History and Social Science, Part 60

Question 1: Define and describe capital.

Answer 1: Capital is a comprehensive term for all or any methods by which products are made by labor. This includes a wide variety of tools or elements. Physical capital may include all categories of real objects such as equipment, plants, land, and machinery that contribute to the process of production. Intellectual capital is the necessary ingredient that transforms the production process by human interaction. Included in intellectual capital is the utilization of information, management skills, technological advances, and application of ideas and theories which are catalysts in the economic system. Although capital is generally regarded as an essential ingredient of benign economic activity, it can also be used to foster the defense of a state or prepare a country for an aggressive war. The designation of large portions of Germany's capital was used to attempt to dominate Europe by the Nazis. Capital is commonly used to further a state's geopolitical aims through peaceful or belligerent goals. The utilization of capital is a prime indicator of any country's goals and ambitions.

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Question 2: Define: transport, exchange, infrastructure, and consumption as they relate to macroeconmics.

Answer 2: Transportation is the network that allows the economy to function. Capital and labor must be moved to land in order to facilitate production. Finished goods must be moved through channels of distribution to be available to consumers. Transport is necessary for the movement of products, people, and capital.Economic exchange is the basic activity of economics. The circular cycle of exchange from consumer to suppliers and back are the transactions that move an economy. The field of exchange is the marketplace, and money is the medium through which these transactions move. Building an infrastructure for market transactions is necessary to allow an orderly and dependable mechanism for economic exchange.Consumption of goods, services, and ancillary products is the final activity for satisfying the needs and wants of society. Consumption also may include the less tangible qualities of health, leisure activity, goodwill, and freedom of choice.

Question 3: Discuss disposal.

Answer 3: All excess products of consumption or production must be eliminated as waste. The failure to dispose of these waste products will result in an impaired economy and a degrading of quality of life. Waste removal requires a large physical capacity and the employment of significant capital resources. The increasing urbanization of the world make waste disposal an important priority.Systems of waste removal include garbage and sewage operations as well as preventative measures of recycling and legislation to protect the environment. Governments must take responsibility for waste removal because of the scope of the problem. The ecological movement and green economics of the past 30 years have raised questions on the economics of waste and the quality of life. This has generated increased concern about such issues as destruction of natural habitats, global warming, air and water pollution, and the importance of sustaining our natural resources.

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