Business Studies

Choose 1 topic from the 4 below and submit a 1-page essay.

1. Should governments intervene in the economy to address issues such as pollution, corruption, and economic inequality?

2. Should governments try to use economic policies to regulate the power of the large technology companies –Alibaba in China, Google, Facebook, Amazon and Apple in the US?

3. Should governments address income inequality, wealth distribution, equality of opportunity, and basic living standards such as universal basic income, education, and access to healthcare?

4. Should governments support/protect specific industries, particularly those industries with young, emerging companies/technologies?

Please refer the below course work:
https://1drv.ms/u/s!AjaPv6kEZ6pPgxyAj2HTnMLgjxnW?e=tFQFes

Task:
1. Confirm me the topic you choose
2. Confirm me which part of theory you have used from the course work.
3. Use Demand and Supply diagram to further explain if needed

ANSWER

Addressing Income Inequality

According to various statics, only 1% of the world’s population are billionaires. Recently, according to Forbes, the U.S billionaires got $41.2 trillion richer during the pandemic, even after millions of people lost their jobs are struggled to make their daily ends meet (Peterson-Withorn, 2021). This demonstrates the clear and devastating issues of income inequality within the society, especially with the pandemic highlighting the considerable gap between the rich and the poor. There is a lot of debate surrounds whether the government should rightfully advocate for income inequality by providing a universal basic income, education, and access to health care (Johnson, 2022). However, the proper response to such a debate would be advocating for such measures, as they are the foundation for providing the basic needs for human beings. It is illogical for billionaires to gain $41.2 trillion over one year, as millions of people go to bed hungry.

Advocating for income inequality would ensure that access to healthcare becomes a reality with ease and convenience. The United States, despite being a superpower, has one of the most expensive healthcare systems in the world. As many insurance policies do not cover every expense, millions of people are left to cater for their own bills while accessing healthcare. Having income inequality and raising the rates of healthcare would lead to a healthy nation, which would ultimately lead to a working nation geared towards making the country better. Wealth distribution would also ensure that equal opportunity is present within society, especially in times like the pandemic, where many laid-off workers struggled with financial burdens.

A key way to help reduce inequality is expanding the earned Income Tax. Increasing the earned income Tax would allow more opportunities to be presented for poor people through setting up working factories and other industries through providing opportunities for low-income families, especially single parents entering the workforce.

References

Johnson, P. (2022). Macroeconomics-Session 1. Retrieved from https://onedrive.live.com/?authkey=%21AICPYdOcwuCPGdY&cid=4FAA6704A9BF8F36&id=4FAA6704A9BF8F36%21419&parId=4FAA6704A9BF8F36%21412&o=OneUp

Peterson-Withorn, C. (2021). How Much Money America’s Billionaires Have Made During the Covid-19 Pandemic. Retrieved from https://www.forbes.com/sites/chasewithorn/2021/04/30/american-billionaires-have-gotten-12-trillion-richer-during-the-pandemic/?sh=2902b9cf557e