HW check: RB p 22 I Match the definitions...II Classify the industries... 1i13 tPRIMARY SECTOR: 2w14 l w 3k15 s 4v16 h 5a17 uSECONDARY SECTOR: 6o18 ga, b, c, e, i, j, k, l, p, t 7q19 d 8b20 e 9p21 jTERTIARY SECTOR: 10 r22 m d, f, g, h, m, n, o, q, r, s 11 c23 f u, v 12 n

Sort out according to topic! Academic terms Economics Economy Primary sector Secondary sector Tertiary sector confectionery banking global forestry applied hospitality industry Keynesianquarrying smelting mining retailing course attendance commerce fragile trade blue-collar ICT barber shipbuilding elective transport classical advertising dean construction health care farming major MBA design real estate beverages utilities media

Sort out according to topic! Academic terms 6 Economics 3 Economy 2 Primary sector 4 Secondary sector 6 Tertiary sector 14 confectionery banking global forestry applied hospitality industry Keynesianquarrying smelting mining retailing course attendance commerce fragile trade blue-collar ICT barber shipbuilding elective transport classical advertising dean construction health care farming major MBA design real estate beverages utilities media

What is economy? The system by which a country's goods & services are produced and used. Problem? Concerning resources and wants... The resources are scarce and the wants are unlimited. The function of economy? To allocate scarce resources amongst unlimited wants.

To satisfy wants we need to answer three questions: What... How... For whom... should be produced? should it be produced? Who gets to decide? How these questions are answered will depend on the type of economic system.

The three basic types of economic systems: Market economies (or capitalist economies or free enterprise economies) Planned economies (or command economies) Mixed economies Take 2 min and brainstorm words you associate with each type

→ RB, p 30 Read the intro Read the text on market economies and fill in the missing words.

Market economies Resources are allocated through _______ mechanism (supply and ________) System which stimulates _________

Market economies Resources are allocated through market mechanism (supply and demand) System which stimulates competition

Competition in market economies leads to lower ______ (prices), better ______, more ______ for consumers

Competition in market economies leads to lower costs (prices), better quality, more choice for consumers

The role of the state in market economies: to _____ laws to provide _______ goods and services (e.g. j_ _ _ _ _ ary, national d_ _ _ _ ce, policing, fair competition)

The role of the state in market economies: to pass laws to provide essential goods and services (e.g. judiciary, national defence, policing, fair competition)

Imperfections of market economies Private firms not interested in _______ that do not make profit. Public interest ____________ to achieve lower costs. _______ distribution of income.

Imperfections of market economies Private firms not interested in services that do not make profit. Public interest sacrificed to achieve lower costs. Unequal distribution of income.

→ RB, p 30 Read the text on planned economies

P lanned economies (or command economies) The role of the state - ____ The state: - organizes - plans - co-ordinates the whole _________ process

Planned economies (or command economies) The role of the state - vital The state: - organizes - plans - co-ordinates the whole production process

There is no competition... __________ goods Little ______ / choice for consumers The state _______ goods & services More ______ distribution of income

There is no competition... Standardized goods Little variety / choice for consumers The state distributes goods & services More equal distribution of income

In planned economies... Production for _____ rather than profit People less motivated to work _________ The standard of living _____ than in other types of economies

In planned economies... Production for need rather than profit People less motivated to work efficiently The standard of living lower than in other types of economies

→ RB, p 30 Read the text on mixed economies

Mixed economies Some resources _________ by the state (in the _____ sector), the rest by the market system ( ______ sector) Public sector: responsible for _______ goods & services Private sector: production decisions ______ by firms (demand for gods)

Mixed economies Some resources allocated by the state (in the public sector), the rest by the market system (private sector) Public sector: responsible for public goods & services Private sector: production decisions made by firms (demand for gods)

In mixed economies... ______ goods provided free The state ensures _____ competition Private goods & services allocated as in _____ economies.

In mixed economies... Public goods provided free The state ensures fair competition Private goods & services allocated as in market economies. → HW, RB pp (tasks II - VI)

Time for a break! Dan MacMillan: Life After Death by Power Point

Most common complaints about the slides speakers read the slides to us 62.0% text so small I couldn't read it 46.9% slides hard to see because of color choice 42.6% full sentences instead of bullet points 39.1% moving/flying text or graphics 24.8% overly complex diagrams or charts 22.2% Demonstration of an effective presentation How does she use PPT? Make notes as you watch!

Timeline Time / order: 0.14 / / / / 13 Slide (content)Purpose Kiva logo ???... ???

Timeline Time: – – Slide (content) Purpose Kiva logo ??? Main message Outline of structure Yenku (photo) 95% rise in income Clinton (photo) + quote Jamie (photo) –Jamie’s message Glenda (photo) –Glenda’s message Kiva’s lenders together (occupations) Using Kiva (animated round chart) Main message

Making and talking slides → RB, p 89 I Compare IIOrganize the first slide for the talk on p 86 HW : Draft slides for the talk on p 87 (max. 5) Study III, p 89 Study and do p 90 (graphics)