Week 1 Written Assignment

Part I. Watch the videos (2:24 minutes) and (14:31 minutes) in addition to reading chapters 1 and 2. Respond to the following questions:

1. What is economics, and how can you benefit from understanding basic economic concepts?
2. Name two countries each that have capitalism, communism, and socialism.
3. Compare and contrast the worlds major economic systems. Why is capitalism growing, communism declining, and socialism still popular?

Part II. Watch the short video (1:40 minutes) and read chapter 3 (Competing in the Global Marketplace) in the Introduction to Business textbook and, if needed, add additional information from other sources to respond to the following questions:

1. Why is global trade important to the United States and how is it measured?
2. What are some current issues that are impeding global trade for the United States?
3. What is a trade deficit and what is the current position of the United States and China?

Essential Activities:

1. Watching the video (2:24 minutes) will help you complete this assignment.
2. Watching the video (14:31 minutes) will help you complete this assignment.
3. Watching the video (1:40 minutes) will help you complete this assignment.
4. Reading chapters 1-3 in the Introduction to Business textbook embedded within this course will help you complete this assignment.

Notes:

1. This paper must be formatted in .
2. Please refer to the written assignment rubric on the start here tab for this paper.
3. Recommended paper length = 2-3 pages

The textbook should be cited on your References page as follows:

OpenStax College. (2018), Introduction to Business, Houston, TX: OpenStax CNX. Retrieved from https://openstax.org/details/books/introduction-business

https://openstax.org/books/introduction-business/pages/1-introduction

https://openstax.org/books/introduction-business/pages/2-introduction

https://openstax.org/books/introduction-business/pages/3-introduction