Double Journal Entry # 7

1. Choose one of the unprecedented stresses on the earth resources and describe how it will negatively affect the quality of life of people living in developing countries and people living in modernized countries.
The main one that sticks out in my mind is the aging population. Since the baby boomers are retiring at an older age jobs are becoming a little harder to come by for those who are looking for employment directly out of school, the reason for this is because the tenure from the older employees is seen more of an asset than some hot shot student without experience.

2. What is the major debate around the future of market-based economies? The main debate about the market-based economy is the balancing act that is taking place with the idea and the policy. When I read the chapter it seemed to say that the idea of market-based economy is tailored to the consumer because of the increased competition, but the policies in place effect the advantages consumers are entitled such as the ability to commit and detach themselves when their interests are compromised.

3. How has this technological revolution different the previous technological revolutions and what two factors of production and now more important than capital, labor and raw materials? This revolution will be remembered for the notion of "using time wisely" the knowledge and creativity are still important but these ideas must be within a time frame that is convenient for all parties involved. In revolutions past it was about finding different ways to complete a task (how to complete instead of when).

4. What new service ideas have you had direct experience with? Drawing on your personal experience what are the benefits and drawbacks of these new service ideas? Bundling is a huge thing now with consumer products. I can remember a time where so many things came at a high price tag without the necessary attachments, but now so many of my favorite products(Xbox, cell phone features) come with added perks and free peripherals that maybe I could not have otherwise been able to afford.

The video above is an interesting take on the economic freedom of the U.S. compared to other countries. It isn't mine but I still find it fascinating.

1.EconFree. (Producer) (2011). Episode two: Economic freedom in america today [Web]. Retrieved from http://www.youtube.com/watch?v=F4fWQnguR1E