UNIT 3
Activity 2: Reflection Paper Writing and Publishing
Ours is the time of the Information Revolution. Technology has reduced the role of human labor and shifted it from a manufacturing-based economy to one that is based on service work and the production of ideas rather than goods.
Directions: Trace the history of Global Market Integration. Use the space for your writing. Use the space below as your draft. Publish this writing in a blog page, or submit your work in the pigeon boxes which are provided in your department/college, or to Google class on or before the date as reflected in your studyschedule. See rubrics in blogging.
Global Market Integration
Refers to the price differences between
countries are eliminated as all markets
become one.
Market integration occurs when prices among different locations or related goods follow similar patterns over a long period of time. Groups of goods often move proportionally to each other and when this relation is very clear among different markets it is said that the markets are integrated.
"HISTORY OF GLOBAL MARKET INTEGRATION"
The history of the global market brought positive and negative effects through time. At this point, markets will be assessed through your own perspective provided that you already had a good grasp of the different concept in economic and financial globalization.
1. Agricultural Revolution
The first big economic change. This is when people first learned how to domesticate plants and animals, it ushered in a new agricultural economy that was much more productive than hunter-gatherer societies were. Farming helped societies build surpluses, which meant not everyone had to spend their time producing food. This, in turn, led to major developments like permanent settlements, trade networks, and population growth.
Refers to the period where the first
big economic change happened,
where there was an unprecedented
increase in agricultural production.
In addition, People learned how to domesticate plants and animals, and realized that it was much more productive than hunter-gatherer societies.
Moreover, This revolution led to major
developments like permanent
settlements, trade networks, and
population growth.
2. Industrial Revolution
The second major economic revolution that transformed largely rural, agrarian societies into industrialized and urban ones.
Where factories popped up and
changed how work functioned. People began working as wage laborers and then becoming more specialized in their skills. This period led the people have access to a wider variety of goods due to mass production.
This has introduced new economic tools, like steam engines, manufacturing, and mass production. Factories popped up, changing how work functioned.
Now, instead of working at home, where people worked for their family by making things from start to finish, they began working as wage laborers and becoming more specialized in their skills. Overall productivity went up, standards of living rose, and people had access to a wider variety of goods due to mass production – all good things.
"TWO ECONOMIC MODELS ARISED DURING INDUSTRIAL REVOLUTION"
These models sprung up during this period as economic capital became more and more important to the production of goods.
1. Capitalism
Refers to a system in which all natural
resources and means of production
are privately owned.
Emphasizes profit maximization and
competition as the main drivers of
efficiency.
2. Socialism
Refers to a system in which the
means of production are under
collective ownership. It rejects
capitalism’s private property.
In this system, the property is owned
by the government and allocated to
all citizens, not only those with the
money to afford it.
This system emphasizes collective
goals.
"ECONOMIC CASUALTIES DURING INDUSTRIAL REVOLUTION"
Many poor women and children worked in dangerous conditions at the factories for low wages.
However, labor unions was formed in the late 19th Century in order to improve wages and working conditions through collective action, strikes, and negotiations.
Labour unions gave way for minimum
wage laws, reasonable working hours, and regulations to protect the safety of the workers.
3. Information Revolution
furthermore, computers and other technologies are beginning to replace many jobs because of automation or
outsourcing jobs offshore.
TWO CLASSIFICATIONS OF LABOR MARKET JOBS
1. Primary Labor Market
Refers to the jobs that provide many
benefits to workers, like high
incomes, job security, health
insurance, and retirement packages.
2. Secondary Labor Market
Refers to the jobs that provide fewer
benefits and include lower-skilled
jobs and lower-lever service sector
jobs.
These jobs tend to pay less, have
more unpredictable schedules, and
typically do not offer benefits like
health insurance.
SUMMITED BY: CHRISTINE I. YABO
CLASS SCHEDULE: GE-CW (T-TH) 1:00-2:30 pm
SUMMITED TO: PROF MARICEL ADRIATICO
