 Grab today’s handouts and settle in  Roll Call Question: What was your favorite childhood toy?  Bell Work: ◦ What words come to mind when you hear the following words?  Capitalism – Socialism – Communism

 Green Portion of the Budget Project Due next Friday, Dec. 11  Recovery  Knight Time  Food in Class

 Lets do some free associations! ◦ Capitalism ◦ Socialism ◦ Communism

Objective: compare and contrast the four types of economies

A. All economies must answer 3 key economic questions: 1.what to produce, 2. how to produce, 3. for whom to produce B. Traditional Economies 1.custom, culture, or ritual to decide 2.revolves around family/community 3.Examples: The Amish or Massai

C.Market Economies- 1.free market, free enterprise, capitalism 2.individuals and companies decide, not govt D.Command Economies- 1.centrally planned economy 2.the central gov’t alone decides

E.Mixed Economies- 1.combination of other three economies 2.most modern economies are mixed 3.US is a free market economy but the gov’t intervenes to keep order, regulate, provide services, and promote general welfare

 Using the information from your notes and today’s handout determine what type of economic system is being described  Feel Free to work with a partner  Be prepared to share your answers

A.Adam Smith’s“Wealth of Nations” (1776) 1.called for restricting gov’t in the economy (laissez-faire- leave alone) 2.This promotes free enterprise - where few restrictions are placed on business activities and ownership 3.believed that Competition and Self-Interest would regulate the economy - “the invisible hand”

a.Self-Interest- personal gain (ownership/incentives) is motivating force in economy b.Competition- struggle among producers for consumer’s money c.Advantages: 1.Economic efficiency 2.Economic freedom 3.Economic growth 4.Consumer sovereignty

◦ ◦ ◦

 1. Factors of Production are privately owned (either by individuals or businesses)  2. There is no government intervention or regulation  3. Profit motivates individuals and businesses

Government controls resources and production A. Karl Marx’s “Communist Manifesto” (1848) 1.believed all politics and history is driven by the struggle of the proletariat (working lower class) vs. the bourgeoisie (rich upper class) 2.believed a socialist society can only come after a violent revolution

B. Socialism 1.philosophy that wealth should be redistributed throughout society and everyone has a role to fulfill within the economy 2.can allow for a mix of private and public ownership 3.in socialist countries, gov’t often owns most major industries and uses wealth for social programs

C.Communism 1.centrally planned economy with all economic and political power residing in the central government 2.little to no private ownership with societal equality 3.communist governments are authoritarian- strict obedience to the government, no individual freedom

 Read the following primary document  Rewrite each section in your own words to better understand its meaning  Place a check mark next to the statements you agree with or you would like to see applied in our own economy

 Find a seat and settle in  It’s DEAR Day! Grab a book from the shelf if you don’t have one  Where are you going for Knight Time?

 Find a seat and settle in  KNIGHT TIME starts next week! Where are you going?  Get ready for a nightmare!

 It’s Mother’s Day on Sunday!  Let’s write some sweet notes to our moms, grandmothers or mother figures in our lives  I’ve got the supplies and I’ll remind you over the weekend to give your moms’ your note

 Thank your teachers with a sweet note! ◦ I appreciate you because… ◦ You make Ardrey Kell better because… ◦ You are the best because…

 Grab today’s handout, find your seat number and settle in ◦ 2 nd & 3 rd block turn in Budget Project Part6 to your tray  Roll Call Question: Would you rather only be able to whisper or only be able to shout everything?  Bell Work: ◦ What are the 3 key economic questions all economies must ask themselves? ◦ How would a traditional economy answer the 3 economic questions? ◦ How are socialism and communism different?

 What to Produce – How to Produce – For whom to produce  Traditional – answers these questions based on ritual, custom and culture  Socialism – allows for a mixture of private and public ownership/control over factors of production  Communism – the government owns and controls all factors of production

 Find your seat & settle  Roll Call Question: Would you rather have squirrels for hands or guinea pigs for feet?  Bell Work ◦ What are the four types of Economies ◦ Who are the Proletariat and Bourgeoisie? ◦ How do Adam Smith and Karl Marx’s views differ? Where did they express these views?

 Green Portion of the Budget Project is due next Friday Dec. 11, 2015  Next Quiz will be Tuesday  Recovery  Knight Time  Food in Class

 Assign one person to be the banker  Each player receives $1500: ◦ 2 each of $500s, $100s and $50s ◦ 6 $20s ◦ 5 each of $10s, $5s and $1s  Please refer to your “Let’s Play Monopoly” & “Instructions” handout for further details  At the end of each round you will tally the wealth you have accumulated  The reflection and Tally handout will be due at the end of class on Monday for a quiz grade

 In this version of monopoly you are following the regular game rules  You will have minutes this round  When the bell rings take account of your assets on the handout you received (chart side)  After this round we will move on to Socialist Monopoly

 Find a seat and settle in  Are you ready for finals???

 Find your seat and settle in ◦ If you were absent Friday, go to the crate with dates to get the handout you need for today  Roll Call Question: Would you rather own a teacup pig, pygmy goat or mini horse?  Bell Work: ◦ What motivated you in capitalist Monopoly? ◦ Who controls the factors of production in each type of economic philosophy: capitalism, socialism and communism

 Green Portion of the Budget Project is due this FRIDAY!!!  Quiz Tomorrow  Recovery  Next Year’s Classes  SOT Project  Student of the Unit

 How’d you do???

 To start this round find the person in your group who ended up with the least amount of money on hand  You now all will start with this amount. All your extra cash will go to the Government  Make sure you read the new Socialist rules carefully  You will have minutes  When the bell rings take account of your assets once again, this time in the socialist column

 Make sure you read the new Communist rules carefully  You will have 5-10 minutes to play this round  When the bell rings take account of your assets once again, this time in the socialist column

 Make sure your chart is complete  Now reflect back on your experience playing the three different version and answer the accompanying questions  If you finish turn in to your class tray, if not turn in first thing tomorrow.

 It’s Smith v. Marx  With your group mates create a conversation that these two might have  GET CREATIVE!!!

 Look back at today’s objective  Think about all the new information you learned  Develop three potential test question you might see that are based on this objective  Be prepared to share your answers  If they are good enough they might appear on a quiz or test!!!!

 Where am I on the board?  How much money do I have?  What properties do I own?  Do I have any other assets?