E-Portfolio Assignment: Free or Equal
Free or Equal Questions
While watching Free or Equal, answer the questions as follows:
Fill-in-the-blank questions - Use the precise language from the video.
Short answer questions - Summarize the concepts in your own words, as explained in the video.
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 ____________________.
2. Immigrants who arrived in the late-1800s/early-1900's found that America was "truly a land of opportunity." Describe the factors these immigrants encountered which helped them "thrive."
3. What are the factors which led to the rapidly rising "standard of life" in Hong Kong? (Be specific.)
4. Explain "voluntary association" & why it is essential in a free market.
5. Explain how the lead pencil & the smart phone are examples of "invisible hands."
6. In 1980, Milton Friedman visited Hong Kong & met Mr. Cheung who made & sold metal containers. Decades later, Johan Norberg visited Mr. Cheung & found that he still makes metal containers however, he now produces more things for the tourist trade. This is an example of what economic concept? Explain its significance.
7. Johan Norberg describes how his home country of Sweden taxes heavily & then redistributes wealth. Describe the benefits & drawbacks that this approach has on the Swedish population.
8. Explain how "Free markets regularly turn luxuries into consumer goods."
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 __________________________________."
10. Professor Friedman uses the analogy of a race to explain the concepts of Equality of Opportunity and the Equality of Outcome:
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Equality of Opportunity
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Equality of Outcome
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All race participants are given the opportunity to begin the race at the same starting line at the same time.
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All race participants are guaranteed to finish at the same time.
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Also known as Free Market Capitalism.
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Also known as Equal Shares for All.
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In this class, we apply the Equality of Opportunity concept. All students begin on the same day, receive the same course information & have the same amount of time to complete the coursework.
Classroom
- Hypothetically, if we applied the Equality of Outcome concept in this class, all students would be guaranteed to receive the class average grade.
- The grade would be determined by combining all points earned (by the class as a whole) & dividing them equally among each student. All students would earn the same grade regardless of their performance.
- Unless the class average were unusually high or unusually low, the most likely result would be all students would earn a grade in the "C" range (C+, C or C-). Grades in the "C" range are generally considered to be average grades.
1. Would you approve of using the Equality of Outcome method in calculating your final grade? Why or why not?
2. What are the pros & cons in using this method?
3. Address the above two questions in a minimum of 2 paragraphs.
Workplace
- If the Equality of Outcome concept were applied at your workplace, all employees would be paid the same wage, regardless of their job duties, education, performance or skill.
- Consider the example of Gravity Payments, a Seattle-based credit card processing company. In April 2015, CEO Dan Price set a $70k minimum salary for all 120 employees. He also announced that he was taking a pay cut from $1 million to $70k.
1. Would you approve of using the Equality of Outcome method in calculating your salary? Why or why not?
2. What are the pros & cons in using this method?
3. Address the above two questions in a minimum of 2 paragraphs.
Attachment:- E-Portfolio-Assignment-Free-or-Equal.pdf