Roll Call Question: Who will win the ACC Championship? Tarheels or Clemson?

Roll Call Question: Who will win the ACC Championship? Tarheels or Clemson?

Welcome C&E Students!

Objective: 7.1 – Compare and Contrast the characteristics of the 4 types of economies

Mental FlossVocab – CapitalismCommunismTraditionalMixed

Questions – 1. Explain why

the US is a mixed economy.

2. Would you want to live in a command economy where the government is in control of everything? Explain.

1. The US is a mixed economy because our government is limited in its involvement in the economy of the nation.

2. No, I would not want to live in a command economy because I am not good at backing down.

Answers

Print off progress report, have a parent sign it and return by Friday!

No, your tests haven’t been graded (I will work on them tonight)

Budget Project due Monday 12/14 See me ASAP if you don’t know how much you have

leftover after taxes Recovery - YOU MUST MAKE UP DAYS IF YOU HAVE

MISSED MORE THAN 10 – NO WAIVERS THIS SEMESTER

Knight Time – Come see me if you want to attend my KnightTime. I have to limit my class to no more than 10 people because I’m taking some kids from Ms. Patterson and Ms. Fairchild.

Reminders

7.1 – Types of Economies

Objective: compare and contrast the four types of economies

What to produce? How to produce it? For whom to produce it?

3 Economic Questions

Traditional Economy

Definition◦Relies on habit and custom

Traditional EconomyHow are the three questions answered?◦By tradition

Traditional EconomyGrowth◦Not concerned w/ growth

Traditional EconomyWho/What influences the economy?◦TraditionBarter and trade

Traditional Economy

Example of this type of economy◦Tribes

Traditional Economy

Who loses power in this type of economy?◦N/A

Traditional Economy

Political Philosophy and People◦n/a

Command/ Centrally Planned Economy (Communism/Socialism)Definition◦government makes all decisions

Command/ Centrally Planned Economy (Communism)

How are the three questions answered?◦government


Growth◦Slow growth; inefficient


Who/What influences the economy?◦Government has complete control


Example of this type of economy◦Cuba, North Korea, Iran, China, 1920-1991 Soviet Union


Who loses power?◦Citizens


Political Philosophy and People◦Communism (Karl Marx) ◦Socialism

Free Market Economy (Capitalism)

Definition◦economic decisions are made by people

Free Market Economy (Capitalism)How are the three questions answered?◦What?Most profitable

◦How?Least costly

◦For Whom?Highest bidder

Free Market Economy (Capitalism)Growth?◦Successful and efficient


Who/What influences the economy?◦Citizens ◦Supply and demand◦Competition◦Invisible Hand


Example of this type of economy◦None (US still has gov’t involved)


Who loses power?◦Government


Political Philosophy and People◦Capitalism (Adam Smith)

Mixed Economy (Communism + Capitalism)

Definition◦government plays a limited role

◦Regulations (FCC, FDA)


How are the three questions answered?◦Government and Citizens


Growth◦varies


Who/What influences the economy?◦Part citizen/part a government


Example of this type of economy◦US, France, UK, Canada


Example of this type of economy◦US, France, UK, Canada


Who loses power?◦varies


Political Philosophy and People◦Capitalism (Adam Smith)

All economies must answer 3 key economic questions:

1. what to produce,2. how to produce,3. for whom to produce

Traditional Economies4. custom, culture, or ritual to

decide5. revolves around

family/community6. Examples: The Amish or

Massai

Types of Economic Systems:

Market Economies- 1. free market, free enterprise,

capitalism2. individuals and companies decide,

not govtCommand Economies-

3. centrally planned economy4. the central gov’t alone decides

Mixed Economies- 1. combination of other three economies2. most modern economies are mixed3. US is a free market economy but the gov’t

intervenes to keep order, regulate, provide services, and promote general welfare

Using the information from your notes and today’s handout determine what type of economic system is being described

Feel Free to work with a partner Be prepared to share your answers

Comparing and Contrasting Economies

Adam Smith’s“Wealth of Nations” (1776)1. laissez-faire – gov’t leaves

businesses alone2. free enterprise - few restrictions 3. Competition and Self-Interest

regulate the economy4. “The Invisible Hand”

Free Market Economies

Self-Interest- personal gain Competition- struggleAdvantages:

1.efficiency2.freedom3.growth4.Choice

◦ https://www.youtube.com/watch?v=Qra0hlO6hZk◦ https://www.youtube.com/watch?v=El7qgQXd-xs◦ https://www.youtube.com/watch?v=KnSvQXyu0ng

https://www.youtube.com/watch?v=Qra0hlO6hZk

https://www.youtube.com/watch?v=El7qgQXd-xs

https://www.youtube.com/watch?v=KnSvQXyu0ng

1. Factors of Production are privately owned 2. Roles of Profit, Competition and Price

◦ a. Profit motivates us ◦ b. Competition & Self Interest regulate the market◦ c. Price connects profit and competition

Capitalism

Karl Marx’s “Communist Manifesto” (1848)

1. proletariat (working lower class) vs. the bourgeoisie (rich upper class)

2. socialist society after violent revolution

Centrally Planned Economies

Socialism1. wealth should be

redistributed (everyone has a role)

2. mix of private and public ownership

3. gov’t often owns most major industries

4. wealth = social programs

Communism1. Economics and

gov’t controlled by gov’t

2. little to no private ownership

3. authoritarian- strict obedience to the gov’t, no individual freedom

· Trickle Down Theory/Supply Side Economics

· Cut taxes for the rich and the money will trickle down to everyone else.

· Government must spend money in times of depression to jump start the economy.

· People spend and save in relation to how much they make.

John Maynard Keynes

Let’s see if you agree….

Document Debunk

Grab a book and QUIETLY read!!!! I will read to you the first 5 minutes of DEAR

DAY!!!

DEAR DAY!!!!!

Grab today’s handout, find your seat number and settle in ◦ 2nd & 3rd block turn in Budget Project Part6 to your tray

Roll Call Question: Would you rather only be able to whisper or only be able to shout everything?

Bell Work:◦ What are the 3 key economic questions all economies

must ask themselves?◦ How would a traditional economy answer the 3

economic questions? ◦ How are socialism and communism different?


What to Produce – How to Produce – For whom to produce

Traditional – answers these questions based on ritual, custom and culture

Socialism – allows for a mixture of private and public ownership/control over factors of production

Communism – the government owns and controls all factors of production

Bell Work Answers

Read the following primary document Rewrite each section in your own words to better understand its meaning

Place a check mark next to the statements you agree with or you would like to see applied in our own economy

Document Debunk

Assign one person to be the banker Each player receives $1500:

◦ 2 each of $500s, $100s and $50s◦ 6 $20s◦ 5 each of $10s, $5s and $1s

Please refer to your “Let’s Play Monopoly” & “Instructions” handout for further details

At the end of each round you will tally the wealth you have accumulated

The reflection and Tally handout will be due at the end of class on Monday for a quiz grade

Monopoly and Economic Theory

Find your seat & settle in your groups from Friday◦ 1st Block turn in your Budget Part 6

Roll Call Question: Would you rather have squirrels for hands or guinea pigs for feet?

Bell Work◦ What are the four types of Economies◦ Who are the Proletariat and Bourgeoisie?◦ How do Adam Smith and Karl Marx’s views differ?

Where did they express these views?


Monopoly Reflection - Due for Homework – remember this is a quiz grade!

Review your 7.1 Notes tonight (Hint, Hint, Hint)

If you have not taken the Unit 6 Test, please let Ms. Peach know when you plan on taking the make-up.

Budget Project – Remaining parts to be due June 4th

reminders

In this version of monopoly you are following the regular game rules

You will have 30-45 minutes this round

When the bell rings take account of your assets on the handout you received (chart side)

After this round we will move on to Socialist Monopoly

Monopoly – Capitalist Version

To start this round find the person in your group who ended up with the least amount of money on hand

You now all will start with this amount. All your extra cash will go to the Government

Make sure you read the new Socialist rules carefully

You will have 15-20 minutes When the bell rings take account of your

assets once again, this time in the socialist column

Monopoly – Socialist Version

Make sure you read the new Communist rules carefully

You will have 5-10 minutes to play this round

When the bell rings take account of your assets once again, this time in the socialist column

Monopoly – Communist Version

Make sure your chart is completeNow reflect back on your experience playing the three different version and answer the accompanying questions

If you finish turn in to your class tray, if not turn in first thing tomorrow.

Reflection

It’s Smith v. MarxWith your group mates create a conversation that these two might have

GET CREATIVE!!!

Closure

Look back at today’s objective Think about all the new information you

learned Develop three potential test question you

might see that are based on this objective Be prepared to share your answers If they are good enough they might appear

on a quiz or test!!!!

Objective Overview

Where am I on the board?How much money do I have?

What properties do I own?Do I have any other assets?

Keep track of where you are

Documents

Roll Call Question: Who will win the ACC Championship? Tarheels or Clemson?