were able to thrive. Companies such as the automotive, aviation and electronics were able to grow and become what they are today. The opportunity cost of this decision was that people were able to return to the normal state of mind they were in before the war. The positive side of this is that producers were actually able to produce items that consumers actually wanted to purchase. Another time when the Untied States economy had to make a trade off was during the Great Depression. The stock markets crashed which led to the United States worst economical crisis. The trade off was when President Franklin D. Roosevelt created the New Deal Plan. The New Deal Plan created on increase power to the federal government. The areas in which the federal government had increased powers in were banking, agriculture matters and public affairs and/or welfare. The New Deal Plan limited free market enterprise because of government involvement.
C-Block
The United States, although a relatively young nation, has seen very rapid economic growth from the colonial times to the present day. During this economic history, there have been decisions or "trade offs" made in which there have been subsequent changes in the amount our country produces. Perhaps one of the better known examples of this dates back to the days of slavery. The trade off was to either employ slaves to work on cotton fields, or to pay workers to do the job. As history goes, the farmers of the south chose the more profitable option to not pay their workers. All this cheap labor caused a steep rise in the amount of produced goods and money made by the US economy. Alas, every trade off has it's oppertunity costs. Some of ours were the violation of human rights of all african american slaves, the split between the North and South and ultimatly the Civil War.
ReplyDeleteAnother example of a profound trade off in American History during the so-called Guilded Age. Big business was producing a tremendous amount of goods and creating many jobs for many Americans. There was a downside though, Businesses were able to make workers labor over long hours with very little pay and horrible conditions. Even Children were forced to work under these conditions because of how poorly their parents were paid. The trade off was to continue reaping the benifits of cheap labor or improve the conditions by regulating labor. The decision was clearly to regulate labor and relieve the harsh conditions. The Oppertunity cost was a good amount of the profit and produced goods made by America's Economy. Seems to be a worthy sacrifice for children's right to an education.
Sorry
ReplyDeleteTEEBONE321GO=Travis Knight
D Block
Throughout United States' history many economic tradeoffs have taken place. These tradeoffs have led to a variety of opportunity costs. The Great Depressio was the United States’ largest economical crisis. During the Great Depression, the United States was affected by an economic trade off. Tradeoffs were typically made to end to the depression. However, that was not the case during this time in the United States. In the late 1920s, the stock market crashed. The crash of the stock market was the main factor that led to the Great Depression. At this time of crisis, President Franklin D. Roosevelt created the New Deal Policy. The New Deal Policy allowed there to be more federal authority in three specific areas. These three areas were banking, agriculture, and public welfare. The New Deal Policy as a success because it increased productivity and efficiency to resolve conflicts. The opportunity cost of the economic advantages left free markets at risks because of the government’s interference in these affairs.
ReplyDeleteBetween 1960s and the 1970s, the United States was affected by another economic trade off. The 1960s and 1970s, were time of change in all aspects of society. President John F. Kennedy increased economic growth. Kennedy did this by increasing government spending and cutting down taxes. Kennedy also provided medical help for the elderly, aid for inner cities, and increased education funding. During this time the Peace Corps and advancing American space exploration arose. Kennedy strived for economic growth because of competition with other countries. Various other countries had a similar goal to the goal of the United States. Ultimately, every country wanted to become the economic powerhouse. When Johnson became president after Kennedy’s assassination, inflation occured. Johnson used government spending to create more food stamps, increase education funds, and aid the military. The citizens of the United States were not aware of stagflation. This led to and increase in debt as well as an increase in the rate of unemployment. During this time period, the economic trade off was not beneficial to the economy in the United States because it restricted social and economic progress which in time led to a recession.
Gina Ianniello
E Block
During the 1920s the stock market crashed, and this became known as the Great Depression. Due to the stock market crash, plans were made to help the economy fall back on their feet. The New Deal was created to help the economy. In 1982 the nation went through a very big recession. Businesses went bankrupt, by 50% then the previous year. But the biggest down fall was for the farmers. Agricultural exports were declined and crop prices rose. This became a result of no one really buying crops. In 1983 the economy became better. The United States began a sustained period of economic growth. The annual inflation rate remained under 5 percent throughout most of the 1980s and into the 1990s. Ronald Regan then came up with a new plan. He had a theory that if he lowered taxes, then more people would want to work harder and longer to get their job done. And this would help economic growth. “As a result, the federal budget deficit swelled even beyond the levels it had reached during the recession of the early 1980s. From $74,000 million in 1980, the federal budget deficit rose to $221,000 million in 1986. It fell back to $150,000 million in 1987, but then started growing again.” Reagan had created a bigger problem, instead of fixing the problem. Even though he tried to help, farmers were still not selling their crops like they would of liked to and people were still out of work, or losing their jobs. This was a restrict social during this time.
ReplyDeleteNicole Scozzari C Block:)
Great Depression, that followed crash of stock market in 1920, is an example of biggest economic crisis in history of the United States. In order to get away from crisis government made tradeoff. President Roosevelt passed New Deal, which caused a lot of criticism, but helped to recover country from crisis. The New Deal allowed more free markets and supported common welfare, it made people's life better. The unemployment rate went down, people received more opportunities in various fields. Life became better. So New Deal is example of trade off in American history.
ReplyDeleteAnother example of trade off in history of United States was post World War II time period. The war brought changes to the society. Industry mainly started to produce goods to to support soldiers After World War II. People believed that war will cause crisis however it did not happen. Population increased greatly what caused increase in demands that caused increased production of the goods. Society changed, more people moved to the cities, and less people stayed at farms. However government needed farms in order to be prepared for Cold War. So turn off was to attract people back to farming. Government provided needed equipment and benefits for farmers.
Greg Kolesnikov
The U.s has went through a lot trades .During the industrial revolution, 16 percent of the U.S. a lot of people lived in urban areas. and the third nation's income came from manufacturing. Many immigrants came to the states but remained in the west. They came to the west because they couldn’t afford to move. the south slavery was a big part of the society. President Abraham Lincoln said a lot of stuff about slavery. the civil war was over and the north attained victory slavery was abolished making cotton plantations much less profitable. the southern industry had fallen the northern industry kept on moving forward. Northern economy was bad because of the demand for war. This is my paragraph about trades and slavery.
ReplyDeleteBy anthony deravin
C block
A trade-off is when one must make a decision between two options. The name of the option that was not chosen is called the opportunity cost. One of the many major trade-offs throughout American history was Franklin D. Roosevelt’s New Deal plan. The New Deal plan was put into place to try and help The United States bounce back from the Great Depression. These plans were a series of economic programs that Roosevelt believed would help the economy recover from the Depression. During the time of the New Deal, the government became more involved with the economy. Many of the New Deal policies became important points in the United States economy now. Agencies such as the Securities and Exchange Commission and Federal Deposit Insurance Corporation were formed due to the New Deal policies.
ReplyDeleteDuring the 1960’s President John F. Kennedy dealt with a trade-off during his presidency. He confronted his presidency with an activist-like approach and wanted to accelerate economic growth by increasing government spending and cutting taxes. He also wanted to increase spending on education and medical aid for the elderly. Even though many of Kennedy’s proposals did not work out, his idea of the Peace Corps did and was one of his many accomplishments. Kennedy’s successor Lyndon B. Johnson adopted many of JFK’s ideas and during that time government spending increased. Also under LBJ, programs such as Medicare and Food Stamps were created in order to assist those in need. Unfortunately by the end of the decade the failure of the government to raise taxes led to inflation. Then after OPEC placed an embargo on oil trade, prices stayed high which added to the inflation and then gradually the economy started to “sag”.
-MIKE GRIGOLI D BLOCK
the great Depression had a big effect on the american economy. tradeoffs happened to support the people and ration out food and helped people get food.alot of people had to saciface there wants in order to get there needs but it was not perfect. people were hungry no food the stockmarket crash was one the worst periods in u.s history cause the nation nearley ran out of money.new deal were made to help the people at the tie peple were suffering but over time it was seen as a great decision for the country cause it give us the abilty to recover.faster also with caution in the future to see this never happen to our naton again.when rooservelt made the deal that wasnt well recived.he created pulic welfare for those who counlt afford to buy what they needed to survive.during the recssion in the 80s and 70s effected alot of people gas and orther things effeted how people lived new laws were passed to help.
ReplyDeleteAlyssa Ditre
ReplyDeleteC-block
The United States has endured political and economical change in its short period of time. The country has dealt with trade offs which lead to opportunity cost. An example of such is the Great Depression. In 1929, the stock market crashed which led to the Great depression. People were jobless and homeless with no money or food to even try to survive. President Franklin D. Roosevelt stepped up and came up with a plan called The New Deal. The New Deal handed the government more power over agriculture, banking; pretty much all economic transactions to bring the economy back up. Roosevelt created many programs to fix all the damages of the Depression and restore the country. Creating jobs was a big aspect of relieving the Depression. Even though the economy began to build again, the governments control of the economy pushed their title of a “mixed economy” away. Also the New Deal Plan unfortunately limited free market enterprise.
Another trade off example is the Gilded Age. Business was quickly rising and jobs were available to everyone. However, horrible working hours, pay and work conditions were the downfall to the businesses. Adults and children worked long hours and received little to no pay. The working conditions were close to fatal to the workers. Many became sick and even died. Luckily labor laws were make to fix this disaster before it became a bigger issue than it already was.
Alyssa Ditre
C-block
ANGELA SALMOS
ReplyDeleteD-BLOCK
The economy is a big part of our country, and it has been a big part of U.S history. The Great Depression had a huge effect on our country's economy, and after World War II, people feared that the Great Depression will happen all over again. Instead, The Postwar Economy took into effect. There was more economic growth, more cars were being made and housing boom occurred with affordable mortgage. But still there was a gap in our countries economy. There were millions of people who had no jobs for a long time so even though there were more affordable products there were not enough people who were able to purchase the products. The nation's gross national product rose from about $200,000 million in 1940 to $300,000 in 1960. During the Depression, Trade-offs needed to be made. President Kennedy created the New Deal to help the common people that suffered during this period of time. As president, he sought to accelerate economic growth by increasing government spending, provide jobs and medicare, and cutting taxes. Many of these plans were needed and wanted but these proposals were not enacted because the money was not enough and he was assassinated, which lead to many disappointed people. Although his proposals did not completely go through, he lift the spirits of the people and gave them hope that there could be change. Although Kennedy helped calm the people down and start searching for hope, the nation later on went into a deep recession throughout 1982. Business bankruptcies rose 50 percent over the previous years.Farmers suffered the most because exports of crops were declined and interest rates rose. Because of this Reagan made a decision to cut taxes so that people can keep more on what they earn than to spend it all on taxes, but this later on became overwhelming to military spending. From 1990s and on we are still recovering from the deep depression and is still unstable about where our economic systems fall under. By the end of 1999, the economy had grown since March of 1991.
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ReplyDeleteThomas Jefferson had a philosophy on protecting the common man from the political and economic tyranny. I agree with this because money had caused people to become "mad" Till this day people are still losing homes and jobs because of the downfall of our economy.For many years, the Unites States has dealt with many economic problems and the Great Depression became a sudden downfall of our economy. Stock markets crashed which lead to the Great Depression. Trade-offs were made yet there were not many options. People were left homeless, no jobs, and nothing to eat. When they were sick they had little support from hospitals. President F.D.R's New Deal plan opened the hope of many people, but was later on turned into irritation because he was assassinated. The New Deal was made supposed to revive the economic depression of the people. He dealt with a trade off to increase government spending and cut back taxes.
ReplyDeleteThis was later on done by President Reagan because he wanted people to have all the money that they could, but later on had to recall because military spending became high with lower taxes. It caused a recession in the early 1980s. From $74,000 million the federal budget rose to $221,000 million in 1986. It fell back to $150,000 million in 1987 and this worried the people because they thought it would result in inflation.
Today we are still not in best terms with economy but we have grown since march of 1991, but even since then we have had natural disasters that cuts into the budget of the economy and other economic problems.
By: Jose Valentin
D-Block
A particular moment in history in which a group of people was affected by an economic trade-off were the Native Americans who inhibited American soil long before Christopher Columbus had arrived. They were indigenous people who were believed to have traveled to America about 20,000 years earlier across a land bridge from Asia. In America they organized tribes in which they traded among themselves. Having little contact with people on other continents, they lived a very distinct life from the one expanding in Europe. With the major flood of Europeans coming into America, their life and economic systems were destroyed as the Europeans took over their land and stripped them of their rights. Many were killed but they made a weak match against the Europeans who had weapons like guns and bullets as opposed to arrows and axes. Their conflict dragged on for many years with events such as the Trail of Tears permanently severing ties with the new Americans as we know it.
ReplyDeleteAnother such a movement in history in which a group of people was affected by an economic trade off were the Americans during the period of Growth and Expansion South and Westward. With the invention of the cotton gin, many Americans moved South where they purchased land from small planters and created plantations with large amounts of slaves. The slaves during this time were affected by the tradeoff because they were being captured from Africa and were being sold in a land they had never known about. This is where the roots of slavery in America were taking place. At the same time, Americans benefitted by moving West because the government wanted to expand American soil as well as urged the people to participate in Manifest Destiny. To gain more support, the government issued cheap land that people could buy out in the West as long as they developed a stable living. This tactic worked as many people reaped the benefits and expanded American soil.
Paulina Plata
E-Block
Throughout the history of the United States tradeoff led to many opportunity costs. The Great Depression causes many job loses, less income in ones household which caused many to suffer with less food, etc. Many people could not afford to pay ones bills not had time to get an education. Children worked for minimum wages to try and get back to were this all began. As each child began to work at such a young age, this gave them less opportunity to find a job later on in life without a great education. World War II had many Americans believing that the economy would form another major depression. Many thought all people would return to the natural goods instead of all war products being made after the war. After a while each American finally returned to their happiness and got themselves out of the depression they were once in.
ReplyDeleteAlexandra Ferrigno C-Block
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ReplyDeleteduring the great depression the economy was horrible. it was a bad time for the united state.many people lost their jobs and homes. they also had to live on the streets and beg for food, many sicknesses surrounded the homeless and death rates went up.this affected the circulation of money and education . the circluation of money wasnt like it used to be, there were more money put into the stocks and until the stock market crashed people went broke.education went down as well, less teachers and less and less students showing up. schools were closed.child labor came into this because many parents couldnt work so the kids had to go out and make whatever money they could make to feed there families. eventually the united states turned around and made their economy better. the great depression ended and there were more jobs made.
ReplyDeleteashley miller
d block
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ReplyDeleteIn the United States, there have been moments where individuals in society and in government were affected by an economic trade off.
ReplyDeleteEngland’s colonization of the United States lead colonists to build their own economy, which resulted in economic trade-offs. An example of an English trade-off is when colonists established shipyards to build fishing fleets and then trading vessels. This caused industries to develop and the colonies to grow. As the pattern grew throughout the region, by the 18th century, New England colonies relied on ship-building and sailing in order to create wealth. Eventually, the standards of living for colonists were generally high, even more than in England.
One of the nation’s Founding Fathers, Alexander Hamilton, influenced a trade-off / an economic development strategy, in which individuals in society and the government was affected. Hamilton advocated that the federal government should provide subsidies and impose protective tariffs on imports for industries. He also promoted a national bank. As a result, Hamilton’s idea of a tariffs became an essential part of American foreign policy, which lasted until the middle of the 20th century. Also, a national bank served for about 20 years.
During these economic trade-offs, the colonists and Alexander Hamilton, had to make a choice that included direct impact on individuals in society. These decisions ultimately had an impact on the economy as whole, which lead to increase of wealth in the nation and in the economy.
Marisch Perera
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Seychelle Cordero
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A certain time in US history when citizens experienced an economic trade off was when North America's first inhabitants, the Native Americans traveled to America across a land bridge from Asia. Europeans called them Indians because they thought they went to India when first landing in North America. The Native Americans got together in tribes and traded among themselves. They didn't communicate with others from other continents. The Native Americans built pretty much a home for themselves. They built an economic system for themselves as well which was destroyed when the Europeans reached North America. The "Indians" were helpless against the Europeans. The Native Americans had weapons such as bows and arrows and axes. Europeans carried guns and were more advanced than the Native Americans all together. The Native Americans rights were taken away by Europeans which was not fair due to the fact that the Native Americans reached North America first.
Another moment in US history was when Alexander Hamilton led a trade off arranging protective tariffs on imports for smaller industries. Hamilton also urged the federal government to create a national bank. The aftermath of this national bank resulted in tariff's becoming an important part of American foreign policy. This lasted all the way until the 20th century. Early American farmers felt that this national bank would benefit more towards the wealthy than the poor but Hamilton believed that the US would greatly benefit from this economic growth. Hamilton had to decide on a something that had a huge impact on all citizens and the entire economy. Hamilton made an incredible decision because his decision brought tremendous wealth to the economy.
Throughout our history, the U.S. has been directly affected by economic tradeoffs as a result of the opportunity costs that come with them. After WWII ended, the government was determined to keep our economy strong and thus created the Employment Act of 1946 to raise employment, production, and purchasing power levels in our nation. By enforcing this act, the U.S. is ensured to head towards a more capitalist economy where businesses decide on their own the products they will produce and the amounts they will make it in. By the 1950’s the workforce in America increased at such a steady rate that it was higher than the number of those who produced goods. These jobs held by labor unions were also guaranteed long-term work employment contracts to keep the quality of goods stable and the workers happy. However, the opportunity cost of the Employment Act was that production of goods increased too quickly for farmers to keep up. The high demand for agricultural resources hit a snag because while industrial machinery could work fast, farming took time. In the end, by 1998 the number of farmers in the nation decreased from 7.9 million to 3.4 million. Another instance of an economic tradeoff was during John F. Kennedy’s presidency when Kennedy invested an abundant amount of money to support the U.S. space program. During the time, the U.S. was still involved in the Cold War with the Soviet Union and there was an intense arms race between the two. Because of Kennedy’s efforts and investments, American astronauts were the first ones to reach the moon only a few years after his assassination. However, the opportunity cost of his actions was that Kennedy failed to raise taxes during this time of spending. Prosperity in the U.S. began to fall and it is not until the early 1990’s that it is once again stabilized.
ReplyDeleteChristina Tsang D-Block
For the last few years the United States has gone through an economic down turn. It began with the "bubble burst" of the housing market. During the years of economic prosperity many people began to purchase homes. Somes purchased homes they could not afford, while many banks turned a blind eye on giving loans to people who could not afford it. Many economic decisions were made that would eventually lead to the collaspe of the housing market. Every decision involves choices and more of one good, means less of another good. Income and wealth are not limitless, since there is only so much time available. During the last few years many people have had to make serious decisions. Buying less of one thing (clothing,material items) in order to focus on more important things (their survival, shelter, food) These are decisions that can effect a person's livelihood. The question is "What's more important". When we make decisions we compare the costs and benefits of our choices. Many people in our society have given up one thing, in order to obtain something else. One perfect example, are the hundreds if not thousand of homes that have gone into foreclosure. Many people have had to make hard decisions to give up their homes. They have done this in order try to move on, in a direction that is in the best interest of their families. Why stay in a home you cannot afford? And why try to pay off a home that you owe more than it is actually worth. These have been difficult times for many people, and we could only hope for a brighter future and a better tomorrow.
ReplyDeleteThroughout U.S History there havebeen key trade offs. Some of these trades were an oppurtunity to improve the econcomy and advance the country. In other instances the trade-off restructed the nation.
ReplyDeleteThere are two specific 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.
One period in US history was, colonization. Some settlers came to America seeking religous freedom, other colonies such as Virginia came as a business opportunity. The success of these business ventures was due to charter companies, who were groups of stockholders who wanted personal economic gain. To these investors the New World was one of the richest and plenty of wealth. The colonies however, did not make quick profits so the investors gave the colonial charters to the settlers. This decision left the colonist to build their own lives, and economy. This was the beginning of a new nation. What may have seemed like a set back actually caused the settlers to work harder therefore starting a new country. This eventually prepared the settlers to be independent from Europe, birthing a new nation, the United States.
A second period was during the 19th century when new inventions and capital investment led to the creation of new Industries and economic growth. Many new inventions improved the way of life for settlers such as transportation. The steem boat and railroad received government assistance. These inventions established a US industrialization.
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ReplyDeleteEconomic decisions such as trade offs began being made as soon as the territory known as the United Stated was discovered. One that stands out was during colonization. As the King of England became eager to further personal and economic profits, he began having private sectors finance the companies and in return gave them economic and political authority over their specific colony. Well, due to the fact that everything that occurs takes time to manifest, the colonies did not bring quick profits and the English investors no longer wanted to put the time, money or energy into the projects anymore. They soon found themselves giving up the colonies to the settlers. These settlers now had land in which they can work on to not only survive but also create communities and more importantly their own economy. As they found their own ways to progress, the colonies became wealthier and even had a higher standard of living then England. In making the decision to turn over the land, the private investors gave up their chances of gaining great wealth but instead allowed the settlers to expand and progress both socially and economically. In the 18th and 19th centuries, the people made more trade offs. Although farmers were successful in the East, they saw the potential in moving to the West. The West was more fertile but they also had to give up the land they have lived and worked on and take the chances of settling into a new place. Well, not only did people take their chances, but whole villages uprooted their families and headed west leaving the farms behind. People in the East quickly took over the land and often expanded their own increasing their profits drastically. The people who moved to the west also found success in farming the more fertile land and overall, the whole nation prospered as the economy boomed in the 19th century and the Industrial Revolution continued.
ReplyDelete-Caileen Gonzalez C-Block
During the United States history we have experiences various economic trade offs. These trade offs have had an impact on the people of America in order to boost our economic situation. A prime example of this would be the gilded age. The gilded age was a time in with business and production was booming. Although profit margins were high the people’s spirits were low. Company owners paid their workers low wages and created terrible conditions for them. The workers worked long hours with little break and were severely mistreated. Although the workers were treated so poorly the U.S. economy was doing extremely well and vastly producing goods. The opportunity cost in this situation was the mistreatment and the exploitation of many men and women. The gilded age was a time that restricted social progress. People were basically slaves and could not advance themselves. Another great example of a trade off occurred during the great depression. President Franklin D. Roosevelt created the New Deal. The New Deal gave the federal government authority in many aspects of life .The New deal essentially gave the government a lot of power to provide the people with relief. The opportunity cost damaged the free market and enterprise. This restricted the growth the economy severely and could only be reversed by switching to a war time economy. All in all America has had many trade offs that have in turn effected its people and its economy in a variety of ways.
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A time that the US experienced an Economic Trade Off had been after World War 2 when the Great Depression had began. In 1929 after the stock market crash, the nations economy had began experiencing the biggest economic downfall it has ever seen before. The nation had experienced its very own economic trade off. The opportunity cost had been the New Deal launched by President Franklin D Roosevelt. Even though it seemed as if nothing could help this economic crisis, the New Deal did a great deed. It created minimum wages and hours on jobs and it helped expand the labor unions in such industries as steel, automobiles, rubber and so on. The nation had finally began to see hope in the day and slowly repaired itself.
ReplyDeleteThe period of Industrial Growth also resulted in an Economic Trade Off. By 1960, President Abraham Lincoln had been elected president. His goal had been to save the economy and save the nation entirely. His primary goal had been to abolish slavery. The South had been mostly made up of slaves and they depended on the North for manufactured goods. After Northern Victory in the Civil War, the slave labor system had been abolished once and for all which resulted in Southern plantations being worth much less. The opportunity cost of the situation had been the South losing a lot after the victory of the Civil War. On the other hand, the nation had abolished slavery and the North had expanded due to the demands of the war.
Mariam Airapetian C Block
Two very important times in the US were the period of Industrial growth and the Great Depression. The economy came across a Trade-Off when the Great Depression hit. Their were no jobs, no food, no homes, no businesses, everything was gone, people were loosing everything. Franklin D Roosevelt put out the New Deal which made a great difference. People slowly started getting jobs, and gaining money. People were slowly getting back on their feet.
ReplyDeleteWhen the civil war launched,Abraham Lincoln wanted one thing. He wanted to get rid of slavery and keep the nation together. Resulting in this, in the south where they had fields in which cotton was made, started loosing money little by little because they had no more workers. In the North, everything changed into factories which people liked, instead of agriculture.
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ReplyDeleteThere have been many trade offs in United States history. These tradeoffs were made to try and improve our economy. One of them had to be during the Great Depression. This is when our economy started to fall down into a crisis. Many people were losing their jobs, and eventually their homes. All the stock markets started to crash. We ended up having our own trade off happening. The president at the time, Franklin D Roosevelt, created the New Deal. The New Deal got people jobs, which was helping people get money they needed to survive. The New Deal also gave increased federal authority in banking, agriculture, and public welfare. Besides the Great Depression, the Gilded Age also provided a trade off in United States history. There were jobs everywhere at the time. Big Business was happening, because so many goods were being produced. The thing was, that, adults and even children, recieved little to no pay at all. All their hard work and theystill ended up reciving so little. Working conditions were horrible. Many people ended up becoming ill for working in places that were not clean, and for not getting enough sleep. Some people even died, which wasn't right at all. This soon became fixed with the Labor Laws that were created. Many people then got the fair wages and hours for their jobs that were needed. Children also got to go to school, where they needed to be, instead of working all the time.
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ReplyDeleteAfter World War II, when the Great Depression began, economic trade-offs were obvious in our nation. This was probably the strongest economic downfall our country had experienced in our history (economists are predicting we might experience another one within the next few years). The opportunity cost of cost at that time was the New Deal program. This program created minimum wage and helped expand labor unions in such industries like automobile and steel. Another example of a period in time where our country experienced an economic trade-off was the Guilded Age, when many businesses were booming. However, company owners paid their employees low wages and had them work in terrible work settings. Employees worked long hours in dirty facilities. They weren't often cared about and mainly felt neglected. The opportunity cost in the Guilded Age was the exploitation of many workers. During this time, people were treated more like slaves instead of people. The Guilded age restricted personal growth.
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