Warm-up 02/26 topic: “Under African Skies” Explain the relationship between human capital, capital goods and GDP. Retrievers- iresponds Collectors- any missing work… Attendance- Skipping? H/W- No can do. Supply- Probably O-managers- Do what you do!

Economics Vocabulary PASSWORD

Currency Money-coins and bills

MARKET THIS SYSTEM HAS NO GOVERNMENT INTERVENTION ALLOWS OWNERSHIP OF PRIVATE PROPERTY and BUSINESSES

Natural resources Raw materials from nature used to produce goods. Can be renewable (has no limit, like the sun’s energy) or non-renewable (limited supply, as in oil).

What, how, and for whom to produce? 3 economic questions What, how, and for whom to produce?

TRADITIONAL THIS SYSTEM REPEATS THE PAST Uses old-fashioned methods and machinery to produce and trade goods

HUMAN CAPITAL HUMAN RESOURCES USED TO PRODUCE GOODS AND SERVICES examples: manual labor - a worker builds a car mental labor - a worker designs an idea for a car

COMMAND THE GOVERNMENT CONTROLS EVERYTHIG IN THIS SYSTEM SOMETIMES RESULTS IN LIMITED SUPPLY OF GOODS CAN SLOW DOWN AN ECONOMY (SLOW GROWTH)

TARIFF A TAX ON IMPORTED GOODS

GOODS LEAVING,OR EXITING A COUNTRY EXPORTS GOODS LEAVING,OR EXITING A COUNTRY

GDP DIVIDED BY THE COUNTRY’S POPULATION PER CAPITA GDP GDP DIVIDED BY THE COUNTRY’S POPULATION

LIMITS ON THE QUANITY THAT CAN BE IMPORTED QUOTA LIMITS ON THE QUANITY THAT CAN BE IMPORTED

MIXED SYSTEMS HAS ELEMENTS OF COMMAND & MARKET SYSTEMS (COMMON IN EUROPE), ALSO CANADA AND CHINA

A PERSON WHO STARTS UP A COMPANY, TAKES THE RISKS ENTREPRENUER A PERSON WHO STARTS UP A COMPANY, TAKES THE RISKS

GOODS COMING INTO A COUNTRY IMPORTS

NATURAL RESOURCES, CAPITAL GOODS, HUMAN CAPITAL, AND ENTREPRENEURSHIP 4 FACTORS OF ECONOMIC GROWTH NATURAL RESOURCES, CAPITAL GOODS, HUMAN CAPITAL, AND ENTREPRENEURSHIP

BLOCKING GOODS FROM ENTERING A COUNTRY EMBARGO BLOCKING GOODS FROM ENTERING A COUNTRY

TOTAL VALUE OF ALL GOODS AND SERVICES PRODUCED IN A COUNTRY IN A YEAR GDP TOTAL VALUE OF ALL GOODS AND SERVICES PRODUCED IN A COUNTRY IN A YEAR

THINGS THAT GET IN THE OF TWO NATIONS TRADING WITH EACH OTHER TRADE BARRIEr THINGS THAT GET IN THE OF TWO NATIONS TRADING WITH EACH OTHER

Ticket-in 1. The majority of the world’s economic systems are… a. Market b. Command c. Traditional d. Mixed 2. Supply and demand answers the basic economic questions in this economic system? c. Traditional d. Mixed 3. All of the following are factors that lead to economic growth, except for _________? a. Human capital b. Capital goods c. natural resources d. Opportunity cost 4. Which of the following is not an example of Human Capital? a. education b. training c. computers d. healthcare 5. Which of the following is an example of Capital goods? a. factories b. universities c. government services d. none of the above

For 6-9, select A-Tariff, B-Quota, or C-Embargo. 6. Jamaica taxes all wood coming into the country from Brazil. 7. The president of Uruguay increases the amount of imported apples by 49 million pounds per year. 8. In 2012, President Obama issued sanctions, which prohibits all trade with Iran. 9. Argentina limits the amount of cotton that Chile can ship to them.

Use 5 of the words below… Use a mixture of: Rebus, Riddles, Pictures Supply, Demand, Tariff, Quota, Embargo, Consumer, Producer, GDP, Profit, Market, Mixed, Entrepreneur, Scarcity, Barter, Capital Goods, Human Capital, Currency, Currency Exchange, import, export, good, service, Traditional Command opportunity cost,

Use the words below to fill in your squares. Supply, Demand, Tariff, Quota, Embargo, Consumer, Producer, GDP, Profit, Market, Mixed, Entrepreneur, Scarcity, Barter, Capital Goods, Human Capital, Currency, Currency Exchange, import, export, good, service, Traditional Command opportunity cost,

Use the words below to fill in your squares. Oligarchy Monarchy Dictatorship Democracy Presidential Parliamentary Vote Citizens Confederation Volunteer Federal Unitary Autocratic Constitution Legislative Executive Judicial