Unit 4 (mulhurn) - sustainable development and Buisness for good Flashcards
What is sustainable development?
Development that meets the needs of the present without compromising the ability of future generations
What is sustainable development objectives?
- Economic prosperity
- Lifting people out of poverty
- Giving them the things they need; food, shelter, clothes - Social inclusion
-Covid emphasized the inequality within society - Environmental sustainability
- What we do is necessary but must be environmentally friendly
What are sustainable goals?
- brought the objectives to life
Goal → Moving Beyond Global Capitalism
*It is not about eliminating global capitalism, as there are strengths. We have never been richer at this point in time, never lived this long, or had it easier.
what is global capitalism?
Capitalism is an economic and political system in which our trade and industry is private to make profit rather than by the state.
Global as we are interconnected by trade, finance and people
strengths of global capitalism?
Wealth
- Never been richer
Health
- Never lived longer
Technology
- Never had it easier
What is fustian and bargain?
Faustian bargain, a pact whereby a person trades something of supreme moral or spiritual importance, such as personal values or the soul, for some worldly or material benefit, such as knowledge, power, or riches.
Capitalism is described as this, in way in order to achieve this we have had to sell part of our soul or give up a lot to achieve it
What brought about the beginning of the market? What was it like?
Agricultural Revolution
- Not a currency that was being used
- Majority of life was rural, subsistence agriculture.
- People rarely left their native lands.
- Markets were barter based
What is ascriptive economy ?
When social class or stratum or placement in society is hereditary
What is Specialization, Division of Labour and Entrepreneurship - Adam Smith?
- Founding texts in modern economics
- Economies grow through specialization, Ie. I’m a teacher but I like to eat…
-Specialized knowledge through experience leads to a rise in productivity. - Markets allow specialization and division of labour.
- Self-interest not goodwill drives this system. We are selfish to live the best life
- Pushed the idea of specialization eg. Mr Mulhurn is a teacher but also likes to eat, however does not farm, but still gets to eat. Proposed the idea that if we can specialize we can become more efficient and drive productivity and life will become better.
- That if they can focus on the competition between us it drives everyone Eg. If i can make my bread the best, everyone will want it and then the quality of bread will increase
How would Adam smith define an entrepreneur?
Someone who can recognize the demands for goods and services and make it happen… they will be rewarded for it (make lots of money)
What is production possibilities frontier?
Societies have choices as to how the resources of society are deployed for producing the goods and services that people want and need.
What are some resources and assets that would be used for production frontier?
Labour
Human Capital (skill, experience etc. beyond physical brawn)
Physical Capital (buildings, infrastructure: sewage, electrical, telecommunications)
Natural Capital: Land, clean water, micro-organisms
