What are the reasons behind the 2008 recession?


1.Watch Reasons behind 2008 Recession,https://www.youtube.com/watch?v=Bzc8ZO5XYyo, and give us your thoughts on the Great Recession, and apply what you have learn so far in the course- 200 words for this question – only need 1 answer.2.In this lesson we looked at Technology, Labor and Production, and my question is to you, how will the nature of labor change in the years to come? In other words, what will people do to make a living in an ever increasing global labor market? Use your imagination, and base it on your studies and facts that you can obtain from outside sources.- 200 words for this question – need 2 separate answers for 2 separate students.3.Watch EconMovies 8: The Dark Knight (Oligopolies and Game Theory)https://www.youtube.com/watch?v=JMq059SAQXM, and give your opinion on the comic book industry.Watch VideoOligopolies and Game Theory- EconMovies #8: The Dark Knight- 200 words for this question – need to separate answers for 2 separate studentsPLEASE PLEASE PLEASE be able to complete this on time and DO NOT plagiarize, or I will know and you will not be paid.


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The global financial crisis of 2008 is considered as one of the biggest economic downturns in modern history. It impacted the world’s economies at different levels and raised questions about the stability of the banking sector. Many experts believe that the root cause of the crisis was the bursting of the United States’ housing bubble, which led to a rising number of mortgage defaults among individuals. In this context, we will take a closer look at the reasons behind the 2008 recession and evaluate the key factors that contributed to its occurrence. Additionally, we will apply what we have learned so far in our course to analyze the situation.


The 2008 recession had far-reaching implications across the world, with millions of people losing their jobs, businesses, and homes. It was a momentous event that highlighted the vulnerabilities of the global financial system and emphasized the significance of robust regulations and monitoring mechanisms. The reasons behind the recession were complex and multifaceted, with several factors converging to create a perfect storm. In this regard, the link provided in the video “Watch reasons behind 2008 Recession” examines the causes and effects of the economic downturn. Additionally, it presents critical insights from experts who assess the situation and offer suggestions on how to avoid such crisis in the future. By applying what we have learned so far in the course, we can analyze the events which led to the recession and evaluate the steps that were taken by governments and financial institutions to control its impact.

1. Answer:

The 2008 recession was a result of a combination of factors, including the housing bubble, subprime mortgage crisis, and excessive risk-taking by the banking sector. The impact of the Great Recession was devastating, with many people losing their lifetime savings, jobs, and homes. From our course, we have learned that the banking sector plays a critical role in the economy’s overall stability and growth. In this context, the 2008 recession was an essential lesson for financial institutions worldwide. Banks, finance companies, and other financial entities, which survived the crisis, understand the importance of risk management and the need for effective regulations. Going forward, banks must continue to focus on strengthening their balance sheets and improving their risk management practices. The Great Recession has shown that financial markets can be volatile, and rapid adjustments can lead to significant losses. Therefore, to avoid such incidents in the future, every sector of the economy must work together and make efforts to maintain a robust and stable financial environment.

2. Answer:

The nature of labor will change significantly in the coming years, influenced by the rapid advancement of technology and automation. With jobs becoming increasingly automated, the primary means of earning a livelihood will shift from traditional production and labor-intensive roles to newer technologies’ implementation. Workers in the future will need to focus on developing soft skills to stay relevant in their respective domains. For instance, data analytics, artificial intelligence, and blockchain are new technological trends that require specialized skills and expertise. Therefore, individuals must be prepared to adapt to a constantly evolving workplace, where the nature of work can change rapidly based on technological advancements. The global labor market is highly competitive, requiring workers to have an appropriate skill set that meets the demands of modern businesses. Freelancing and remote working options are also gaining traction, and individuals can explore these options to establish themselves as independent contractors, relieving themselves of geographical constraints.

3. Answer:

The comic book industry, like many other entertainment industries, has been significantly impacted by digital technologies. With the rapid growth of online alternatives, many traditional comic book stores are facing challenges in maintaining their customer base. However, the industry has also been able to leverage technology to its advantage, with many comic books and graphic novels now available in digital formats. Additionally, the industry has diversified its offerings to include merchandise, toys, and collectibles. Games and movies based on comic book characters have also increased the industry’s popularity, sparking renewed public interest. Therefore, while digitalization poses a threat to traditional comic book stores, it also provides opportunities for the industry’s diversification and growth. Ultimately, as technology continues to evolve, it will be interesting to see how the comic book industry adapts and innovates in the face of these challenges.

Objectives and Learning Outcomes:

1. Great Recession & its Reasons:
Objective: To understand the reasons behind the Great Recession and apply the acquired knowledge to current economic circumstances.
Learning Outcomes:
– Students will be able to analyze the root causes of the Great Recession.
– They will be able to relate the current economic situation to the causes of the recession.
– They will develop critical thinking skills to assess different factors that could potentially lead to another crisis.

2. The Future of Labor:
Objective: To predict the nature of labor in the coming years and explore the impact of technology and globalization on the global labor market.
Learning Outcomes:
– Students will be able to analyze the changing nature of labor market as a result of technological advancements and globalization.
– They will be able to predict future occupations and the need for new skill sets to adapt to the changing labor market.
– They will develop critical thinking skills to analyze the potential future solutions for the challenges that workers may face in the new labor market.

3. Game Theory and Oligopolies:
Objective: To understand the concept of oligopolies and their impact on the market, using the comic book industry as an example.
Learning Outcomes:
– Students will be able to analyze the oligopoly market structure in the comic book industry.
– They will be able to determine how the oligopoly market structure influences competition and pricing strategies.
– They will develop critical thinking skills to analyze and recommend potential solutions to the challenges of oligopolies in different industries.

Answer 1: Great Recession & its Reasons
The 2008 financial crisis was a global economic downturn that had a lasting impact on the world economy. The Great Recession was caused by the subprime mortgage crisis, which caused a sharp decline in the housing market and affected the entire economy. The banks were also heavily involved in the risky trading of mortgage-backed securities, and when the housing market collapsed, they experienced significant losses. This led to the collapse of many financial institutions, which caused a global ripple effect.

In terms of applying the knowledge learned in the course, we can see a number of measures that have been implemented to prevent another financial crisis. For instance, banks are now more heavily regulated, and there are more stringent rules on mortgage underwriting; It is important to have stable policies, regulations, and a well-capitalized banking system in order to prevent future crises.

Answer 2: The Future of Labor
The nature of labor has been evolving rapidly, as technology and globalization continue to drive change in the labor market. In the years to come, the demand for new skills would require people to learn more technical skills to remain competitive in the labor market. The need to understand and utilize technology would be of utmost importance, with the rise of virtual reality tools and Artificial Intelligence. Alongside this, people would need to upskill their soft skills, for the purpose of effective communication and negotiation in the global labor market.

Networking, self-directed learning skills, and entrepreneurship would be essential to cultivate an independent career path in a future labor market.

Answer 3: Game Theory and Oligopolies
The comic book industry is a classic example of an oligopoly, with a handful of firms controlling the majority of the market. An oligopoly market structure makes it possible for these corporations to exercise a high level of control over the market. As a result, these corporations can influence the pricing of their products, even in the face of competition from smaller firms.

It’s both an opportunity and a challenge for new firms who want to enter a market. These smaller firms typically have to find creative ways to enter the market, and sometimes operate in a niche or specialty area to differentiate themselves from larger players. Therefore, effective government regulations and antitrust laws can ensure a level playing field by preventing price-fixing, cartelization, and other forms of anti-competitive behavior.

Solution 1: Thoughts on the Great Recession

The 2008 Great Recession was one of the most significant economic downturns in modern history. As presented in the video “Reasons behind 2008 Recession,” the recession was caused primarily by the collapse of the housing market due to massive subprime mortgage lending. However, the causes were more complex than this and were rooted in broader economic issues. Among these issues was the increasing complexity of financial instruments, deregulation of financial markets, and inadequate regulation of the shadow banking sector.

The Great Recession had a profound impact on the global economy, leading to widespread job losses, mortgage foreclosures, and declining consumer spending. The economic crisis resulted in several government intervention policies aimed at stabilizing the financial system and stimulating economic growth. In more recent times, the effects of the Great Recession are still being felt.

The lessons from the Great Recession are invaluable. It taught us that sophisticated financial instruments without proper regulations can trigger a disastrous global economic downturn. It also emphasizes the need for increased transparency, stringent regulations, and better risk management of the finance industries.

Solution 2: The Future of Labor

The nature of work is rapidly changing due to technological advancements, and AI. In the years to come, the trend is likely to continue. Due to automation, many routine jobs are at risk of disappearing, and economic sectors are restructuring. In the future, workers will have to learn new skills to stay relevant in an ever-increasing global labor market.

In the coming years, professions that require high social skills, empathy, creativity, complex problem-solving skills will continue to be highly demanded. Jobs that require significant human interaction such as healthcare and education will likely be safer from being replaced by robots.

As more robots enter the labor market, workers will need to be highly flexible and adaptive to the new work environment. The ability to work remotely and adapt to new technologies will play a crucial role in the future of labor. To stay relevant in the job market, workers will have to continue to acquire new skills and find ways to remain competitive.

Suggested Resources/Books:
1. “The Big Short” by Michael Lewis – provides a comprehensive overview of the 2008 recession and its causes.
2. “Race Against the Machine” by Erik Brynjolfsson and Andrew McAfee – discusses the impact of technology on the nature of work and the labor market.
3. “The Economics of the Comic Book Industry” by Todd Allen – explores the economics of the comic book industry and the challenges it faces.

Similar asked questions:

1. What were the main causes of the 2008 recession and how have they impacted the global economy?
2. What is the future of work in an era of technological advancement and a global labor market?
3. How do oligopolies affect industries such as the comic book industry and what are the ethical implications of their actions?
4. How can governments and organizations prevent future economic crises and promote stability in the financial system?
5. What impact does globalization have on labor markets in both developing and developed countries?

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