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Intro to Business

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Homework - Week 1
Intro to Business & Technology

Which economic system is best suited for handling a crisis of epic proportions (hurricane, flood, blizzard, forest fire, etc.)? Why?
Natural disasters cannot be predicted. Americans, as well as people in communities worldwide, are not prepared for these types of situations. The economic system is best able to cope and recover in the event of these types of natural disasters. The free market system is the most able because it involves a sector owning most resources. This leaves the government’s main function as facilitating and aiding economic activity. The government is focused on rebuilding investment in the private sectors. For example, the government would introduce ways of lending money, such as grants and low interest loans, which would help low sector get on with their main concerns. Their main motivation would be profit, which would be greatly aid regeneration.
In 2011, a tornado tore through Joplin, MO. Economics Professor Dan Smith researched the effects of economic freedom on disaster relief surrounding the aftermath. He wrote in the News Tribune: “In contrast to other recoveries in which federal and state governments orchestrate recovery, policymakers allowed the free market, voluntary sector to guide recovery in Joplin, demonstrating how effectively economic freedom can help communities rebuild after a natural disaster.” (Smith, 2012).
As one of our discussion topics this week was based on Wal-mart influencing America. In this instance, yes it has. The unaffected Wal-mart of Joplin has given non-traditional items that the community needed, such as appliances, mattresses, and even lumber. They quickly announced their intentions to keep employees on payroll. Companies came together to help the town of Joplin out. They played a key role in rebuilding the town back up.
Unfortunately, there are complicated and uncertain regulations that can also affect the ability of disaster-stricken communities. Many states have laws that restrict or prohibit out of state specialists, such as electricians, physicians, from practicing within state borders. Because of these regulations, it can take longer for the communities to get back to normal. A number of factors impact recover, but the two most important lessons from research on previous disaster recoveries are these: 1. Allow churches, charities, and businesses to lead the response and recovery efforts, 2.Waive the licensing, regulatory and zoning requirements that complicate and impede rebuilding. (Smith & Grube, 2013).
The free market was able to assist in the Joplin recovery because the community came together to help in the rebuilding process by volunteering. This has shown to be the most effective and efficient approach to rebound after a natural disaster.
Describe and explain why a socialist system might be the best in responding to the needs of people struck by an emergency situation like the earthquake that occurred in Haiti in January 2010.
A social system can help a country concentrate efforts and resources on major tasks. The most important disaster response strategies are to mobilize the entire country to help disaster areas. After the Haiti earthquake in 2010, government efforts, countless individuals and organizations provided assistance to the earthquake stricken areas. There was great support from other countries. Cuba was the first country to respond and provided the first on-site doctors to provide medical needs.
As the earthquake killed thousands and thousands of people, international assistance was provided to help Haiti through their hard time.
Among international agencies, there was also a strong response to offer assistance. The Red Cross had launched a funding appeal that included easy means to contribute, such as via text messaging. (Political Conditions, 2013, Haiti Country Review, p. 22)
The United Nations Foundation has been providing disaster cleanup and community rehabilitation by removing earthquake debris, recycling, demolishing and identifying housing solutions for affected families. They are also preparing emergency communication, security, providing healthcare by vaccinating many children under 10, providing multiple treatments to patients, creating jobs. The environment is also being reforested. Use the laws of supply and demand to explain why the cost to heat our homes and businesses goes up on the winter time.
Today is a cold day, -9, -34 with windshield. The news this morning urged the state to conserve electricity during the extreme cold today during certain hours of the day. There is very little supply, as we have a high demand for electricity as the weather is cold. There are more people using electricity to heat their homes, run space heaters to keep warm, and even more people just being indoors to stay out of the cold. As for some Americans, they heat their home either with electric or gas. There will still be a supply and demand with both options in the winter time.
For winter time, we use short term demand for natural gas to heat our homes. During the coldest months of January and February, we use more natural gas, spiking the demand for it and dipping during the months of July and August. Gas is stored up during the summer months to be saved for the winter months to keep up with the demand. Weather, fuel switching and the U.S. Economy are primary factors that determine the demand for natural gas in the short term. (Naturalgas.org)
References
NaturalGas.org. (n.d.). Retrieved January 7, 2014 from http://www.naturalgas.org/business/demand.asp
"Political Conditions". (2013). Haiti Country Review. Business Source Complete, 13-47. Retrieved January 6, 2014 from EBSCOhost
Smith, D., & Grube, L. (2013, June 10). Lessons in Disaster Recovery, The Need for Speed. Retrieved January 8, 2014 from www.fee.org/the_freeman/detail/lessons-in-disaster-recovery#axzz2pd9NDhHN
Smith, D. (2012, March 13). PERSPECTIVE: ?Show-Me State? offers lesson on disaster recovery | News Tribune. Retrieved January 7, 2014 from http://www.newstribune.com/news/2012/mar/13/perspective-show-me-state-offers-lesson-disaster-r/

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