ECON-1740

Fill-in-the-blank questions - Use the precise language from the video. Short answer
questions - Summarize the concepts in your own words. Question 10 - Analyze the
proposal & provide your unique perspective. You do not need to use the same
format as shown below (with boxes). Use a format which works best for you.
1. If the government gives everybody the same freedom to work and reap the
rewards, some will do better than others. The result will be ____________________, but
not ____________________.
Answer #1 equality of opportunity
Answer #2

equality of outcome

2. Immigrants who arrived in the late-1800s/early-1900s found that America was

truly a land of opportunity. Describe the factors these immigrants encountered
which helped them thrive.
Factors

Few Rules
No licenses
No permits
Free Market

3. Professor Friedman referred to Hong Kong as the freest market in the world.
Summarize how he described the free market.
Free Market

Trade with whoever they want

If they succeed they get the benefit, if they fail they bear the cost.

4. Human and political freedom has never existed (and cannot exist) without a large
measure of __________________. Those of us who have been so fortunate as to have
been born in a free society tend to ___________________, to regard it as the
____________________. It is not. It is a rare and precious thing.
Answer #1 Economic freedom
Answer #2 take freedom for granted
Answer #3 natural state of man kind
5. Explain how the lead pencil & the smart phone are examples of invisible
hands.
Invisible Hands it keeps people connected and informed (communication).
6. Explain the concept of creative destruction as described in the Free or Equal
video.
Creative Destruction

adaptation and change

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7. The idea that the economic race should be so arranged that everybody ends at
the finish line at the same time, rather than that everyone starts at the beginning
line at the same time. This concept raises a very serious problem for _______. It is
clearly in conflict with it, since it requires that the freedom of some __________, in
order to provide the ________________________.
Answer #1 freedom
Answer #2 be restricted
Answer #3

greater benefits of others

8. Our economic system gave us Henry Ford, Thomas Alva Edison, Bill Gates & other
very successful entrepreneurs. These entrepreneurs all went in with their eyes
open, knew what they were doing & win or lose, we (society) benefited from their
___________________________. If we did not allow these successful entrepreneurs to
become incredibly rich, we would be more equal. But, would we be better off? If
entrepreneurs did not think that a possible reward for all the _______________, all
their _____________, all the ___________ is a lot of wealth, then they might do
something else instead. In that case, we would not have the goods, services and
technologies (they created) that make our lives better.
Answer #1 willingness to take a chance
Answer #2 sacrifice
Answer #3 hard work
Answer #4

risk

9. As Milton Friedman said, The society that puts equality before freedom will
_________________________. The society that puts freedom before equality will end up
with a __________________________________.
Answer #1 end up with neither
Answer #2

great measure of both

10. Professor Friedman compares the concept of equality of opportunity to a race

where everyone begins at the starting line at the same time. In contrast, equality of
outcome guarantees that everyone finishes at the same time. Today, equality of
outcome is referred to as fair shares for all. If we applied the fair shares for all
concept in this class, all students would receive an average grade of C. This
would be accomplished by taking points away from students earning As and Bs to
give to students earning Ds and Es. Distributing points equally would result in fair
grades for all.
1. Would you approve of this method in calculating your final grade? Why or
why not?

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2. Would this differ from fair shares for all economically? Why or why not?
For example, whats the difference between a successful student being required to
give up some of his/her hard-earned grade and a successful person being expected
to give more of his/her hard-earned income? If you support redistribution of
income and wealth, shouldnt you also be willing to redistribute academic grades?
After all, many of your fellow students may not have had the advantages in
education and upbringing that youve had.
3. Address the above questions in your own words, in a minimum of 3
paragraphs.
Reflective Writing
Calling it fair grades for all is not a correct statement. Fair grades for all
would be students earning their own grades and not sharing grades. I do not agree
with using equality of outcome in school. People need to earn their own grades and
earn their own everything in life, I am sure everyone has heard there are no free
rides in life. You cannot count on others for your grade, it would not be fair to those
that work hard.
Also, I think both examples in the second question are not fair. If we all
counted on each other, to earn money or earn a good grade, then no one would do
anything. Why give up all your hard work for someone not doing the same amount
of hard work as you? I feel like it would hurt people more than it would help. Giving
up more money because you make more would make people take easy jobs and not
caring enough to get promoted and work hard, the same goes with grades.
Not having to same advantages or not having the same upbringing is not a
very good excuse. We make our own in this world, it has little to do with where we
came from. Regardless of where you came from, no one is going to put in the work if
it is just going to be taken away. Some people may disagree and say sharing is
caring but, like I said, I feel like it would do more harm than good in the end.

Compose 2-3 paragraphs explaining how completing this assignment helped you
achieve at least two (2) of the following SLCC Learning Outcome

This assignment helped with the Thinking Critically & Creatively and
Communicating Effectively part of the SLCC Learning Outcomes. The last question
covered both parts quite well. Having to put what the film was talking about into a
relatable situation and looking at it from a different perspective made me think
critically. Trying to explain why I came to the conclusions I did made me think
creatively.
Having to pick a side and write why and how I came to the conclusion for
picking that side I chose made me have to communicate effectively. Trying to get
my point across in a way that people would understand and make it easy to follow is
effectively communicating. These are both skills that are important for the real

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world. Thinking on your own and communicating with others in a way you both
understand are crucial parts in everyday life.