Economic Systems Part 2

Economic Systems Part 2

ECONOMIC SYSTEMS PART 2 Homework: Research Project Part 2 Write a short essay on the economy of a nation you researched. Be sure to include CLEAR THESIS STATEMENT

Break essay down into paragraphs (Introduction, Conclusion, Body Paragraphs) Homework: Research Project Part 2 In your essay, you should include: a.The type of economic system represented in the country b.The economic goals and values of the country

c.Background information about the countrys economy (traditional economic practices, resources, government inference, employment, etc.) Warm Up Draw a Circular Flow Diagram for a Market

Economy, and identify the different parts of the diagram Learning Objectives Review Economic Systems Analyze and Interpret the ideas of Adam Smith Build connections to your own

life Journal 3: Adam Smith Smith and Capitalism Capitalism: Economic system in which a country's economy is controlled by private owners rather than the state Self-Interest: Ones own personal gain Competition: Struggle among producers for the money of

consumers Incentive: Expectation that encourages people to behave in a certain way Laissez-Faire Economics: Limiting government intervention in the economy Bags of Chips- COMPETITION Recall the Bags of Chips Experiment that we didwho represented my competition in regards to selling the Bags of

Chips? How did this impact the pricing of the Chips? I need two volunteers to represent new companies selling Chips Each producer has 20 bags of Chips to sell Each consumer has $10.00 1st Round= Each consumer can buy 1 bag of Chips Each producer will set their own prices on the bags of chips The producer with the most money can keep the extra chips Bags of Chips- Self Interest,

Competition, and Incentive How did Self-Interest impact the simulation? How did Competition impact the simulation? What Incentives were provided for the consumers and the producers? How were prices impacted by Self-Interest, Competition, and Incentives? Stock Market Project CHECK IN

Write 2-3 paragraphs that detail the following: - What stocks are you invested in? Why did you choose these stocks? - How many shares do you have of each stock? Do you think you did a good job spreading your money across different stocks, or did you spend most of your money on one stock? - What are you learning from this project about the stock market?

- Draw 3 Graphics/Images/Pictures to express how you Warm Up What role did Competition and SelfInterest play in our last Experiment? Homework: Complete Study

Guide Complete Study Guide by writing out all relevant notes and material for person, term, concept, etc. on the Study Guide Learning Objectives

Analyze advantages and disadvantages of Capitalism, Socialism, and Communism Interpret the concept of the Invisible Hand Compare Communism to Capitalism Forces in the Free Market Self-Interest: Motivating force behind the Free Market

Competition: Regulating force in the Free Market How is Self-Interest a Motivating Force in your life? Provide an example from your own decisions How is Competition a Regulating Force in your life? Provide an example from your own decisions The Invisible Hand Invisible Hand: Way in which the market regulates itself through self-interest and competition working

together Willys Bagels is competing for your business with La Costa. Both La Costa and Willys have come out with new products due to the competition between these two businesses. While both businesses want to make a lot of money on their new products, they realize that if they charge too much money then they will lose business. In 2-3 Sentences explain how this

The Invisible Hand: Groups of 45 Your group will be writing out a skit that shows the concept of the Invisible Hand You will have two producers and two-three consumers Be sure to show how Self-Interest and Competition play a role in regulating the market Your skit must be clearly written out and will be performed for the class

Check for Understanding Do you think competition is good or bad in economics? Why? Do you think competition is good or bad in your own life? Why? Socialism and Communism

Socialism: Social and political philosophy that is based on the idea of distributing wealth equally among people through a democratic means Communism: Political system based around a centrally planned economy in which all economic and political power is in the hands of the government How are these two terms similar? How are these two terms different? What examples of Socialistic or Communist countries can you

think of? What do you know about them? Extra Credit Simulation: Comparing Communism to Capitalism Who wants Extra Credit??? I will ask you a question worth 30 extra credit points

Extra Credit Question What are the four types of economic systems and give an example of each in the modern day Share the Wealth Simulation:

Comparing Communism to Capitalism I will ask one person a question If they get it right they get a pack of gum Share the Wealth Question

Explain the Invisible Hand Concept Warm Up Would you rather live in a Communist or Capitalistic society?

Why? Homework: Fill out Study Guide Complete Study Guide by writing out all relevant notes and material for person, term, concept, etc. on the Study Guide

Learning Objectives Analyze why the economy of the USSR collapsed Engage in Creative Expression Interpret how the modern economies of Russia and China have recovered since the Cold War Looking Ahead

TEST NEXT WEEK I WILL BE DOING A JOURNAL CHECK Journal 4: The Demise of the Soviet Economy Read the article about what

led to the collapse of the USSR economy and answer the questions in your journal section of your notebook Reasons why the Soviet economy collapsed 1. Best resources given to the military and space industries, as well as heavy industry

-Heavy Industry: Requires a large investment to produce items used in other industries 2. No incentives for people on collectives or in industry to work hard due to guaranteed government employment and income -Collectives: Large farms leased from the state to groups of peasant farmers 3. Illegal for people to engage in entrepreneurial activity 4. Consumer goods scarce and poor quality

Check for Understanding Why were consumer goods scarce in the USSR? What is entrepreneurial activity? Are there other reasons why the USSR collapsed? If so, what are they? Create a Facebook Page Pretend you are a consumer living in the Soviet Unioncreate

a Facebook Page for yourself that shows what it was like to be a consumer in the economy of the Soviet Union Be sure to: 1. Include pictures and graphics that depict the economic conditions 2. Make a list of consumer goods that you like and dislike 3. Provide comments on your standard of living 4. Create some biographical information about yourself and your country

Russia: A Nation Still In Recovery What is the purpose of Russias Civil Chamber? How does this institution represent a separation from the Soviet economic structure? According to this video, how is the government of Russia negatively impacting economics? Why do many Russians not want to involve

the government in their business? How is the low Russian unemployment rate explained? In what ways has the Russian economy changed from the days of the USSR? Connecting Modern World Economies What other modern nation had a similar economy to the USSR during the Cold War

and has now changed in the modern day? What similarities and differences do these two countries have, both politically and economically in the modern day? Fun Song about the Demise of the USSR

Warm Up Identify three reasons why the Soviet Economy collapsed and explain how each reason led to economic collapse Homework: Complete Study

Guide Complete Study Guide by writing out all relevant notes and material for person, term, concept, etc. on the Study Guide Looking Ahead

Bring Quizzes to Next Class TEST in 2 Classes from now I WILL BE DOING A JOURNAL CHECK Learning Objectives Analyze the modern Chinese Economy Interpret Free Enterprise Vocabulary

Synthesize how economic transitions have impacted modern economies Chinas Rising GDP GDP: GDP: Gross Domestic Product- Total value of goods/services produced in a country Chinas Modern Economy

What does this video say about the relationship between the Chinese and US economies? How do they impact each other? How does psychology play a role in international economics? What is the economic policy of China in regards to exports and consumer spending? Why might the Chinese not be as experienced with Market economies as the US? Why are the Chinese people losing confidence in their governments ability to manage the economy? How do recent trends in the oil market help to predict Chinas economic future?

Check for Understanding How has the Cold War and Communism impacted the modern economies of China and Russia? Vocabulary Free Enterprise: Economic System based on private and

individual decisions, rather than state control Privatization: Sell state-run firms to individuals Private Property: Property that is owned by individuals or companies To what extent were these economic terms part of the founding principles of the US? To what extent have these economic terms been applied to the economies of Russia and China in the modern day?

Transition Both China and Russias economy are in Transition Transition: Period of change in which an economy moves away from a centrally-planned economy toward a market-based system In one paragraph: Give three examples of times in your own life where you went through a transition. Explain what it was like for you to go through these transitions. Were you immediately successful or did you experience some failures?

What do your transitional experiences tell you about when a country is in an Economic Transition? Retaining Information What are the four types of economies? Where do China, Russia, and the US fit on the continuum line? a. Continuum: A range with no clear divisions Which of the four types of economies do most

modern nations have? What is the role of government in this type of economy? Continuum of Mixed Economies Circular Flow Model of a Mixed Economy

Answer the questions on the Circular Flow Model of a Mixed Economy Fill out the Review Section for the Test on the back Exit Ticket What is the main

difference between a Circular Flow Model of a Mixed Economy and a Circular Flow Model of a Warm Up Write down three content-based questions

that you have for the test Dont answer your own Homework: Complete Study Guide Complete Study Guide by writing out all relevant notes

and material for person, term, concept, etc. on the Study Guide Looking Ahead: Test Next Class STUDY, STUDY, STUDY I WILL BE DOING A WARM UP CHECK STARTING FROM How does Economics impact your

goals and Dreams? Learning Objectives Synthesize Basics of Economics and Economic Systems Enhance Review Skills Engage in Collaborative Learning

Pair-Share Warm Ups Switch Warm Ups with a partner Have your partner answer your questions Switch back and see what questions you have for me

Go Over Quizzes Review the answers to the first quiz with a partner Ask any questions that you might have Think about which questions are going to be asked again on the test Kahoot.IT

THIS IS ONE TIME THAT YOU WILL BE ALLOWED TO USE YOUR CELL PHONES Login to Kahoot. It Enter your name Plug in the Pin Code that I will show you Winner= 10 points extra credit on quiz 2nd Place= 7 points extra credit 3rd place= 5 points extra credit

Charades I will give you a card with a word(s) on it You have to act out the word- NO NOISES OR DRAWING The class will try to guess the word based on your acting If you guess someone elses word correctly, you either go up to act out the next word, or you pick someone else to act out the word If you act out three different words and get the class to say them correctly, you will get 3 extra credit points on the quiz

Create your own Matching Sheet Split a sheet of paper down the middle so you have a left and right side On the left side, write out ten vocabulary terms that you think will be on the test On the right side, write out the definitions for the vocabulary terms (not in the same order as the

terms) Make sure to leave some room to the left of the vocabulary term so that your partner can write the letter of the corresponding definition Warm Up Get ready to take testall you need on your desk is a pen/pencil

Put Journal Section of your Notebook under your desk Homework: Interview the Owner of a Small Business Ask the owner of a small business these questions and record their answers 1. Why did you decide to start a business? 2. Who is your competition?

3. What was your goals when you started this business and have they changed? 4. What would you do if you started losing customers or people werent buying what you are selling? Learning Objectives Enhance Test-taking Skills Analyze the role of government in the US Economy

Engage in Artistic Learning Take Test Eyes on own Paper I will be checking journals while you are taking the test

Warm Up What role does Ethics play in

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