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THE KY-ASU ECONOMIST MONDAY | 28.02.2022
2022 JANUARY + FEBRUARY ISSUE NFTS IN US POLITICS RUSSIA/UKRAINE CONFLICT CANADIAN TRUCKER FIASCO THE DOWNFALL OF KHMER ROUGE'S AGRARIAN UTOPIA THE DEMISE OF THE QING DYNASTY LIFE AT WHARTON STUDYING ECONOMICS - A CHAT WITH MEI LIN KONG
EMAIL : KYUEMECONSCLUB@GMAIL.COM
INSTA : @KYECONOMICSCLUB
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Contents
Click the titles to direct you to the pages!
NFTs In US Politics
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Russia/Ukraine Conflict
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Canadian Trucker Fiasco
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The Downfall Of Khmer Rouge's Agrarian Utopia The Demise Of The Qing Dynasty
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Life At Wharton Studying Economics - A Chat With Mei Lin Kong
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Econtertainment - Pictionary
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Keeping Up With the Economics
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A highlight of key economic events of the month
NFTs. What began as a new way to promote art using blockchain technology, has now begun to filter through to politics as US congressional candidates have started utilising them to finance their mid-term election campaigns. So, what actually are NFT’s? The term is being used frequently in this new technological world. But what exactly is an NFT? Per google definition, NFTs, or Non-Fungible Tokens, are a unique and non-interchangeable unit of data stored on a blockchain. In simple terms, an NFT is a piece of data such as a picture or video which is one of a kind and cannot be replaced. How do they work? As like all other forms of cryptocurrency, NFTs are bought and sold on platforms such as the well-known NFT marketplace, OpenSea. NFTs can be purchased by any relevant form of cryptocurrency in the individual's “digital wallet”. However, unlike other forms of buying goods, purchasing an NFT does not involve the physical exchange of the NFT itself, but instead the individual now owns a certificate of ownership over the said NFT, which is to be kept in their digital wallet. NFTs in Politics Candidates of the US congress, such as Democrat Shrina Kurani who is vying for the House seat in the state of California, have begun to offer NFTs as inducements for sponsors in order to finance their campaigns. Kurani, who gave out NFTs for donors on a marketplace called SolSea, said that giving out NFTs is her approach to win over the support of the youth in America and fund her campaign, paralleling Donald Trump's previous campaign initiative of selling Make America Great Again (MAGA) hats to raise capital for his presidential campaign which was undeniably successful as it raised over millions of dollars from the sales. Kurani’s approach to gaining money however was not to a similar degree of success. Unlike the millions Trump was able to accumulate in his reign, Kurani only managed to raise $6,610 (Doyle, 2022) and was only able to hand out less than a dozen of these tokens. Democrat Shrina Kurani is not the only running delegate who has incorporated NFTs into their operation. Republican Blake Masters, running for the Senate in Arizona, has also begun to offer NFTs as a way to fund his election. Unlike Kurani, he has had a more satisfying result. By promising to hand out tokens to donors of cover-art from his book, he has raised nearly $575,000 (Doyle, 2022) for his campaign, hinting that NFTs might be a new and effective way for congressional candidates to raise income for their elections.
Image via https://thetimeshub.in/uscongressional-candidates-issue-nft-for-campaignfunding
NFTs in US Politics by Maryam Sofea
Image via https://www.thestreet.com/lifestyle/decimalmistake-costs-bored-ape-nft-owner-270000
REFERENCES: DOYLE, K (2022, JANUARY 10) CRYPTO CREEPS INTO U.S. POLITICS AS CANDIDATES OFFER NFTS KENNEDY, B (2022, JANUARY 11) CONGRESSIONAL CANDIDATES TURN TO NFTS AS FORM OF CAMPAIGN FINANCE
Keeping Up With the Economics A highlight of key economic events of the month
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Russia/Ukraine Conflict by Emeline Yong
*This article was written before the Russian invasion of Ukraine on 24th February 2022
Tensions in Eastern Europe are growing with the looming threat of a Russian invasion of Ukraine. With 100,000 soldiers lined up by the Russia-Ukraine border, the world is anticipating Putin’s next move with apprehension. The White House no longer describes the situation as “imminent”, but maintains the viewpoint that the threat of war is not extinguished considering the complicated rifts between the countries and the existence of military alliances like the North Atlantic Treaty Organization (NATO) (Business Insider, 2022). A brief history - what is paving the conflict? The buildup of the following grievances are the most prevalent in fuelling the conflict: 1. At the end of the Cold War in 1990, the US secretary of state James A. Baker verbally committed to not expand NATO past the territory of East Germany. These promises were never written formally in a treaty. NATO has since expanded over 1000km eastwards past the border. Vladimir Putin, Russia's president, is indignant at this betrayal (The Economist, 2022a). Russia is actively resisting Ukraine’s moves to join NATO (UVA Today, 2022). 2. Putin maintains the belief that Ukraine (a country that only became an independent state following the collapse of the Soviet Union) is an integral part of Russia. Much of the Ukrainian population disagrees with Putin, favouring affiliating with the West.
What would happen in the event of an invasion? Undoubtedly, a full Russian invasion will bring about many casualties, causing distress and further political instability. Russia itself would be heavily sanctioned by the international community, leaving the country deprived of important resources from abroad. Banks too, will be heavily penalised. With $600bn in central bank reserves, the economic consequences of a war can be stomached by Russia. The cost to the people however, will be extremely high. Millions would suffer and the standard of living would plummet. The result might even be contradictory to Russia’s goal: untied countries nearby (such as Sweden and Finland) might revisit their national security plans and be spurred to join NATO for protection. A less ambitious invasion would borne similar results but to a lesser severity (The Economist, 2022b). Regardless, the stakes are high. As a major superpower, Russia supplies many commodities such as energy, oil, wheat and metals globally. The rest of the world will suffer should Russia retaliate to sanctions by ceasing these provisions. For example, Europe faces the risk of their gas pipelines being cut-off by Russia, which currently supplies over half their gas imports. A plausible threat considering such an act would cost Russia between $203m and $228m daily, which will be costly but not unbearable. Sabre-rattling has already caused prices of commodities such as oil and gas to spike (The Economist, 2022b). In this shroud of uncertainty, only Putin holds the cards to determine what comes next. References: Putin says if Ukraine ever joins NATO, it may trigger a war between Russia and the alliance. (2022, February 1). Business Insider. https://www.businessinsider.com/ukraine-joining-nato-could-triggerwar-russia-alliance-putin-says-2022-2?international=true&r=US&IR=T Radcliffe, B. (2022, February 24). How economic sanctions work. Investopedia. Retrieved February 27, 2022, from https://www.investopedia.com/articles/economics/10/economic-sanctions.asp Russia-Ukraine Crisis: What’s Going On – and Why Americans Must Pay Attention. (2022, February 1). UVA Today. https://news.virginia.edu/content/russia-ukraine-crisis-whats-going-and-whyamericans-must-pay-attention The Economist. (2022a, January 6). Russia’s menacing of Ukraine is unlikely to induce NATO to retreat. https://www.economist.com/briefing/2022/01/08/russias-menacing-of-ukraine-is-unlikelyto-induce-nato-to-retreat The Economist. (2022b, January 27). A war in Ukraine could have global consequences. https://www.economist.com/leaders/2022/01/29/a-war-in-ukraine-could-have-globalconsequences The Economist. (2022c, January 31). How will Europe cope if Russia cuts off its gas? https://www.economist.com/europe/2022/01/29/how-will-europe-cope-if-russia-cuts-off-its-gas U.S. Department of State. (n.d.). North Atlantic Treaty Organization (NATO), 1949. U.S. Department of State. Retrieved February 27, 2022, from https://history.state.gov/milestones/19451952/nato#:~:text=The%20North%20Atlantic%20Treaty%20Organization,security%20against%20t he%20Soviet%20Union.&text=NATO%20was%20the%20first%20peacetime,outside%20of%20the %20Western%20Hemisphere.
Key Terms: North Atlantic Treaty Organisation - The North Atlantic Treaty Organization was created in 1949 by the United States, Canada, and several Western European nations to provide collective security against the Soviet Union (From Office of the Historian, United States Department of State) Sanctions - Penalties levied against a country, its officials or private citizens, as punishment or to provide disincentives for the targeted policies and actions. They can range from travel bans and export restrictions to trade embargos and asset seizures (Radcliffe, 2022).
Keeping Up With the Economics
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A highlight of key economic events of the month
Canadian Trucker Fiasco by Abirrami Gunalan On the 14th of February 2022, Canadian Prime Minister Justin Trudeau invoked rarely used emergency powers. Therefore the question to address is, ‘What major situation would have triggered the Canadian government to declare a state of emergency?’ In late January, protests initiated by the so-called ‘Freedom Truck Convoy’ broke out in the capital city of Ottawa. The protests erupted in view of dissatisfaction with US and Canadian laws requiring all truckers crossing the border to be fully vaccinated. However, the protests quickly morphed into an avenue to also express frustration against COVID measures and the government (Tuttle, 2022). To paint a picture, the streets have been thronged with blockades of vehicles and protestors from different age groups draped in Canadian flags as they chant ‘freedom and anti-government slogans’ (France-Presse, 2022). Since the start of the protests, the economy has pummeled both locally and internationally. Canada has been confronted by continued lockdowns in hopes of taming the surge of Omicron cases. It has been reported that disruptions due to commercial traffic could potentially cost Canada CA$500 million daily (RM1.7 billion) (Hertzberg & Duarte, 2022). Supply chains are under strain with the pressure of increasing price levels. The closure of businesses due to safety reasons has also mounted an increased burden on firms hoping to bounce back after the pandemic. Many manufacturers from the automotive industry in particular are at risk of losing profits due to the shortage of resources and manpower. References: Coletta, A., Berger, M., Simon, M. F., & Timsit, A. (2022, February 15). Trudeau invokes emergencies act against Canada's 'freedom convoy' trucker protest. The Washington Post. Retrieved February 15, 2022, from https://www.washingtonpost.com/world/2022/02/14/canada-ottawa-trucker-protests-bridge/ France 24. (2022, February 9). Growing trucker protest raises fears for Canada economy. France 24. Retrieved February 15, 2022, from https://www.france24.com/en/live-news/20220209-growing-trucker-protest-raisesfears-for-canada-economy France-Presse, A. (2022, January 30). Thousands block roads, chant slogans in Canada "freedom convoy" protest. NDTV.com. Retrieved February 15, 2022, from https://www.ndtv.com/world-news/hundreds-oftruckers-pour-into-ottawa-to-protest-vaccine-requirements-2737779 Hertzberg, E., & Duarte, E. (n.d.). Trucker Protests Threaten Canada With Inflation, Negative Growth. Bloomberg.com. Retrieved February 15, 2022, from https://www.bloomberg.com/news/articles/2022-0210/trucker-protests-threaten-canada-with-inflation-negative-growth Tuttle, J. S. and R. (2022, February 15). Canadian protesters defy emergency powers with blockades. Time. Retrieved February 15, 2022, from https://time.com/6148205/canada-protesters-emergency-powers/
Globally, the US’s trade with Canada has also been at stake. Protestors have been blocking access to the Ambassador Bridge between Detroit and Canada which serves as the most important link for the movement of goods. According to statistics, more than 40,000 commuters carry USD$323 million (RM1.4 billion) worth of goods each day (France 24, 2022). Neighbours back in the US have received the news with several mixed views. Many far-right figures and right-wing-based media groups have shown an outpour of sympathy in support of the protestors. Furthermore, according to Trudeau, “almost half of the donations to protestors came from Americans” (Coletta et al., 2022). Apart from the US, the protests in Canada have acted as an example for other countries to follow. In France, individuals gathered in Paris lining up vehicles, waving flags and honking sirens to protest against COVID-19 restrictions. Many people are infuriated after being embroiled in the pandemic for 2 years. Unfortunately, the frustration has come at the cost of the people’s livelihoods and the economy. The Canadian government must find ways to allow people to exercise their rights to freedom of speech while uniting the people both politically and socially.
Image via https://bitcoinmagazine.com/culture/canadian-trucker-protest-bypassesrestrictions-with-bitcoin
Blast from the Past: Recounting a significant event that occurred in the past in this same month
by Adiba Azman
January: The Downfall of Khmer Rouge’s Agrarian Utopia
17 January 1979 marked the end of a brutal revolution in Cambodia - the overthrowal of the totalitarian Khmer Rouge regime. In the four years of ruling under its Marxist leader Pol Pot from 1975-1979, it was responsible for one of the most heinous mass killings of the 20th Century, claiming the lives of up to 2 million people. A Social Engineering Catastrophe When the communist forces took power in Phnom Penh in April 1975, they set out to take Cambodia back to the Middle Ages, aiming to build a classless agrarian society, forcing millions of people from the cities to work on communal farms in the countryside. With cities emptied, the regime began exterminating individuals who did not fit this new ideal, most of which were intellectuals, businessmen, Buddhists and foreigners. This attempt at social engineering costed families their lives through execution, starvation, disease and overwork in the fields. Economic Policies of Khmer Rouge The economic development strategy of the Khmer Rouge was to build a strong agricultural base supported by local small industries and handicrafts. The state carried out a radical program of isolating the country from all foreign influences, shutting down schools, hospitals, factories and abolishing banks and financial systems. Khmer Rouge theorists believed that an initial period of self-imposed economic isolation and national selfsufficiency would stimulate the rebirth of the country's latent industrial capability. Adopting the tenets of this idea, the new communist government called for a total collectivization of agriculture and for a complete nationalization of all sectors of the economy. Cambodia’s economic system was distinctive in two particular respects. Private ownership of land was terminated with the belief that it was the source of egoist feelings and consequently social injustices which would inhibit the government’s pursuit of a classless society of perfect harmony. Aside from that, the government turned Cambodia into a cashless nation, confiscating all republican era currency. With no money in circulation, shops closed and workers received their pay in the form of food rations. However, measuring the economic performance of the Khmer Rouge regime was impossible because data was unavailable due to zero monetary transactions and no bookkeeping. The standard of living described by foreign diplomats, by Western visitors, and by Cambodian refugees in Thai camps ranged from spartan to dismal. Phnom Penh became a ghost town of only about 10,000 people. There were no shops, post offices, telephones, or telegraph services. Frequent shortages of water and of electricity occurred in all urban areas, and the government prohibited movement across provincial borders, except for that of trucks distributing rice and fuel. Party leaders, cadres, soldiers, and factory workers ate well, but children, the sick, and the elderly suffered from malnutrition and starvation. At the end of 1978, when Vietnamese troops invaded Cambodia, the ensuing turbulence completely disrupted the nation's economic activity, particularly in the countryside, which once again became a war theatre traversed by a massive population movement. Agricultural production was again a major casualty resulting in a severe food crisis in 1979.
References: Cambodia - The Economy under the Khmer Rouge, 1975–79. (1987). U.S. Library of Congress. http://countrystudies.us/cambodia/61.htm Khmer Rouge. (2022, February 9). In Wikipedia. https://en.wikipedia.org/wiki/Khmer_Rouge#Path_to_power_and_reign Quackenbush, C. (2019, January 7). 40 Years After the Fall of the Khmer Rouge, Cambodia Still Grapples With Pol Pot’s Brutal Legacy. Time. https://time.com/5486460/pol-potcambodia-1979/
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Blast from the Past
Recounting a significant event that occurred in the past in this same month
February: The Demise of the Qing Dynasty
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by Yi Tian Loh
The Qing Dynasty, the final imperial dynasty of China, ended on February 12, 1912, when the 'Xuantong Emperor's Abdication Edict' was issued by Empress Dowager Longyu on behalf of the last emperor, Puyi. The Qing Dynasty lasted for 268 years (1644 to 1912) and 2,133 years (221 BC to 1912 AD) of imperial rule was subsequently replaced by the Republic of China. This article seeks to explore the reasons for the collapse of the Qing Dynasty, which subsequently led to Emperor Xuantong’s abdication. Below is a brief timeline of the early Qing Dynasty:
The Fall of the Qing Dynasty Signs of disintegration were starting to show during the mid-19th century after the empire flourished in the 18th century. While technological advancements in agriculture boosted population growth, some provinces became overcrowded, inducing farmland, and job shortages. The situation was exacerbated by severe floods and locust plagues, leading to famine and poverty. At the other end of the spectrum, the luxurious life of the royal family and rampant corruption in the government worsened the economic problem. Furthermore, the rebellions and wars that pervaded the last century of the Qing’s rule were costly and placed significant strain on the Qing’s depleting coffers. At the same time, the large and complex system of the Qing Dynasty grew sclerotic. Despite struggling to manage new problems as they arose, attempts for reformation and modernization were shelved aside by conservative bureaucrats, most notably Empress Dowager Cixi who felt that they were too radical and feared stasis or instability if the reforms were not carried out at the right pace. In addition, internal turmoil is also one of the main contributors to the Qing Dynasty’s decline. There were numerous social uprisings against the Qing due to economic, political, and social hardships. These rebellions gradually weakened the empire, leading to its ultimate demise. The first anti-Qing social uprising was the White Lotus Rebellion in 1796 which broke out in impoverished regions of Central China. Although the rebellion was eventually crushed by the Qing elites, it served as a harbinger for upcoming civil unrest.
8 The Taiping Revolution holds many records: the bloodiest civil war, the largest war in China since 1644, and the 19th century's biggest conflict, killing over 20 million people. (History.com Editors, 2018) However, the rebels were defeated; the dynasty would last for another 48 years. On the other hand, the weakening of the Qing Dynasty can be attributed to foreign invasions which greatly reduced the power and prestige of the dynasty. To finance Victorian Britain’s huge appetite for Chinese porcelains, silks, and teas, the British began exporting opium grown in India to China illegally. As a result, opium addiction proliferated in China, raising concerns over silver outflow and the damage of opium smoking to citizens en masse. The clash between China’s interest in restricting opium and Britain wanting a greater degree of trade resulted in the First Opium War (1839-1842). China’s outdated military was easily defeated by the British, who imposed hefty war reparations, forced the opening of China’s ports to Western trade and missionaries, and took control of Hong Kong. China was defeated again by the British and French in the Second Opium War (1856-1860). This time, China ceded the southern portion of the Kowloon Peninsula. Moreover, China’s loss in the First Sino-Japanese War (1894-1895) fought between Japan and China over the control of the Korean Peninsula highlighted the Chinese empire’s weakness and their helpless state towards the inexorability of modernisation. The final straw was the Xinhai Revolution which finally overthrew the Qing Dynasty and established the Republic of China led by Sun Yat-sen. It succeeded due to widespread exasperation from unabating economic and social problems alongside infuriation resulting from the Qing’s failures in modernizing China and confronting foreign aggression.
References: Deason, R. (2017, November 2). A Brief History of China: Qing Dynasty. Culture Trip; The Culture Trip. https://theculturetrip.com/asia/china/articles/a-brief-history-of-chinaqing-dynasty/ History.com Editors. (2018, August 21). Qing Dynasty. HISTORY; A&E Television Networks. https://www.history.com/topics/china/qingdynasty History of the Qing Dynasty | Ancient Chinese Dynastic History. (2021, April 24). CLI. https://studycli.org/chinese-history/qing-dynasty/ List of rebellions in China. (2020, August 18). Wikipedia. https://en.wikipedia.org/wiki/List_of_rebellions_in_China#Qing_dynast y opium trade - The Opium Wars | Britannica. (n.d.). Www.britannica.com. https://www.britannica.com/topic/opium-trade/The-Opium-Wars Pletcher, K. (2018). Opium Wars | Definition, Summary, Facts, & Causes. In Encyclopædia Britannica. https://www.britannica.com/topic/OpiumWars Qing Dynasty New World Encyclopedia. (2020). Newworldencyclopedia.org. https://www.newworldencyclopedia.org/entry/Qing_Dynasty Qing dynasty. (2022, February 14). Wikipedia. https://en.wikipedia.org/wiki/Qing_dynasty#Kangxi_Emperor Szczepanski, K. (2018). Learn the Cause Behind the Fall of China’s Qing Dynasty. ThoughtCo. https://www.thoughtco.com/fall-of-the-qingdynasty-195608 The Decline and Collapse of the Qing Dynasty. (n.d.). Owlcation. https://owlcation.com/humanities/Decline-and-the-Collapse-of-theQing-Dynasty Wikimedia Foundation. (2021, December 16). High qing era. Wikipedia. Retrieved February 15, 2022, from https://en.wikipedia.org/wiki/High_Qing_era Xinhai Revolution | Facts, Summary, Uprising, Revolution & Aftermath. (2019). School History. https://schoolhistory.co.uk/notes/xinhairevolution/
9 Life At Wharton, UPenn Studying Economics:
A CHAT WITH MEI LIN KONG Introduction: Hello everyone! My name is Mei Lin Kong and I am currently a freshman studying at the Wharton School, University of Pennsylvania. I am pursuing a Bachelor of Science in Economics but I am still undecided on the concentrations that I would like to study. During my two years in KYUEM (Batch 22.0), I took four A-Levels subjects: Economics, Further Mathematics, Mathematics and Physics. If you are interested in chatting, feel free to reach out to me via Instagram (@meilinkong) or LinkedIn (Mei Lin Kong)!
US vs UK Why did you apply to the US? Was it your preferred choice over the UK, if so/if not why? To be honest, I came into KY with plans on applying to the UK. However, I was encouraged to apply to the US by my sponsor during my second semester in KY. After talking to seniors who are US applicants and doing more research about how the US education system works, I knew that I would enjoy being in an environment which has a lot of opportunities and flexibility in terms of course choices. One main factor which attracted me to apply to the US is that you do not have to indicate your major when you apply. Throughout your four years of studies, you are free to explore any area of interest by taking up courses which are totally unrelated to your intended major - I took an Intro to Philosophy course and French class last semester! There are also a lot of active clubs which cater to all sorts of interests on campus and research opportunities available. You can also double major or pick up a minor in any area of interest outside of your major! If you enjoy the flexibility and are still trying to figure out what you truly enjoy studying, the US might be a good choice! Why did you pick Wharton over other universities? What is the main attraction/hype? The main reason I chose to apply to Wharton during Early Decision was because of its curriculum. I knew I wanted to explore different areas in business and Wharton’s business fundamentals which are to be completed by every Wharton undergraduate would allow me to do so. The classes here also provide a lot of hands-on experience! For instance, in my WH101 class last semester, I had the opportunity to be a project consultant for a non-profit in the Philadelphia area. The professors here are also really engaging. I enjoy being able to talk to MBA students as well through mentorship programmes or classes - the teaching assistant in my introductory marketing class is a current Wharton MBA student!
10 Your experience in Wharton What is your favourite and least favourite aspect of Wharton? As I previously mentioned, I love the flexibility and the hands-on opportunities provided. Also, the professors and TAs are always really helpful in terms of academics. On campus, there is always something going on - career panels, alumni speaker series and on campus recruitment events. There are also fun events which are hosted by college houses and clubs where you get to meet new people and have fun! Being in Philadelphia is also pretty fun as the city is a short walk away and if you want to head over to New York, hop on a train or bus and you will be there! However, I am not a big fan of the cold weather so I don’t like it when it gets cold during the winter. Any club involvement at Wharton? I am currently involved in Global Research and Consulting, Wharton Women, MUSE Social Impact and Malaysians@Penn.
The application process to the US What was the most challenging part of the process for you? To me, the most challenging part was writing my Common Application essay. I had a hard time coming up with ideas on how to present myself in one essay. Pro tip: Start writing no matter how bad you think your first draft is going to be! Other than that, I was also trying to find a balance between my studies, preparing for university applications and spending time with family and friends to avoid burnout.
What did you do during your time in KY to prepare for your application to Wharton and the US? When did you begin? (Early decision or normal decision) Did you involve yourself in any extracurriculars (as US schools seem to like that)? Of course, the most important thing to do is to maintain a good grade as the US universities look at the consistency of your grades, even after gaining admission. During my time in KY, I was involved in organizing different events such as the Basic Aid for Scholarship Essentials (BASE) initiative, volunteering work (shameless plug: check out Tutors In Action on Instagram!) and also worked on a pro-bono consulting project with the Malaysian SOCIAL Project. In terms of when to begin, I wouldn't say that you have to do anything specific to gain admission. Continue pursuing the activities that you enjoy being in and are passionate about! You don’t have to participate in an activity for the sake of your application as that defeats the whole purpose of pursuing your passion. It is very likely that you already have been doing something that you really like throughout high school and that might be that one thing which shines in your application.
Any specific advice you have for aspiring Economics students applying to Wharton/the US? (Interview/admission test/essay tips) If you are thinking about applying to the US, start preparing for your applications early and try not to procrastinate. If you have trouble getting started, just get started. It really does get better! When I was applying, I took a lot of time reflecting on myself and what I truly value. It might take some time for you too so start early! If you know that you want to study in the US, do your best and power through the application process, you got this!
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Your future plans Do you plan to further your studies, such as for a Masters? As of now, I am not too sure about that yet. I will be spending more time exploring different fields which interests me in the upcoming years so time will tell! What are your career aspirations? I aspire to be someone who will be able to make an impact in my community with the work that I do. Hopefully I will be able to make a bigger impact with the learnings I gained throughout my study at Penn.
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Econtertainment by angeline TAN
Pictionary - Economic Terms Have a go at guessing what these terms are without looking at the answers on the next page!
1.
2.
__ ____'_ r __o l _ _m ___ __
_ _r _ _
m k ______
3. _ r_ _ _e_ _ i_ _ c_ _ _ _ _ n_ _ _ _ o_ _
4.
t ___
_o __e __
5.
_u _ _ _l _ _
g_ _ _ _
Answers 1. PRISONER'S DILEMMA
2. FREE market
A game where, given that neither player knows the strategy of the other player, the optimum strategy for each player leads to a worse situation than if they had known the strategy of the player and been able to cooperate and coordinate their strategies.
An economic system which resolves the basic economic problem through the market mechanism.
3. PRICE DISCRIMINATION
Charging a different price for the same good or service in different markets.
4. HOT MONEY
Short term, speculative flows of money across foreign exchanges, made in order to make a profit on the difference between the buying and selling price of the currency.
5. PUBLIC GOOD
A good where consumption by onE person does not reduce the amount available for consumption by another person.
Reference: Anderton, A. (2008). Economics (5th ed.). Pearson Education, Limited.
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CREDITS WRITERS Adiba Azman Angeline Tan Abirrami Gunalan Emeline Yong Loh Yi Tian Maryam Sofea Mei Lin Kong Yaann Tan
EDITORS Cheah Yi Wen Raeyn Rezqi
TEACHER ADVISOR Ms Thanalatchemy Karuppiah
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