Bellringer On the back of your note sheet from last class, there is a T-Chart with the positive and negative effects of the Industrial Revolution. On your own, list 4 positive effects and 4 negative effects of the Industrial Revolution. Rank them from 1-4 (1=the most important, 4=least important). BJOTD: Why are cows always broke?

Exploring Economic Systems Once you are out of the game, please write and answer the following questions on your own piece of paper in complete sentences: 1. How many pieces did you start with? How many did you end with? 2. How did it feel to be out of the game (or) still in the game when everyone else lost? 3. Once you were out, how could you have entered the game again? 4. Was this game fair? If not, what could I (the teacher) have done to make it fair?

Economic Systems through Cows

Capitalism

Capitalism Definition: Economic system in which money is invested in business ventures with the goal of making money Role of the Government: Hands off! The government shouldn’t step in for any reason, including laws for better wages or working conditions

Capitalism Positives Negatives More competition Better goods at better prices Entrepreneurial opportunities Growth of the Middle Class Negatives Only a few grow rich No labor laws People grew dissatisfied with working conditions and unequal distribution of wealth

Socialism

Socialism

Socialism Definition: an economic system in which the government controls things and gives them out as needed. Socialism and Communism were created in response to the injustices of capitalism

Communism

Communism An economic system in which the people own all aspects of business and share all goods and services Positives People work for the good of all Attempt to redistribute wealth Negatives: Inefficient businesses No price competition

Russian Communism

Russian Communism An economic system in which the government controls everything.

Important Economic Thinkers Adam Smith Wrote The Wealth of Nations about the theory of capitalism Believed in laissez-faire (hands off) economics. The government shouldn’t interfere Karl Marx (and Friederich Engles) Wrote Communist Manifesto in 1848 Believed the world has always been divided into the “haves” and the “have nots” Rich were growing richer and the poor poorer

Activity To wrap up our discussion of the Industrial Revolution, you will write a letter to a friend explaining to them your experiences of the Industrial Revolution. Paragraph A: What the Industrial Revolution has changed about everyday life (6-7 sentences) Paragraph B: The good and the bad effects of the Industrial Revolution (6-7 sentences) Paragraph C: What you think the ideal economic system would be (define it for your friend), and why (6-7 sentences)