HSA Review: Economics
Answer in a complete sentence Success Criteria 4/19/2017 1.We can identify the major terms in economics. 2.We can compare and contrast the different types of economic systems. 3.We can close read quotes from public release multiple choice questions. 4.We can analyze quotes in order to break down quotations and answer HSA questions. Answer in a complete sentence If the HSA were to happen tomorrow, how do you think you would do? Why?
House Cleaning Grades are updated! People still need to make up the two Unit 6 quizzes Notebook Quiz next Friday!
What do you remember about economics?
HSA Review 4/19 - Economics Today we will be covering the following: Scarcity and Opportunity Cost Economic Questions Types of Economies
SCARCITY A problem of having limited resources to meet unlimited wants There’s just not enough to go around
I want to buy a new car, but I only have $30 in the bank I want to buy a new car, but I only have $30 in the bank. What do I have a scarcity of? You have a 60 question test and 15 minutes to do it. What do you have a scarcity of? If we suddenly had 20 more students enter this class, what might we have a scarcity of?
The thing that is given up when a choice is made. OPPORTUNITY COST The thing that is given up when a choice is made. I choose the can of Coke. TURNS INTO My $1 can buy a can of Coke, a Snickers bar, OR a pack of gum… but NOT ALL THREE! So, I make a choice. But, I lose the opportunity to buy…
Cost-benefit analysis Process of deciding which option is the best choice by identifying the good parts (benefits) and the bad parts (costs) Does the good outweigh the bad?
Economic Questions What to produce? What things do people need or want? Why should we make certain things?
Economic Questions How to Produce? How are we going to make our stuff? Do we use computers and robots? Do we do things the way they have always been done?
Economic Questions For Whom to Produce? Who are these things for?
How a country produces and consumes goods and services is determined by a country’s economic system. There are four types of economies 1) Traditional 2) Command 3) Market 4) Mixed
Traditional Economy Production, distribution and consumption are determined by TRADITIONS or CUSTOMS.
Key Words: Customs (values)
Key Words: Hunting & Farming Common
Key Words: Inherited (born into) job
Command Economy Production, distribution, & consumption are determined by GOVERNMENT- they OWN and CONTROL everything.
Key Words: Government Control
Key Words: National Production
Key Words: Government Ownership
Market Economy Production, distribution, and consumption are determined by CONSUMERS and PRODUCERS. Citizens own businesses and government stays totally out of the way.
Key Words: Private Property/Ownership
Key Words: Competition
Key Words: Individual/Individualism
Mixed Economy MIXED ECONOMY Citizens own businesses but government makes rules for them. Minimum wage, child labor laws, safety standards.
On A Mixed Economy This kind of economy includes some traditional, command and market characteristics Government plays a role but businesses are given many freedoms Government sets certain rules for economy so people are protected
Key Words: Government Regulation
Key Words: Protect Public
Key Words: Personal Freedom
Mixed Economy In the Works
In order for Hopkins to build the Bio Tech Park in E. Baltimore…
Affordable housing must be included
Quote Analysis
Quote Analysis – Exit Ticket