Warm Up  Pick up a guided notes sheet from the front table  Clear your desk of everything except the notes sheet and a writing utensil  Pick up a guided notes sheet from the front table  Clear your desk of everything except the notes sheet and a writing utensil

Round 1  How did you feel at the start of the game?  How did you feel after you ran out of money?  What are some things you could have done to get back into the game?  Did you think the game was fair?  How did you feel at the start of the game?  How did you feel after you ran out of money?  What are some things you could have done to get back into the game?  Did you think the game was fair?

Capitalism  Private ownership = you have your own money  You enter the free market = playing  Results in economic inequity = not everyone has the same amount of money  Private ownership = you have your own money  You enter the free market = playing  Results in economic inequity = not everyone has the same amount of money

Round 2  I will now collect all of the money, and redistribute it to each of you equally  Everyone will have the same amount of money  Who is happy about this action? Who is not happy?  I will now collect all of the money, and redistribute it to each of you equally  Everyone will have the same amount of money  Who is happy about this action? Who is not happy?

Socialism  Government ownership of resources = I own the money  Redistribution of wealth = I made economic equality by giving everyone the same amount of money  Goal of a classless society = everyone has the same amount of money  Government ownership of resources = I own the money  Redistribution of wealth = I made economic equality by giving everyone the same amount of money  Goal of a classless society = everyone has the same amount of money

Traditional Economic System  People produce their own food and make or trade for what they need  Ex: Inuit group of Alaska  People produce their own food and make or trade for what they need  Ex: Inuit group of Alaska

Market Economy  People and businesses make their own economic decisions  Also known as capitalism and free enterprise  People and businesses make their own economic decisions  Also known as capitalism and free enterprise

Command Economy  The government makes the economic decisions  Socialism: the government controls SOME parts of the economy  Communism: the government make MOST of the economic decisions and there is no private ownership of businesses  The government makes the economic decisions  Socialism: the government controls SOME parts of the economy  Communism: the government make MOST of the economic decisions and there is no private ownership of businesses

Mixed Economy  Includes elements of market and command economies  All modern economies are mixed  Includes elements of market and command economies  All modern economies are mixed

What to produce? How to produce? For whom to produce? TraditionalBasic needs By ourselves by hand ourselves MarketWhatever will be profitable The cheapest way possible For whomever will pay the most CommandWhat the governmen t tells us to In a way that employs everybody For everyone

Measures of Wealth  GDP: Gross Domestic Product- the total value of goods and services produced in a country  Shows how LARGE a country’s economy is  GDP: Gross Domestic Product- the total value of goods and services produced in a country  Shows how LARGE a country’s economy is

LARGEST economies o the world as measured by GDP:  1. United States6. United Kingdom  2. China7. Brazil  3. Japan8. Italy  4. Germany9. Canada  5. France10. India  How can we describe the countries with the biggest economies?  They are the countries with large populations and/or relatively advanced economies LARGEST economies o the world as measured by GDP:  1. United States6. United Kingdom  2. China7. Brazil  3. Japan8. Italy  4. Germany9. Canada  5. France10. India  How can we describe the countries with the biggest economies?  They are the countries with large populations and/or relatively advanced economies

 GDP per capita: Gross Domestic Product per person: the total value of goods and services produced in a country divided by the total number of people  Shows how wealthy a country is  GDP per capita: Gross Domestic Product per person: the total value of goods and services produced in a country divided by the total number of people  Shows how wealthy a country is

 The wealthiest countries of the world as measured by GDP per capita:  1. Luxembourg6. Dennmark  2.. Norway7. Australia  3. Qatar8. Sweden  4. Switzerland9. United States  5. United Arab Emirates10. Netherlands  How can we describe the wealthiest countries? Western and oil-rich Middle Eastern countries  The wealthiest countries of the world as measured by GDP per capita:  1. Luxembourg6. Dennmark  2.. Norway7. Australia  3. Qatar8. Sweden  4. Switzerland9. United States  5. United Arab Emirates10. Netherlands  How can we describe the wealthiest countries? Western and oil-rich Middle Eastern countries

GDP & GDP per Capita: Maps and Graphs

World

Population

GDP

GDP (2008)

GDP (Nominal & PPP) 2005

GDP per Capita (2009)

GDP Density

Earth at Night

GDP by Language