ECO202 Module 4 Written Homework Assignment

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Morgan Community College *

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ECO202

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Economics

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Jun 11, 2024

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pdf

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Unit 4: Written Homework Assignment Instructions 60 Points 1 O/verview Complete the following Unit 4 Written Homework Assignment for this module by the stated due date on the Schedule. Please submit in the Unit 4 Written Homework Assignment Dropbox as a .doc, .docx, .pdf or .rtf file. Instructions Complete the following questions in the form of short essays. Each question is worth 10 points. Be sure to cite your references. Type all responses following each question on this assignment page and submit to the Dropbox. 1. How rich are the rich? Wealth statistics on the very rich are compiled every year by Forbes magazine. Answer the following questions: A. Carefully define wealth, differentiating it from income. Which of these two are more unequally distributed in the US? Why? The definition of wealth is an abundance of valuable possessions or money, while income is money received, especially on a regular basis, for work or through investments. Wealth is more unequally distributed because while everyone can earn an income, it is hard to achieve wealth. Thus less people actually achieve wealth, due to the difficulty of achieving this goal, and the unequal distribution becomes greater because the more resources or wealth you have the more opportunities you have to create wealth or earn wealth and more resources. B. Find out who are the richest in the US and world at www.forbes.com: i. Choose lists, then "400 Richest Americans." ii. Select ten individuals for study at random. iii. List and explain your 10 individuals and explain how much wealth they each own. (Make certain that your units are correct.) How did they achieve this wealth? Alice Walton: $62.3 billion Alice Walton, age 71, is the only daughter of Walmart founder Sam Walton. She has a Bachelor of Arts/Science from Trinity University and lives in Fort Worth, Texas. Walton has focused on curating art, rather than working for Walmart like her siblings, Rob and Jim. She inherited this wealth. Alice W
Unit 4: Written Homework Assignment Instructions 60 Points 2 Jacqueline Mars: $28.9 billion Jacqueline Mars, age 81, has gained most of her wealth from candy and pet food. She owns approximately 1/3 of the Mars company which was started by her grandfather. She worked for the company for nearly 20 years and served on the board until 2016. She lives in The Plains, Virginia and has a degree in Bachelor of Arts/Science from Bryn Mawr College. She inherited this wealth Ray Dalio: $16.9 billion Ray Dalio, age 71, is the founder of the world's biggest hedge fund firm, Bridgewater Associates, which manages roughly $140 billion. He lives in Greenwich, Connecticut with his wife and has a degree in Bachelor of Arts/Science, Long Island University and a Master of Business Administration, Harvard Business School. Dalio has given more than $850 million to philanthropic causes. His Dalio Foundation has supported microfinance and inner-city education. He created this wealth. Donald Newhouse: $13.7 billion Donald Newhouse, age 91, and his late brother, Samuel "Si" inherited the publishing and broadcasting empire Advance Publications decades ago. Advance Publications is a media company. He lives in New York, New York. He attended Syracuse University but dropped out to help his dad with the company. He both inherited and created the wealth he has. Philip Anschutz: $16.9 billion Philip Anschutz has built fortunes in oil, railroads, telecom, real estate and entertainment. He owns the NHL's Los Angeles Kings and a third of the Los Angeles Lakers, plus the arena in which they play, the Staples Center. His Anschutz Entertainment Group operates more than 100 arenas and concert venues worldwide. He is 80 years old and lives with his wife in Denver, Colorado. He earned a Bachelor of Arts/Science from University of Kansas. He created his wealth. Jim Kennedy: $8.2 billion Jim Kennedy is the chairman of privately held automotive and media company Cox Enterprises; he shares ownership with his sister and cousins. Kennedy's grandfather, James M. Cox, founded Cox Enterprises in 1898 when he purchased the Dayton Evening News. He inherited his 25% stake in Cox Enterprises from his mother, Barbara Cox Anthony, who died in 2007. Jim Kennedy is 73
Unit 4: Written Homework Assignment Instructions 60 Points 3 years old and lives in Atlanta, Georgia, with his wife. He earned a Bachelor of Arts/Science from the University of Denver. He both created and inherited his wealth Dan Gilbert: $7.5 billion At 22 years old Dan started is own company, Quicken Loans, in 1985. Quicken, which originated nearly $146 billion in mortgages in 2019, went public as Rocket Companies in August 2020 at a $36 billion valuation. Dan is 58 years old and lives in Franklin, Michigan with his wife. He earned a Bachelor of Arts/Science from Michigan State University; LLB, Wayne State University. He created his wealth. Bubba Cathy: $7.1 billion Bubba Cathy and his brother run the fast food restaurant Chick-fil-A, the fried chicken chain founded by their father, Truett, in 1967. He grew up in the business, rising from construction apprentice to senior vice president in 1995. Today Bubba serves as Chick-fil-A's executive vice president and is president of the company's Georgia-based Dwarf House and Truett's Grill. He is 66 years old and lives in Atlanta, Georgia with his wife. He earned a Bachelor of Arts/Science from Samford University. He inherited his wealth. Jack Dorsey: $6.8 billion Jack Dorsey has been CEO of both social media firm Twitter and small business payments company Square since 2015. Dorsey cofounded Twitter in 2006 with Ev Williams, Biz Stone and Noah Glass, and was CEO until 2008. He returned in 2015. Dorsey cofounded Square with Jim McKelvey in 2009. Before gravitating to tech, Dorsey was a certified masseur and dabbled in fashion design. Jack is 44 years old and lives in San Francisco, California. He dropped out of New York University. He created his own wealth. David Sun: $6.5 billion David Sun cofounded and helps run Kingston Technology, which makes storage and memory products, as COO. With longtime partner John Tu, Sun launched a computer memory business out of a garage and sold it to now defunct PC maker AST a few years later. The pair started Kingston by making surface-mount memory chips after losing most of their first fortune in the stock market. David Sun is 69 years old and lives in Irvine, California with his wife. He earned a Bachelor of Engineering from Tatung University.
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