Economic Systems

Do you think Safety Nets are good or bad? Warm Up What is a Safety Net? Do you think Safety Nets are good or bad?

Homework: Study Guide Fill out all relevant material and notes for each term/concept on the Study Guide

BRING QUIZZES TO NEXT CLASS Looking Ahead Test= 2 Classes from now BRING QUIZZES TO NEXT CLASS I will be doing a Warm Up Check starting from the First Warm Up: “What is the most important need that you have? What is the most important want that you have?”

Synthesize material from Basics of Economics-Economic Systems Learning Objectives Synthesize material from Basics of Economics-Economic Systems Analyze Economic Goals/Values Enhance Individual Learning abilities

Fill out the Review Sheet for the Test Test Review Sheet Fill out the Review Sheet for the Test

Brainstorming: Goals and Economics What is a “Goal”? List three of your personal goals in life What is an economic goal? How do you think economic goals play a role in a nation’s economy? What would you say are the economic goals in the United States?

Economic Goals and Societal Values Economic Efficiency: Making the most of resources that you have available Economic Freedom: Individuals are free to make their own decisions Economic Security and Predictability: Making sure that economic affairs run smoothly Economic Equity: Fair distribution of wealth Economic Growth and Innovation: Working towards a higher standard of living Other Goals: Goals that are created based on the individual nation

Fun with Whiteboards After you read each scenario, you will have 1 minute to write down the economic goal/value that is being described After 1 minute, everyone will hold up their whiteboard to show their answer Example: Biggie is upset because he has very little money but his next door neighbors have more money than they know what to do with. Which goal/value would Biggie like to see improved in the economy?

Fun With Whiteboards Biggie has started a new business but he feels that the government is trying to stop him from running his business. Which economic goal/value would Biggie like to see improved?

Fun With Whiteboards Biggie is nervous because the national economy is unstable and Biggie would like to see it run more smoothly. Which economic goal/value would Biggie like to see improved?

Fun With Whiteboards Biggie lives in a tribe in Africa which doesn’t use money or modern technology. Instead, Biggie and his tribesmen are farmers, and they want to keep the land that has been passed down to them by their family. Which economic goal/value is Biggie focusing on?

Fun With Whiteboards Biggie wants to create a new robot that will help people improve their standard of living. Which Economic Goal/Value do you think Biggie is focusing on?

Check For Understanding Which of these goals/values work well together? Which goals/values could not work together in an economic system? What is the trade off of these goals/values? Rank the goals/values that you think are most important in an economy and next to each briefly explain why

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

Start working on Study Guides In-Class time to start working on Study Guides

List the six different Economic Goals/Values and briefly explain each Warm Up List the six different Economic Goals/Values and briefly explain each

Homework: Complete Study Guide Fill out all relevant material and notes for each term/concept on the Study Guide

Looking Ahead TEST NEXT CLASS!!! I will be doing a Warm Up Check starting from the First Warm Up: “What is the most important need that you have? What is the most important want that you have?”

Synthesize Basics of Economics- Economic Systems Learning Objectives Synthesize Basics of Economics- Economic Systems Enhance studying skills Engage in Collaborative Learning

Complete the Test Review Sheet

Kahoot.IT THIS IS THE ONLY TIME YOU WILL BE ALLOWED TO USE YOUR CELL PHONES Login to Kahoot.IT Put in your name Enter the Pin Code that I will display

Review the answers to the first quiz with a partner 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

Charades You will get a card with a word or concept that is going to be on the quiz You have to get someone from the class to guess the word WITHOUT MAKING SOUNDS OR NOISE (YOU CAN’T SAY ANYTHING) If you get someone to guess the word without saying anything, you will get 3 points extra credit on the quiz

Fill out the terms and concepts on the Study Guide Study Guides Fill out the terms and concepts on the Study Guide

Have Warm Ups ready for me to check under your desk Get ready to take test Have Warm Ups ready for me to check under your desk

Homework: Research Project You will be researching the economy of one nation Print out 1 article that describes what kind of economy that nation has In 3-4 sentences, summarize what type of economic system the country and explain why

Homework: Research Project The countries that you can choose to research are: 1. Russia 2. China 3. Afghanistan 4. Venezuela 5. Cuba

Practice test-taking skills Enhance public speaking skills Learning Objectives Practice test-taking skills Enhance public speaking skills Engage in Collaborative Learning

TEST Take Test

HINT: Think about the Cold War Warm Up What were the two major economic systems that you studied in World and US History? HINT: Think about the Cold War

Interview the owner of small business Ask the owner of a small/local business these questions and record their answers 1. Why did you decide to start a business? 2. Why did you start this type of business? 3. Who is your competition? 4. What are the goals for your business?

Learning Objectives Analyze advantages and disadvantages of Capitalism and Communism Interpret how Competition and Self- Interest play a role in a Capitalist Economy Build Connections to your own life

Economic Systems Capitalism: Economic system in which a country's economy is controlled by the people rather than the government Communism: Economic system in which a country’s economy is controlled by the government rather than the people Socialism: Social and Economic idea that is based around equal distribution of wealth through the people choosing who to represent them in the government

Check for Understanding Which economic systems are complete opposites of one another? Which economic systems are similar? Why are they similar? What is the difference between Communism and Socialism? What kind of economic system does the United States have?

Extra Credit Simulation: Comparing Communism to Capitalism Who wants Extra Credit??? I will ask you a question worth 10 extra credit points

What are the Four Economic Systems? Extra Credit Question What are the Four Economic Systems?

“Share the Wealth” Simulation: Comparing Communism to Capitalism I will ask one person a question If they get it right they get a piece of candy

“Sharing the Wealth” Question What is the difference between Socialism and Communism?

Check for Understanding What are some of the advantages of Communism? What are some of the advantages of Capitalism? What are some of the disadvantages of Communism? What are some of the disadvantages of Capitalism? Would you rather live in a Communist or Capitalistic society? Why?

Textbook Work: Chapter 2, Lesson 2 Read pages 27-30 Answer questions 1-7 on a separate sheet of paper

Competition What does it mean when people were saying that the Golden State Warriors were “competing” against the Cleveland Cavaliers for the NBA Championship? Have you ever heard the word “competition” or “compete” in your life? What does “competition“ mean and where have you heard these words used? Is competition a good or bad thing? Why? Does competition play a bigger role in Capitalism, Communism, or Socialism? Why?

Capitalism and the Free Market System Competition: Struggle among producers to get the money of consumers What businesses can you think of that compete against one another Struggle: Effort to get what you want from someone else Producers: People who sell things Consumers: People who buy things

Bags of Chips-Competition Game Who represented my competition when I was selling the Bags of Chips the first time we did this game? How did this impact the pricing of the Chips? I need two volunteers to represent new companies selling Chips Each producer selling chips has has 20 bags of Chips to sell Each consumer buying chips has $10.00 to buy Chips with 1st Round= Each consumer can buy 1 bag of Chips Each producer selling will set their own prices on the bags of chips The producer with the most money can keep the extra chips

Analyzing the Competition Game Who were the consumers in the game? Who were the producers in the game? How did we see competition in the game? Did competition help the consumer or the producer? Why? How did competition impact the pricing of the Bags of Chips? What does this game tell you about the role of competition in a Capitalist Economy?

Capitalism and the Free Market System Competition: Regulating force in the economy Regulate: To control and monitor What people act as a regulating force in your life? What people act as a regulating force at Liberty High School? What people act as a regulating force in Brentwood?

Do you think Competition is a good or bad thing? Why? Warm Up What is Competition? Do you think Competition is a good or bad thing? Why?

Homework Ask the owner of a small/local business these questions and record their answers 1. Why did you decide to start a business? 2. Why did you start this type of business? 3. Who is your competition? 4. What are the goals for your business?

Interpret the role of Self-Interest and Competition in the Economy Learning Objectives Interpret the role of Self-Interest and Competition in the Economy Analyze why the USSR fell apart Engage in Creative Expression

Self-Interest: Pair-Share Identify three interests that you have Ask the person sitting next to you what are three interests that they have What does it mean when you put the word “self” in front of another word? What does “Self-Interest” mean? Between the two of you, try to think about how people’s interests impacted the Competition Game…what does this tell you about the role of Self-Interest in a Capitalist economy?

Capitalism and the Free Market System Self-Interest: One’s own personal gain Role of Self-Interest in the economy: Motivating Force behind the Free Market Motivate: To get someone to want to do something What people act as a motivating force in your life? What people motivate you to do things at Liberty or in the community?

Businesses in Brentwood Think of two businesses that compete for your money in Brentwood What would you do if one of these businesses raised their prices by $10.00 on every thing you bought from them? What would you do if one of these businesses came out with something new that was centered around your self-interest? After answering these questions, in 2-3 sentences, explain how competition between the businesses helps regulate the pricing of their products. Then explain how self-interest can act as a motivating force in the economics of Brentwood

Weekly Vocabulary Sheet Complete the Weekly Vocabulary Sheet