1. Economics Directions: Use this powerpoint to answer the questions about economics. Take your time and read through the questions on your sheet and each slide.

2. Economists categorize countries into two different types, developed and developing countries. Which type of country would you like to live in a why? Developed Country a country that has a great deal of technology and manufacturing Developing Country a country that has low industrial production (not many factories) and little modern technology

3. What makes the country on the top a developing country while the country on the bottom is developed? I mean they both have garbage!

4. When you start a business you need things or resources to run it. 3 major kinds of resources - Capital Resources Human Resources Natural Resources Capital ResourcesHuman ResourcesNatural Resources building, chairs, tables Employees and their training cows and milk

5. Capital Resource List five capital resources in the picture above Tools, machines, cups, buildings, etc. people use to run a business

6. Human Resource List five capital resources in the picture above The people, education and job training of a business

7. Natural Resource Any material in natural that people use from the Earth, many times to produce goods and services List 3 natural resources in the picture above

8. Examples of natural resources

9. Economy I know your main “job” is coming to school, which doesn’t pay money, but what are some ways that you’ve made money? The economy is the way a country makes money

10. Different types of economies of the world! Traditional Economy – when people produce and distribute goods according to customs handed down from generation to generation. Command Economy – when citizens have no rights and the government makes all decisions. Mixed Economy – people make most economic decisions, but government steps in to protect the consumer, workers and businesses. Market Economy – people make all economic decisions with no government at all.

11. Intuits in Canada’s Nunavut territory tracking polar bears – example of a traditional economy Traditional Economy – examples Inuit of Canada, Tribes in the Amazon Rainforest

12. Command Economy – dictators (government) makes all decisions for citizens, citizens get NO SAY Germany’s Dictator Adolf Hilter (1934-1945) North Korea’s Dictator Kim Jong-Un (2011 – present) Cuba’s Dictator Raul Castro (2008 – present)

13. Mixed Economy – citizens make most decisions, but the government steps in to protect consumers, workers and businesses. Burger Queen Ms. Wester is an entrepreneur and opens up Burger Queen The U.S. government steps in to make sure her hamburger meat is kept refrigerated and her store is clean – NO MICE OR ROACHES AT THIS STORE

14. In a perfect world, countries wouldn’t need the help of government, and this would be a Market Economy., but there are no such countries like this. The US is closest to a Market Economy. Look at the diagram below. Market Economy – economic system where citizens make all economic decisions with no government involvement AT ALL

15. Trade Barrier Something that stops or slow downs trade Quota - Limits imports Tariff - Taxes imports Embargo - Stops imports

16. Quota Limits the amount of products imported

17. Tariff Taxing imported goods, in the picture below, the U.S. has taxes the British made cloth.

18. Embargo In the picture above, Uncle Sam (the US) is not allowing any trade into Cuba, this is an EMBARGO, although many countries think the US should stop the embargo and begin trading with Cuba. What do you think? Stopping trade with a country

19. Scarcity when there is not enough something

21. Literacy Rate the percentage of a country’s citizens that can read and write

23. GDP Gross Domestic Product the total value of all goods and services in a country, like a countries paycheck