HW#2

By living in a capitalist society I am afforded the opportunity to do better for myself than how my parents did.  I can raise money and make as much money as I want by putting in more work and I can get whatever job I want.  The disadvantages of this would be that other people are trying to get the better of me and get more money than me so they are willing to sacrifice me in order to do that.  You can capitalize this by working off of their greed to lead them to financial ruin and doing better for yourself.  If I was a business owner in capitalist society than lowering business taxes would help me because than I can get more profits and do better with my money to expand my business and than get more customers which would lead to more profits.  The disadvantages of this could be that since taxes lower than I would have to lower all my prices accordingly than it wont help me in any way.  If I was a worker living in capitalist society than I would have to fight in order to get paid the right amount because the owner is going to want to maximize profits which means that they are going to try to pay me as low as possible so I would have to prove my worth to the owners in order to get paid the right amount.  Being a capitalist government official would be hard because I would have to listen to the business owners who are trying to get the most profits possible and the workers who will be trying to lower the minimum pay in order to make the most money.  Everybody contributes to society because they all work and pay taxes so they all help to improve society and they all help the government.  I think that anybody who works a legit job in the country is contributing because they all help out and they all do a good job.  In order to pay taxes they all help out so that the country can improve and everything in the country can be improved.

Question One

Discuss both the advantages and disadvantages of living in a capitalist society. Then describe how such disadvantages could be minimized.

Capitalism is a system that comes with evident peaks as well as drawbacks. It is a system in which all businesses are controlled relatively privately, resulting in owners profit. Capitalism is an economic system in which all or most of the aspects of business’s are privately owned and operated for profit.

One advantage that Capitalism presents is that business owners success is mainly self motivated. One must put forth access effort to receive access profit. Individuals that own businesses in capitalist societies all at one point, start out equal. Depending on the success that the products produce one can better their business. In order to make money one must have money. Having more money or reinvesting in ones business helps boosts its success. The success of a business is often based upon the quality of the good, the reputation of the service, and consistency of the cheapest price. Having the lowest price, and highest quality is a resume for success. Freedom is another advantage. Every citizen has the opportunity to start something and receive positive results.  Business owners also have the freedom to decide how much to pay their employees, but many systems set a minimum wage. Business owners in capitalist societies have the there life earning riding on the success of there business, but the initial opportunity for success is what makes capitalism a dominant system. Everything they do directly reflects there business and the business reputation.

A disadvantage of capitalism societies is that many employees may suffer while the business owner flourish’s in there own success. The downfall to this is that the workers are often the reason for the owners success. The owner can inflict good service but the employees are the ones that have to carry out the service.

Question 1

1.) Discuss both the advantages and disadvantages of living in a capitalist society. The, describe how such disadvantages could be minimized.

Capitalism is an economic and political system in which a country's trade and industry are controlled by private owners for profit.  Some countries use this method such as the United States. There are many advantages to this but there are also disadvantages as well.  A disadvantage of capitalism is that you are not protected by the government so at the same time you can be taken advantage of by your privately owned employer.  Since the government does not control everything it allows only a few businesses to be at the top. These businesses can then set their own rules because they then basically control the product.

The advantages are that business owners get to keep their own profit because they are running their own business by themselves. Another advantage is that the government lets businesses compete against each other and does not have control over them. For example if there is two of the same type of clothing store in the same town they have to freedom to do that and compete for the best and more popular business.  Small businesses benefit the economy by opening up more jobs and keeping people employed because there are so many positions available. 

The only way disadvantages can be minimized is if the government takes control. They shouldn’t have absolute control of the businesses but they should definitely have a say if a certain business is over powering all the other businesses like it. For example, many people would rather buy from a well-known business such as Best Buy to get their electronics over a smaller mom and pop shop that doesn’t have as good advertising as Bust Buy.

Tyler LeBlanc HW #2

Discuss both the advantages and disadvantages of living in a capitalist society.   The, describe how such disadvantages could be minimized.

         Capitalism is an economic system in which all or most of the factors of production and distribution are privately owned and operated for profit. There are four different degrees of competition: (1) perfect competition, (2) monopolistic competition, (3) oligopoly, and (4) monopoly.

Advantages:

         Advantages of a capitalism society consist of the right to own private property, the right to own a business and keep all the businesses profits, the right to freedom of competition and the right to freedom of choice. Free markets may create the most wealth in this society. Freedom is the main idea of a capitalist society. Capital businesses are operated for profit for business people not the government. Owners decide how much product, what to charge and how much to pay workers. Supply and demand plays a huge role in a businesses pricing. Also they decide where their products are produced. Capital can help small businesses grow in the poorest countries in the world. One benefit of capitalism is that people are willing to take more risks than usual.

Disadvantages:

         Disadvantages of capitalism consist of practices of slavery and child labor, allowing greed to dictate how they act, criminal charges, and false production. Criminal charges brought against some big businesses in banking, oil, accounting, telecommunications, insurance, and pharmaceuticals indicate the scope of the potential problem. Some businesses have deceived public about their products while others are deceived by stock.

  Describe how such disadvantages could be minimized?

         The government laws and regulations may be necessary to protect businesses stakeholders and make sure people who cannot work get the basic care they need. Businesses should not be run by the government but instead help monitor so the business owner does not get out of control with his earnings or judgment. Greed can end up ruining a business. If a business is just run by the owner without government regulation, problems will begin.

Here are a list of Capitalism Country’s.

Tyler LeBlanc HW #1

Who are you?

        

         Hey everyone I'm Tyler LeBlanc, a freshman transfer from Endicott College majoring in general business. I’m from Charlton Ma, the next town over. This year I will be commuting to school. I graduated from Shepherd Hill Regional High School. Currently I hold a job at LeBlanc Oil LLC, a company my father started. After College I plan on taking over the family business. This Fall I played football for Endicott. Next fall I will be playing again for Nichols College. Other hobbies consist of playing baseball, basketball snowboarding and relaxing with my girlfriend. I come from a large family. I’m the oldest of five kids.

What do you hope to gain/learn from this course?

         Throughout the semester I hope to gain knowledge about how to successfully run a small business to earn great profits.

Read and comment on the following article: http://www.informationbible.com/article-importance-of-business-in-the-present-day-world-18.html

        

         After reading the article a successful business has to have those five main points. If a business lacks one or more of the key points it has a chance of going under in today’s economy. The importance of business is that it provides products or services to customers. The manufacturing of goods is a huge beginning process for a business. Manufactured goods lead to production, services and distribution of the main product. Business has helped people to earn a living either as owners of business or as employees. Small business employs many local people that are in demand for money. Hiring locals is a way the company can give back to the community. I don’t believe a business should be taxed as high as they are. Businesses are out to make a living to support their family and I feel that the government should take advantage of successful companies just because they have the right to do so.

(late) HW #2

 

The question I chose to answer for my homework number two is the first one about discussing both the advantages and disadvantages of living in a capitalist society and how to minimize the disadvantages. Being born and raised in a socialist country that Poland was, since it’s actually turning into a mixed economies system now, I think I could provide a little different point of view.

Capitalism is found on four basic rights which include: the right to own property, the right to own a business and keep all that business’s profits, the right to freedom of competition, and the right to freedom of choice. The biggest benefit that “jumps” right out in my opinion is how capitalism is evolved around freedom of choice and decision. Also, people are willing to take more risks, in order to benefit more in the end. Another very important thing is that people are pretty much free to do what they want with the money they earn after paying off the government taxes. Unlike in socialist or even communist societies, in capitalism you are not forced to give away a big chunk of your salary to the government in exchange for free health care and public transportation. People are left with the decision of how to spend their money; whether they want to blow it all on some useless cause, or simply save it up themselves. What I also like is the competition. Competition is a very vital thing in economy; it allows for a better quality of products and the prices to be regulated little differently. It pretty much roots out the probability of shortage as well.

Like every idea, there are good and bad sides to it. Capitalism isn’t any different. Sometimes, the distribution of wealth might not be fair. Greed is a very active factor with people once they actually start making decent profit, and think about themselves only. Most big corporations are pretty much forced to give back to their communities by the local government, and sometimes that might create a little “stinky” situation since people might turn hostile. Big corporations might also get too powerful, and that’s not good neither. Coming out of a socialist country, I have to say that some workers tend to be treated little worse in a capitalistic system. It’s because a company might want to maximize its production thus forcing workers to work beyond their limits. Bad employee treatment always seems to be a problem.

These disadvantages listed above could be minimized. Harsher laws and regulations could provide a morale boost for many people. I personally also think that the eight hour day is little too long. I think it should be shortened to 7 hours, which could always give a Leigh way for workers. Employees should be by law entitled to more vacation time and some extra benefits.   

Blog #2

1.   In the world today the United States is currently the biggest econmic power.  The United States happens to be a capitalist society.  The main concepts of Capitalism are the right to own private property, the right to own a business and keep all that business's profits, the right to freedom of competition, and the right to freedom of choice.  Many would say that Capitalism is the best way to go about things, however; there are good and bad sides to it.
      One of the big advantages of Capitalism is that the motivation to work efficiently is high.  Since profits are given to owners, workers will be rewarded for being effecient.  In a communist society there is little motivation to work hard because it won't get you anything better than the person barely doing their job.  Another advantage of Capitalism is no scarcity or oversupply will exist for long because supply and demand controls the market.  Business's are not going to continue to put out the same product if they know if it isn't selling.  If the Business's know something is going to sell then they will put more of it on the market.  Lastly you get many social freedoms in a Capitalist society such as freedom of speech, press, aseemly, religion, job choice, movement, and elections.
      Some of the problems with capitalism is that the rich tend to get richer and the poor tend to stay poor.  You might of heard the phrase you need money to make money.  This is somewhat true, having money to spend makes it much easier to start a business.  While the poor are normaly the ones working the bottom of the line jobs for these companys the rich start and will never see the same returns are the owners.  One way to fix this problem is to make it easier to get loans.  The problem with doing that right now is banks are not doing so well right now.  We just recently had a huge bailout for banks partly because of the subprime mortgage crisis which was cuased by banks giving too many sub par loans out.  Too many of the loans didn't get paid back and the banks went into the red.

zinan liu hw2

First of all, I am doing question #2. "Imagine you are a business owner in a capitalist society.   Discuss the advantages and disadvantages to lowering business taxes."
First of all, the words capitalist society is meant by "economic system based on private ownership of the means of production, in which personal profit can be acquired through investment of capital and employment of labor. Capitalism is grounded in the concept of free enterprise, which argues that government intervention in the economy should be restricted and that a free market, based on supply and demand, will ultimately maximize consumer welfare."
(http://encyclopedia2.thefreedictionary.com/Capitalist+society)

For advantages to capitalism, since there is a information of lowering the business taxes, which give me an opportunity to increase my business earning profits, and also will be easier to started the business, in some point which also means I can use the same amount money to buy more stuff for my business, and which must help me as an owner to have a better chance to expand my business. 


For disadvantages to capitalism, there will be a bigger problem between the owners and the workers. Also the government will be involved in this too. As a owner I want to make more profits, which will give me an opportunity to decrease the wage to the workers, which will be really bad to the economy and if the business can't get developed, later than I as an owner will be making no profits and the business will burn down to the ground.

Homework#2

The question that I have chosen for this assignment is question number two

Imagine you are a business owner in a capitalist society.   Discuss the advantages and disadvantages to lowering business taxes.

Let’s say that I was the owner of a local grocery variety store.

In a capitalist society, this means that all or most of the factors of production are privately owned and operated for profit. What this means for me is that everything I make from owning my business goes towards my own benefit. The advantages of lowering taxes for me as a business owner, is the fact that it will be cheaper for me to run the business. Not only is it cheaper for me to run the business, but I will also be able to make a bigger profit. Due to the fact that there will be fewer taxes deducted from my income I can bring home more money.

With that said, the Government has to make money somehow, if the taxes are not being deducted from me, they are being added to my products. What I mean by this is that the government may increase the sales tax on products. This is bad because I will potentially lose customers, what may have previously cost 1.99 before may be priced as 2.15; any working individual will have a problem with over paying for products. Another disadvantage of business owners receiving lower business taxes is the fact that the citizens would be quite upset. It is not fare for them to pay extra because the Nations deficit has not been made up. Unfortunately someone has to pay for it somehow and often times it is the middle to lower class citizens who have to be the one to pay for it. I can kind of understand where this system is going because without business there wouldn’t be jobs, and there businesses if owners couldn’t afford to keep them open due to taxes.

Blog 2

I have picked question one which had asked me to support evidence to show the advantages and disadvantages of living in a Capitalist society and describe how such Disadvantages could be minimized.

Capitalism is all or most the factors  of  production and distribution such as land, factories ,railroads, and stores  are government officials, decide what to produce and how much, what to charge and how much to pay workers.

  Some good advantages are that in a capitalist government you have four basic rights; one is that you have the right to own a private property. This means that you can buy such property and own a business sell this business pass it down to your family or you could build upon it and sell that for a high value in so your bring revenue to yourself and the government through taxes. This also extends to machinery and inventions. Two the right to own a business and keep all the business profits, I mean this is self explanatory because if you own a business and have no profit you might be in the wrong profession unless you have a charity business then you doing it for the better good but in all this is good but bad and ill talk about that later. Three the right to freedom of competition I like this clause, in the sense that you could have the best business and have no competition and be wealthy but in my eyes competition makes you a better person because you make decisions based on that you have some probably going to make the same move so it makes person better persons in a sense what I’m trying to get at it’s a dog eat dog world for a reason only the best survive. Fourth and final the right to freedom of choice this freedom is very important being that if everyone did the same job it would be a very boring life but when people are doing things in life it makes life a better place.

 Disadvantages in a capitalist government are simple even though capitalism is good the flaws are big to. When a company get to be like Bank of America (here is the website of all bailouts http://www.propublica.org/special/government-bailouts ) where it has all the money in the nation because back in the day the government closed down the national bank which by the way was a great idea and it worked, but when such a big company goes down which causes a sort of depression and unemployment across the board because if the banks go the business will go to then the government has to reach in his pocket and bail out such companies so that they bring down all of the government. This could be minimized if the government had more guidelines with such problems and also the nation shouldn’t go to war that one big concern.