1. Economic Systems Part 2

2. Homework: Research Project Part 2
Write a short essay on the economy of a nation you researched.
Be sure to include CLEAR THESIS STATEMENT
Break essay down into paragraphs (Introduction, Conclusion, Body Paragraphs)

3. Homework: Research Project Part 2
In your essay, you should include:
The type of economic system represented in the country
The economic goals and values of the country
Background information about the country’s economy (traditional economic practices, resources, government inference, employment, etc.)

4. Warm Up
Draw a Circular Flow Diagram for a Market Economy, and identify the different parts of the diagram

5. Review Economic Systems Analyze and Interpret the ideas of Adam Smith
Learning Objectives
Review Economic Systems
Analyze and Interpret the ideas of Adam Smith
Build connections to your own life

6. Journal 3: Adam Smith

7. Smith and Capitalism
Capitalism: Economic system in which a country's economy is controlled by private owners rather than the state
Self-Interest: One’s own personal gain
Competition: Struggle among producers for the money of consumers
Incentive: Expectation that encourages people to behave in a certain way
Laissez-Faire Economics: Limiting government intervention in the economy

8. Bags of Chips- COMPETITION
Recall the Bags of Chips Experiment that we did…who represented my competition in regards to selling the Bags of Chips? How did this impact the pricing of the Chips?
I need two volunteers to represent new companies selling Chips
Each producer has 20 bags of Chips to sell
Each consumer has $10.00
1st Round= Each consumer can buy 1 bag of Chips
Each producer will set their own prices on the bags of chips
The producer with the most money can keep the extra chips

9. Bags of Chips- Self Interest, Competition, and Incentive
How did Self-Interest impact the simulation?
How did Competition impact the simulation?
What Incentives were provided for the consumers and the producers?
How were prices impacted by Self-Interest, Competition, and Incentives?

10. In-Class Time to work on Marriage Project
You should be done with your education and work essay
You should be almost done with your proposal, wedding, and honeymoon
You should start planning out with your marriage partner the house that you want to buy and household finances (furniture, utilities, etc.)
Make sure that you are using your budget sheet and adding to your Marriage Binder

11. What role did Competition and Self- Interest play in our Experiment?
Warm Up
What role did Competition and Self- Interest play in our Experiment?

12. Homework: Complete Study Guide
Complete Study Guide by writing out all relevant notes and material for person, term, concept, etc. on the Study Guide

13. BRING TEXTBOOKS NEXT CLASS!!!-THIS WILL BE GRADED
Looking Ahead
BRING TEXTBOOKS NEXT CLASS!!!-THIS WILL BE GRADED

14. Learning Objectives
Analyze advantages and disadvantages of Capitalism, Socialism, and Communism
Interpret the concept of the Invisible Hand
Compare Communism to Capitalism

15. Forces in the Free Market
Self-Interest: Motivating force behind the Free Market
Competition: Regulating force in the Free Market
How is Self-Interest a Motivating Force in your life? Provide an example from your own decisions
How is Competition a Regulating Force in your life? Provide an example from your own decisions

16. The Invisible Hand
Invisible Hand: Way in which the market regulates itself through self-interest and competition working together
Willy’s Bagels is competing for your business with La Costa. Both La Costa and Willy’s have come out with new products due to the competition between these two businesses. While both businesses want to make a lot of money on their new products, they realize that if they charge too much money then they will lose business. In 2-3 Sentences explain how this scenario shows the concept of the Invisible Hand

17. The Invisible Hand: Groups of 4-5
Your group will be writing out a skit that shows the concept of the Invisible Hand
You will have two producers and two-three consumers
Be sure to show how Self-Interest and Competition play a role in regulating the market
Your skit must be clearly written out and will be performed for the class

18. Check for Understanding
Do you think competition is good or bad in economics? Why?
Do you think competition is good or bad in your own life? Why?

19. Socialism and Communism
Socialism: Social and political philosophy that is based on the idea of distributing wealth equally among people through a democratic means
Communism: Political system based around a centrally planned economy in which all economic and political power is in the hands of the government
How are these two terms similar?
How are these two terms different?
What examples of Socialistic or Communist countries can you think of? What do you know about them?

20. Extra Credit Simulation: Comparing Communism to Capitalism
Who wants Extra Credit??? I will ask you a question worth 30 extra credit points

21. Extra Credit Question
What are the four types of economic systems and give an example of each in the modern day

22. “Share the Wealth” Simulation: Comparing Communism to Capitalism
I will ask one person a question
If they get it right they get a piece of candy

23. “Share the Wealth” Question
Explain the Invisible Hand Concept

24. Warm Up
What did our Competition Game last class show you about the advantages and disadvantages of Capitalism and Communism?
Would you rather live in a Communist or Capitalistic society? Why?

25. Homework: Fill out Study Guide
Complete Study Guide by writing out all relevant notes and material for person, term, concept, etc. on the Study Guide

26. Learning Objectives Analyze why the economy of the USSR collapsed
Engage in Creative Expression
Interpret how the modern economies of Russia and China have recovered since the Cold War

27. Looking Ahead
TEST NEXT WEEK
I WILL BE DOING A WARM UP CHECK STARTING FROM “How does Economics impact your goals and Dreams?”

28. Textbook Work: Chapter 2, Section 3
Read Chapter 2, Section 3
Answer Questions 1-6 in Section 3 Assessment

29. Reasons why the Soviet economy collapsed
1. Best resources given to the military and space industries, as well as heavy industry -Heavy Industry: Requires a large investment to produce items used in other industries 2. No incentives for people on collectives or in industry to work hard due to guaranteed government employment and income -Collectives: Large farms leased from the state to groups of peasant farmers 3. Illegal for people to engage in entrepreneurial activity 4. Consumer goods scarce and poor quality

30. Check for Understanding
Why were consumer goods scarce in the USSR?
What is “entrepreneurial activity”?
Are there other reasons why the USSR collapsed? If so, what are they?

31. Create a Facebook Page
Pretend you are a consumer living in the Soviet Union…create a Facebook Page for yourself that shows what it was like to be a consumer in the economy of the Soviet Union
Be sure to:
Include pictures and graphics that depict the economic conditions
Make a list of consumer goods that you like and dislike
Provide comments on your standard of living
Create some biographical information about yourself and your country

32. Russia: A Nation Still In Recovery
What is the purpose of Russia’s Civil Chamber? How does this institution represent a separation from the Soviet economic structure?
According to this video, how is the government of Russia negatively impacting economics? Why do many Russians not want to involve the government in their business?
How is the low Russian unemployment rate explained?
In what ways has the Russian economy changed from the days of the USSR?

33. Connecting Modern World Economies
What other modern nation had a similar economy to the USSR during the Cold War and has now changed in the modern day?
What similarities and differences do these two countries have, both politically and economically in the modern day?

34. Warm Up
Identify three reasons why the Soviet Economy collapsed and explain how each reason led to economic collapse

35. Homework: Complete Study Guide
Complete Study Guide by writing out all relevant notes and material for person, term, concept, etc. on the Study Guide

36. Looking Ahead Bring Quizzes to Next Class TEST in 2 Classes from now
I WILL BE DOING A WARM UP CHECK STARTING FROM “How does Economics impact your goals and Dreams?”

37. Learning Objectives Analyze the modern Chinese Economy
Interpret Free Enterprise Vocabulary
Synthesize how economic transitions have impacted modern economies

38. China’s Rising GDP
GDP: GDP: Gross Domestic Product- Total value of goods/services produced in a country

39. China’s Modern Economy
What does this video say about the relationship between the Chinese and US economies? How do they impact each other?
How does psychology play a role in international economics?
What is the economic policy of China in regards to exports and consumer spending?
Why might the Chinese not be as experienced with Market economies as the US?
Why are the Chinese people losing confidence in their government’s ability to manage the economy?
How do recent trends in the oil market help to predict China’s economic future?

40. Check for Understanding
How has the Cold War and Communism impacted the modern economies of China and Russia?

41. Vocabulary
Free Enterprise: Economic System based on private and individual decisions, rather than state control
Privatization: Sell state-run firms to individuals
Private Property: Property that is owned by individuals or companies
To what extent were these economic terms part of the founding principles of the US?
To what extent have these economic terms been applied to the economies of Russia and China in the modern day?

42. Transition Both China and Russia’s economy are in “Transition”
Transition: Period of change in which an economy moves away from a centrally-planned economy toward a market-based system
In one paragraph: Give three examples of times in your own life where you went through a transition. Explain what it was like for you to go through these transitions. Were you immediately successful or did you experience some failures? What do your transitional experiences tell you about when a country is in an Economic Transition?

43. Retaining Information
What are the four types of economies?
Where do China, Russia, and the US fit on the continuum line?
a. Continuum: A range with no clear divisions
Which of the four types of economies do most modern nations have?
What is the role of government in this type of economy?

44. Continuum of Mixed Economies

45. Circular Flow Model of a Mixed Economy
Answer the questions on the Circular Flow Model of a Mixed Economy
Fill out the Review Section for the Test on the back

46. Exit Ticket
What is the main difference between a Circular Flow Model of a Mixed Economy and a Circular Flow Model of a Market Economy???

47. Write down three questions that you have for the test
Warm Up
Write down three questions that you have for the test
Don’t answer your own questions

48. Homework: Complete Study Guide
Complete Study Guide by writing out all relevant notes and material for person, term, concept, etc. on the Study Guide

49. Looking Ahead: Test Next Class
STUDY, STUDY, STUDY
I WILL BE DOING A WARM UP CHECK STARTING FROM “How does Economics impact your goals and Dreams?”

50. Learning Objectives
Synthesize Basics of Economics and Economic Systems
Enhance Review Skills
Engage in Collaborative Learning

51. Pair-Share Warm Ups
Switch Warm Ups with a partner
Have your partner answer your questions
Switch back and see what questions you have for me

52. Go Over Quizzes Review the answers to the first quiz with a partner
Ask any questions that you might have
Think about which questions are going to be asked again on the test

53. Kahoot.IT
THIS IS ONE TIME THAT YOU WILL BE ALLOWED TO USE YOUR CELL PHONES
Login to Kahoot. It
Enter your name
Plug in the Pin Code that I will show you
Winner= 10 points extra credit on quiz
2nd Place= 7 points extra credit
3rd place= 5 points extra credit

54. Charades I will give you a card with a word(s) on it
You have to act out the word- NO NOISES OR DRAWING
The class will try to guess the word based on your acting
If you guess someone else’s word correctly, you either go up to act out the next word, or you pick someone else to act out the word
If you act out three different words and get the class to say them correctly, you will get 3 extra credit points on the quiz

55. Create your own Matching Sheet
Split a sheet of paper down the middle so you have a left and right side
On the left side, write out ten vocabulary terms that you think will be on the test
On the right side, write out the definitions for the vocabulary terms (not in the same order as the terms)
Make sure to leave some room to the left of the vocabulary term so that your partner can write the letter of the corresponding definition

56. Warm Up
Get ready to take test…all you need on your desk is a pen/pencil
Put Warm Up Section of your Notebook under your desk

57. Homework: Interview the Owner of a Small Business
Ask the owner of a small business these questions and record their answers
1. Why did you decide to start a business?
2. Who is your competition?
3. What was your goals when you started this business and have they changed?
4. What would you do if you started losing customers or people weren’t buying what you are selling?

58. Enhance Test-taking Skills
Learning Objectives
Enhance Test-taking Skills
Analyze the role of government in the US Economy
Engage in Artistic Learning

59. I will be checking Warm Ups while you are taking the test
Take Test
Eyes on own Paper
I will be checking Warm Ups while you are taking the test