Is Greed Good Brainstorm 1 what is greed

Is Greed Good Brainstorm– 1. what is greed (selfishness)? 2. why do most religions and ethical systems say that greed is bad? 3. how is greed destructive?

Part 1 • Define– 1. conspicuous consumption 2. competition 3. zero sum game 4. monopolies Discussion Questions (write your answer) 1. Is everyone greedy 2. Why do we want more? 3. How does government get its money? How do businesses get their money? 4. How do both parties benefit (producer and consumer) in a free market (think of the milk example)? 5. How did Vanderbilt become wealthy? 6. Do you agree with David Kelley’s view of “robber barons”? 7. Should there be a limit to how wealthy someone can be?

conspicuous consumption • expenditure on or consumption of luxuries on a lavish scale in an attempt to enhance one's prestige

Economic competition • is the rivalry among sellers trying to achieve such goals as increasing profits by varying the elements of the marketing mix: price, product, distribution, and promotion

Zero sum game • A situation in which a gain by one person or side must be matched by a loss by another person or side:

monopolies Exclusive control by one group of the means of producing or selling a commodity or service

Part 2 • Define– 1. Innovation 2. productivity 3. Adam Smith’s “invisible hand” 4. Altruism • Questions– • 1. How do for-profit business measure success? • 2. How does this differ from non-profit organizations? • 3. How does competition lead people to innovate and serve others? • 4. What is the role of reputation in free market exchanges? • 5. Can self-interest help explain why people cooperate? • 6. Compare living by your own efforts with living on the efforts of others? • 7. What is Adam Smith’s “invisible hand”?

Innovation • something new or different introduced

Invisible hand • (in the economics of Adam Smith) an unseen force or mechanism that guides individuals to unwittingly benefit society through the pursuit of their private interests.

productivity • the rate at which goods and services having exchange value are brought forth or produced

Altruism • the principle or practice of unselfish concern for or devotion to the welfare of others

Part 3 Questions– 1. What factors determine wages and salaries? 2. Is the wealth of a nation or the world limited? 3. Why do some people earn more than others? 4. When someone else makes more money, do you lose? • 5. Which is more important, motive or outcome? • 6. Why do people prefer jobs over charity? • 7. Would you rather give money away or create new jobs? • • •