3 questions

724 views
610 views

Published on

Basics of economic concepts

0 Comments
0 Likes
Statistics
Notes
  • Be the first to comment

  • Be the first to like this

No Downloads
Views
Total views
724
On SlideShare
0
From Embeds
0
Number of Embeds
155
Actions
Shares
0
Downloads
4
Comments
0
Likes
0
Embeds 0
No embeds

No notes for slide

3 questions

  1. 1. The Economy 3 Questions
  2. 2. 3 questions every society must answer allocation of resources <ul><li>What goods shall be produced? </li></ul><ul><li>How will the goods be produced? </li></ul><ul><li>For whom will the goods be produced? </li></ul><ul><li>How a society answers those questions defines its economic system. </li></ul>
  3. 3. Think about a very small society <ul><li>What goods shall be produced? </li></ul><ul><li>How will the goods be produced? </li></ul><ul><li>For whom will the goods be produced? </li></ul>
  4. 4. ___________ <ul><li>“ Market Economy” </li></ul><ul><li>Free Enterprise </li></ul><ul><li>Characteristics : </li></ul><ul><li>“ Command Economy” </li></ul><ul><li>Communism </li></ul><ul><li>Characteristics </li></ul>Capitalism Socialism Private Ownership of Resources Government plays a small role No central economic plan Variable Income Distribution Market supply and demand sets prices so prices fluctuate Government Ownership of Resources Government Controls the Economy Government creates a central plan Government may redistribute income ( income distribution ) May use price controls to regulate market X
  5. 5. ___________ <ul><ul><ul><ul><ul><li> X </li></ul></ul></ul></ul></ul><ul><ul><ul><ul><ul><li>MIXED ECONOMY </li></ul></ul></ul></ul></ul><ul><ul><li>Ownership of resources; private property? </li></ul></ul><ul><ul><li>Governments Role in the Economy? </li></ul></ul><ul><ul><li>Intervention in the Market; the role of price? </li></ul></ul>Free Enterprise Socialism Why is the United States considered a mixed economy?
  6. 6. Why is the United States considered a mixed economy? <ul><li>Create a list in your notes of all the ways you can think that prove that the US is a mixed economy. </li></ul>
  7. 7. Alternative Assessment-Instead of Weekly Test <ul><li>Create a spectrum. </li></ul><ul><li>Free Enterprise________________________Socialism </li></ul><ul><li>Research these 5 countries. (Hint: CIA World Factbook) </li></ul><ul><ul><li>India, Cuba, Canada, Australia, Sweden </li></ul></ul><ul><ul><li>One additional country of your choice </li></ul></ul><ul><li>Place them in their appropriate place on the spectrum </li></ul><ul><li>Write a brief explanation of why you placed them where you did. </li></ul>
  8. 8. Create a mini-poster or PowerPoint <ul><li>For the country you’ve selected, please research the following: </li></ul><ul><ul><li>Where is it? </li></ul></ul><ul><ul><li>What are the natural resources? </li></ul></ul><ul><ul><li>What is its economic system? </li></ul></ul><ul><ul><ul><ul><li>What is produced? </li></ul></ul></ul></ul><ul><ul><ul><ul><li>How is it produced? </li></ul></ul></ul></ul><ul><ul><ul><ul><li>For whom is it produced? </li></ul></ul></ul></ul><ul><ul><ul><li>What is government’s role in the economy? </li></ul></ul></ul><ul><ul><ul><li>Does it have a “free market”? </li></ul></ul></ul><ul><ul><ul><li>Is there private property? </li></ul></ul></ul><ul><ul><ul><li>Role of exports and imports? </li></ul></ul></ul><ul><ul><li>GDP </li></ul></ul><ul><ul><li>Per capita income </li></ul></ul><ul><ul><li>Population </li></ul></ul><ul><ul><li>Other Economic Facts ? </li></ul></ul><ul><li>Hint: User CIA World Factbook </li></ul>
  9. 9. <ul><li>United States </li></ul><ul><li>It’s located…. </li></ul><ul><li>Mixed Economy because… </li></ul><ul><li>300,000,000+ </li></ul><ul><li>Visually attractive </li></ul><ul><li>Include all info </li></ul>GDP = per capita income

×