Thursday, 11/15/18 AIM: How did laissez faire capitalism influence the Industrial Revolution? DO NOW: Please take today’s classwork and open your binder to last night’s HW. It will be checked now. Working individually, please read and ANNOTATE the historical circumstances reading section on today’s sheet. REMINDERS: QUIZ on Monday- everything we’ve covered on the IR Check IC on a regular basis.

Review Question (based on HW) What is the #1 economic problem that all people face, no matter where they live, or in what time period they live? HINT: The answer is one of our enduring issues!

TRADITIONAL COMMAND FREE MARKET

Read and annotate the first 2 paragraphs on today’s sheet. Next, complete the What Would You Do? Section using complete sentences. Be sure to explain your choice(s)!

 Friday, 11/16/18  AIM: What are the essential features of a market economy and how are people impacted by these features? DO NOW: Please take out yesterday’s classwork. We will go over questions 3 & 4. Also, take today’s classwork and complete the DO NOW at the top! REMINDERS: QUIZ on Monday- everything we’ve covered on the IR. Extra help will be Monday morning from 6:45-7:15 and 2:30-3:00 instead of Tuesday. Check IC on a regular basis.

Review Question (based on HW) What are the 3 major questions that must be answered in order to deal with scarcity?

How did England promote capitalism/free market during the Industrial Revolution?

Groups- Period 1 1 Richie, Yasmine, Madison, Brady 2 Joe, Darian, Gio, Carly, Nick 3 Michael, Sierra, Danielle, Emma 4 Evan, Josh, Louis, Amanda, Elliot 5 Jessica H, Emily, John Y, Alex 6 Johnny, Regina, Robby, Jess R, Oscar

Groups Period 3 1 Julia, Erika, Thomas, JJ, Jaspreet 2 Stef, Ben Y, Shannon, Ava, Ben S 3 Julia C, Jamie, Josh, Craig, Valerie 4 Bella, Jake, Emily, Steph 5 Dylan, Ryan L, Tristan, Annalist 6 Claire, Samantha, Ryan E, Lily, Cassie

Groups- Period 4 1 Nawar, Hailey, Charlie, Michael 2 Sarah, Jesee, Dennis, Austin 3 Kayla, Sarika, Katie, Collin 4 Justin, Ava, Chris, Nick, Grace 5 Natalie, James, Darian, Taylor

Groups- Period 6 1 James, Thomas, Riley, Ariana 2 Ryan, Alyssa, Nick, Albulena 3 Kevin, Sarah, Allie, Matt D 4 Ally, Isabella, Madison, Shaina 5 Claire, Matt R, Holly

Groups- Period 8 1 Nick, Connor P, Jacob, Jessica, Antonio 2 Connor D, Brendyn, Ellie, Caitlyn 3 Ryan, Jason, Lorraine, Vinny 4 Erik, Chris M, Paige, Renee, Sam 5 Tyler, Dev, JJ, Chris B, Nicole, Paul

Market Economy Activity For today, this classroom represents a capitalist nation (a market economy). All of you work for independently run companies (factories) Your company has 5 minutes to design the best pair of shoes that you can! Each company will need: A unique, original company name 1 sales representative to make a 30 second (max) sales pitch to the market (class). 1 manager to make sure that all workers are contributing equally to the company. 1 materials manager who will collect & return all materials. 1-2 design leaders who will help generate creative ideas for your product. Remember to set a price for your shoe!

Commercial Time!

(Free) Market Economy (Laissez Faire Capitalism) An economic system in which consumers make decisions about the economy including what is produced and cost of goods through supply and demand. Government stays out of the economy as much as possible.

BENEFITS OF MARKET ECONOMY NEGATIVES OF MARKET ECONOMY

Closing Questions Identify 2 benefits of the market economy (or laissez faire economics). Where do we see evidence of laissez-faire economics today? *make a connection!  Identify any negatives that stem from this type of economics model.

Monday, 11/19/18 AIM: What are the essential features of a market economy and how are people impacted by these features? DO NOW: Please clear your desk for today’s QUIZ on the Industrial Revolution! REMINDERS: Extra help will be tomorrow morning 6:45-7:15 AM Check IC on a regular basis. You have 1 day upon your return to class to show Mrs.Newman your missed work. Otherwise, it’s late!

New Seats!

(Free) Market Economy (Laissez Faire Capitalism) An economic system in which consumers make decisions about the economy including what is produced and cost of goods through supply and demand. Government stays out of the economy as much as possible.

Market Economy=Free Market Economy= Capitalism -Adam Smith, a Scottish Enlightenment thinker, is considered a founder of capitalism. His famous book is called The Wealth of Nations (1776) -based on the philosophy of Laissez Faire (government keeps its hands out of the economy as much as possible). -the economy functions through supply and demand. -high competition between businesses.

BENEFITS of Capitalism NEGATIVES of Capitalism Competition between businesses leads to lower prices and higher quality of goods. Variety of goods to choose from. Encourages innovation, individuality and freedom. Means of production are privately owned. Chance to make lots of money. Goods based on consumer demands. Overproduction of goods leads to waste and hurts environment. Survival of the Fittest: unpopular/unsuccessful brands will shut down, causing unemployment for workers and debt for owner. Lack of governmental oversight can lead to unsafe products, environmental problems, and exploitation of workers.

The tribe relied on hunting and farming for food The tribe relied on hunting and farming for food. The boy knew he would be a farmer just like his dad had been. What kind of economic system does this describe? command economy traditional economy free market economy mixed economy

Which of the answer choices is not a characteristic of a free market economy? Consumer Sovereignty Private Property Public Property Profit

List as many factors of production as you can!

Which industry was first to be affected by the Industrial Revolution? a. textiles b. transportation c. ship building d. farming

Sadler Report

From the Depths   A painting by William Balfour Ker, a Canadian of Scottish background. Ker was an outspoken socialist who created this image to be incorporated in a novel on class struggle called The Silent War by John Ames Mitchell (New York, 1906).

Closing Questions To what degree did industrialization pave the way for the ills of capitalism? Problem Solving: Imagine that you are the mayor of London, England. The year is 1870. Propose a solution to help alleviate the problems in your city caused by industrialization.