March 1, 2017 Agenda • Notebook turn in • Vocab Diagnostic • Vocab Review Warm-up Why is it important to understand economics? Homework: review today’s material

Unit 9: Government & Corruption in Africa 1.Unit 9 Standards 14. Study Guide 2.Warmup (2/6 –2/10) 15. Warmup (2/20-2/24) 3.Gov. Vocab 16. Obstacles to Education 4. Cit Part & PD 17. Famine, Starvation, & 5. Hello My Name is Malnutrition 6. 2 Democracies 18. Clean Water 7. Sorting Gov. Terms (not STEAM) 8. Government Matrix 19. AIDS notes 9. Warmup (2/13-2/17) 20. Ebola 10. African Leaders 11. Civil Wars in Africa 12. South Sudan 13. Foreign Aid

Vocab Diagnostic

Unit 10: Economic Hardship vs. Promise in Africa 1.Unit 10 Standards 2.Warmup (2/27 –3/3) 3.Unit 10 Study Guide

Economics the study of how people or countries manage (choose to use) their limited resources by producing, exchanging, and using goods and services. Traditional Economy economic system in which social roles and culture decide what will be produced, how it will be produced and how it will be distributed Command Economy economic system in which the government decides what will be produced, how it will be produced and how it will be distributed Market Economy economic system in which the people decides what will be produced, how it will be produced and how it will be distributed Mixed Economy economic system in which the government and people share the role in deciding what will be produced, how it will be produced and how it will be distributed Specialization when a country focuses resources on creating fewer specific products and services than they consume

Trade Barriers when a country focuses resources on creating fewer specific products and services than they consume Tariff tax on imports Quota limiting the amount of products that can come into a country Embargo cutting off trade to a certain country because of political reasons Currency money Exchange Rate the rate at which one unit of the currency of a country can be traded for a unit of the currency of another country Human Capital labor that is done by people in order to produce products Capital Goods the machines, tools, factories, land, and technology that are needed to make other products

Natural Resources raw materials used to make products or “gifts of nature” GDP the amount of products and services produced in one country in one year Trade voluntary exchange of products and services Import a product brought into a country through trade or sale Export a product leaving a country through trade or sale Entrepreneur bringing together natural, capital, and human resources and take risks to develop businesses

What are the 4 types of economies? Daily Closing What are the 4 types of economies?