1.

If the government gives everybody the same freedom to work

some will do better than others. The result will be______________, but
not______________.
Answer #1
Answer #2

equality of opportunity
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 that helped the immigrants thrive were hope, opportunity and
hard work. The economic factors that lead to the immigrants thriving in
business were: no red tape, few rules, no regulations, no licenses, no permits
and few government programs. If they worked hard they would gain the
reward with no government interference, essentially at that time-- it was a
free market place.
3. Professor Freidman referred to Hong Kong as the freest market in
the world. Summarize how he described the free market.
He describes the free market as a place that enables people to
do business freely and encourages them to go into any business or
industry they want. They can trade with whatever business or person
they want to. They can buy and sell in the cheapest markets around
the world. The most important aspect of the free market is: If they fail
at business, they bare the cost. If they succeed, they get the benefit.
Hong Kong has little natural resources and little land. The British
government didnt care to have anything to do with it and Hong Kong
eventually became richer than its colonial ruler. It was allowed to
flourish because of the incentive of the free market and absence of
restrictions and tariffs. Between 1950 and 2000, the GDP grew by 10
times because of the free market.

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
Answers #2 take it for granted
Answer #3 natural state of mankind

5. Explain how the lead pencil & the smart phone are examples of
invisible hands.
The concept of invisible hands: There are many people and
companies involved in the production of one single item such as a
pencil. There are invisible hands doing all sorts of jobs, and many
people are needed to create items to make a single pencil: To make a
lead pencil, it took people to make the wood, to make the saw, and to
make steel for the saw.
The invisible hands for a smart phone are the components made
from all over the world: the display was made in Japan, the camera in
Vietnam, the microphone Austria, the memory Korean, the battery
China and the chip components from all over the world. Invisible hands
(the people behind the scenes)are bettering their lives that in-turn
ends up bettering others. It is a complex interaction between
thousands of people.
6. Explain the concept of creative destruction as described in the
Free or Equal video.
Creative destruction is the concept that building up one part of
the economy tears down another in order for economic development.
An example of this is the production of the cell phone, which in-turn
destroyed the need for landlines and all the services and components
involved in having one. The innovation of the cell phone improved lives
and businesses much more significantly than the landlines. Those
businesses that are creative and adapt will survive creative
destruction.
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
prove the_______________.
Answer #1 freedom
Answer #2 be restricted
Answer #3 greater benefits to 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
Answer
Answer
Answer

#1 willingness to take a chance

#2 sacrifice they make
#3 hard work
#4 risk they take

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?
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.
If I understand the concept of doing my own work and getting my own
grades based on my own efforts, then I would have to say that the fair grades
for all is the exact opposite. I am adamantly against sharing my hard earned
grades with someone else. If I had a professor that believed in this
methodology, why would I try to so hard to get a good grade-- when I knew that
the grades would be equally spread? I wouldnt, because it would not be worth
my time. If it was a reality, why not just make the classes pass or fail, why
have any measurement of ability?

The fact that another student is at the same school and in the same class
demonstrates a level of equality in education. The effort to get the grade is on
their shoulders and should not be on mine or any other students. If the reward of
a good grade is taken away, then what is the incentive to do well in the class?
What would end up happening in this scenario of fair grades for all would be a
lot of complacent students-- that never pushed their boundaries to learn and
excel. They would be content with the mundane. Without the strain, there is
no gain.
Economically fair shares for all is the distribution of wealth. I think this is a
recipe for disaster. The video narrator goes on to say how many issues were
created by this in Sweden. The best example is the fact that the biggest
businesses there are over 90 years old. There is no new thriving big business
and their young business owners are going elsewhere; where the taxes are
lower and there are fewer regulations. Their citizens were calling in sick
because their wages were 80% compensated by the government; as a result
many of them chose to stay home. They became complacent. America may have
a lot of taxes and restrictions in comparison to free markets but we still have
economic prosperity and room to do what we want to; it just involves a little
more red tape. Life is not fair and neither are grades or matters of business.
Reflective Writing
Compose 2-3 paragraphs explaining how completing this assignment helped
you achieve at least two (2) of the SLCC Learning Outcomes:
I found this assignment to be very interesting and informative. Through
this assignment I developed more knowledge and skills to become more
civically engaged. I was unaware of what exactly a free market was and
how it evolved. It was fascinating to learn about economic standings of
different countries. I am proud to be from an industrious country and be an
American citizen. I am proud to have all of the individual rights that we have
and hold dear. I am more aware than ever-- to make my voice be heard and
up hold to the best of my abilities the constitution. I have individual rights
that I dont use like I should. I will do better and do my part.
I have learned how to think critically and creatively through my
communication and discussions. Watching the video helped me see outside
my own little world and push my own boundaries. I have to admit that it is
easy to be consumed by my own interests, wants and dislikes. I am now more
aware of my surroundings, my city, my state, my country and now the world.
It is easy to be a non-thinker. It doesnt take much effort. Expanding myself
and pushing my knowledge; about economics and how the world ticks is
actually very fascinating to me. I had no idea it was so cool. It was very
interesting to see how governments try to do the best for their people and it
ends up being worse than what the people could already do for themselves.