Please come in quietly and sit in your assigned seats Bell ringer, 8.16.2016 Please come in quietly and sit in your assigned seats Create a Venn Diagram comparing and contrasting the two pictures that follow the next slide. There a quite a few differences and a couple of things that both pictures have in common. Thanks, management.

Standard: Compare command, market, and mixed economic systems with regard to private ownership, profit motive, consumer sovereignty, competition, and government regulation.

Essential Question: How do governments answer the three basic economic questions of what to produce, how to produce, and for whom to produce?

Economic Freedom Refers to the ability of consumers, producers, and workers to make their own decisions about consumption, production, and distribution of “G and S”. “ME” tend to have a great deal of economic freedom while “CE” may limit economic freedom in favor of more equal distribution of wealth.

Economic Equity Refers to fairness within economy. There is debate about what is fair. Some define fairness as equal access. Others define fairness on the basis of outcomes. For example, if someone works hard to start a successful business, many believe that it is “fair” for that individual to keep the profit.

Economic Growth Is increasing production of “G and S” over time. This occurs through increases in “FOP” or new technological innovations. Although both “C” and “M” economies are capable of growth, “CE” are capable of growing rapidly when guided by a central planner. “ME” may grow more slowly, but growth tends to be more sustainable because it is based on “S and D” within markets instead of arbitrary targets.

Economic Efficiency Economic efficiency has to do with how well “FOP” are allocated to uses desired by consumers and how they are used in production to keep costs low. Market economies tend to be very efficient due to competition among firms. Supply and demand allow price to ration factors of production, goods, and services.

Economic Security Has to do with protecting individuals and businesses from risk. In a “ME”, individual are responsible for themselves during challenging economic circumstances. They protect themselves through insurance available in the private market. In “CE”, the government provides security through housing/food allowances, etc

How does the cartoon below reflect the differences in economic freedom between China and the United States?

Bell ringer, 8.17.2016 Please write down the 5 questions. Review the Crash Course video and answer the questions. What are the 3 main questions that each economic system answers? Which three countries have tried to practice Communism? What is the “invisible hand”? In a free market, what are somethings that the government must do? Which country has a command economy that is entirely controlled by the government?

Bell ringer, 8.18.2016 Please write down the 5 questions. Review the Crash Course video and answer the questions. What two groups make up the modern day mixed economy in a circular flow model? According to the circular flow model, what are the two markets? What might be considered an element of a planned economy implemented by Canada? Do you think that the government should come to the aid of people are sick as a result of smoking? According to Deng Xiaoping, what makes a good cat?

Standard: Compare command, market, and mixed economic systems with regard to private ownership, profit motive, consumer sovereignty, competition, and government regulation.

Essential Question: How do governments answer the three basic economic questions of what to produce, how to produce, and for whom to produce?

Upcoming Dates you need to know … Economic Systems quiz on Friday – 8.19 Progress Reports go home on September 1st Formative Assessment on EF 3, 4, and 5 on Friday, September 2nd

Is Man inherently good or evil?

Is Man inherently good or evil?

Free Market Command

Bell ringer, 8.27.2015 Please write down the 4 questions. Read the passage on the next slide to answer the questions. Based on this BBC News article, what is one effect the Great Leap Forward had on China’s economy? Why did Chairman Mao propose the Great Leap Forward? Ultimately, the Great Leap Forward caused what to occur in China? What was the main reason for the failure of the Great Leap Forward?

Reading Passage In an attempt to break with the Russian model of Communism and to catch up with more advanced nations, Mao proposed that China should make a “great leap forward” into modernization. He began a militant Five Year Plan to promote technology and agricultural self sufficiency. Overnight, fertile rice fields were ploughed over, and factory construction work began. Labor-intensive methods were introduced and farming collectivized on a massive scale. The campaign created about 23,500 communes, each controlling its own means of production. But former farmers had no idea how to actually use the new factories and what was once fertile crop land went to waste on a disastrous scale. The Great Leap Forward was held responsible for famine in 1960 and 1961. 20 million people starved, and Mao withdrew temporarily from public view.