1. The US economy is best described as what type of economy? Explain

2. Find a seat and settle in Are you ready for your final
Welcome Knight Time
Find a seat and settle in
Are you ready for your final

3. According to supporters of capitalism, which of the following would be regarded as the economic motivator??
Competition
Profit
Price
Consumer Sovereignty

4. List the 3 questions of economies must ask.

5. Which of the following works alongside competition in economic regulation ?
Self-interest
Profit
Government
Price

6. How do consumers demonstrate their sovereignty in a market system?

7. Which economic policy is most associated with socialism?
Free trade
Competition
A guaranteed job
Economic freedom

8. Who can own the factors of production in a socialist system?

9. According to supporters of free enterprise, what makes an economy inefficient?
Rejecting customs and traditions
Meeting wants instead of needs
Allocating scarce resources
Allowing government regulations/intervention

10. What role does the US government play in the economy?

11. What is the main difference between socialism and communism?
in communism, the government allows citizens to create social programs to help the poor
in socialism, the government is always authoritarian
in socialism, the government redistributes wealth but allows private ownership
in communism, the government can be democratic and protect individual liberties

12. The US economy is best described as what type of economy?
Considered market by many, but with increasing government intervention it should be regarded as mixed

13. According to supporters of capitalism, which of the following would be regarded as the economic motivator??
Competition
Profit
Price
Consumer Sovereignty

14. List the 3 questions all economies must ask.
What to Produce
How to produce it
For Whom to produce it for

15. Which of the following works alongside competition in economic regulation ?
Self-Interest
Profit
Monopolies
Prices

16. How do consumers demonstrate their sovereignty in a market system?
By helping determine what gets produced and sold

17. Which economic policy is most associated with socialism?
Free trade
Competition
A guaranteed job
Economic freedom

18. Who can own the factors of production in a socialist system?
The Government
The People

19. According to supporters of free enterprise, what makes an economy inefficient?
Rejecting customs and traditions
Meeting wants instead of needs
Allocating scarce resources
Allowing government regulations

20. What role does the US government play in the economy?
Some intervention by providing regulations/subsidies to businesses

21. What is the main difference between socialism and communism?
in communism, the government allows citizens to create social programs to help the poor in socialism, the government is always authoritarian
in socialism, the government redistributes wealth but allows private ownership
in communism, the government can be democratic and protect individual liberties

22. Find a seat and settle in Take out your budget projects.
Welcome Knight Time!
Find a seat and settle in
Take out your budget projects.

23. Reminders Budget Project Due FRIDAY
Unit 7 Test will be next Wednesday (12/16/15)
Recovery
Next Year’s Classes
SOT Adopt a Marine Project!

24. Shhh! Quiz in progress! All you need is your Chromebook
Login:
URL:
When finished

25. Budget Project
Today day is the last day to work on your project in class!
Use the chromebooks to research
Feel free to ask questions.

26. Economic Philosophies
Welcome C&E Students!
Find your seat and settle in
Roll Call Question: Would you rather be 3’5’’ or 8’5’’?
Bell Work: Prepare for your quiz!
Types of Economies
Economic Philosophies

27. Reminders Unit 7 Test next Tuesday!
Quiz Thursday –Gov’t Revenue & Labor Unions
Monopoly Reflection due tomorrow
Budget Project – past due
Recovery

28. Shhh! Quiz in progress! All you need is a writing utensil
Have a question? Ask a Question!
When finished …
1st Get your Unit 6 Test From Mrs. Peach and Complete your Pink Data Tracker. Give both back to her when finished.
2nd grab a chromebook and begin your self- paced lesson on NearPod - LVMRK

29. Self-Paced
You will be completing a Nearpod lesson today to learn how the US Government Collects and Distributes Tax Revenue
These will serve as your notes for Objective 7.2
Complete all activities throughout the lesson

30. eCOWnomics Systems
Taught by Cows

31. Capitalism
Capitalism: We have two female cows. Because we live in a capitalistic society, guess what we can do whatever we want with those cows. We want to make money, so we decide to sell one cow and buy a bull. The cow and the bull fall in love and have several baby cows and bulls, which we can now sell and make a profit.

32. Socialism
We have two female cows. Our neighbor has no cows. The government comes and takes one of our cows and gives it to our neighbor.

33. Socialism
We form a cooperative with our neighbor to teach them how to care for the cows. Now everyone in the neighborhood can come and get the milk they need if they help care for the cows.

34. Communism
We have two female cows. The government comes and takes both of them, saying they will provide everyone with the milk they need.

35. Communism
You must now walk to Milk Corp. to get your milk. However, you must wait in a line behind everyone else and by the time you get to the counter, your milk has spoiled.

36. Reading – Gov’t Spending
Read the Section Outlining Discretionary & Mandatory Spending
How are these two different?
What are some examples of each?

37. 7.2 – Revenue and Expenditures of the Gov’t
Objective: Evaluate how the government collects and distributes tax revenue

38. I. The Government’s Budget
A. Each year the president and Congress create a budget – blueprint of how the government will raise and spend money
1. Fiscal Year – a 12 month period that may or may not match the calendar year
2. Begins Oct. 1 and ends Sep. 30 of the following year

46. B. Budget Process
1. President sends a budget to Congress outlining how the government should spend its money
a. Office of Management and Budget- office within the Federal Bureaucracy (Executive Branch) who assists the President to prepare the budget

47. 2. Congress divides spending into two types:
a. Mandatory Spending – spending that does not need annual approval
(1). Examples: Social Security Benefit Checks and interest payments on the government debt.
b. Discretionary Spending – expenditures that must be approved each year
(1). Examples: Money for highway construction and military/defense.

51. If these are considered laws that the House and Senate attempt to pass, then what must be the next step after each chamber has approved the appropriation bill?
c. Must be approved by both chambers and then signed into law or vetoed by the President
d. Current annual budget is near $4 trillion

53. C. Budget Breakdown
1. Entitlement programs – social security, Medicare and Welfare – 50% of the budget
2. Defense – 20%,
3. interest on debt 8- 9%

54. D. Borrowing 1. Deficit – spending above revenue ($1.5 trillion)
2. Debt – money borrowed and not paid back
a. total debt: over $19 trillion, that’s over $300 billion in interest

55. How Quickly Does the Debt Grow?
Let’s find out

59. CROSSWORD MADNESS

60. Welcome C&E Students!!! Prepare for your Quiz!
Grab your handouts and settle in
Roll Call Question: Would you rather defend yourself against an army of Smurfs or an army of Carebears?
Bell Work:
What 2 groups develop a national budget?
Explain the difference between Mandatory and Discretionary Spending
What does the US spend most of the budget on?
How is a deficit different from debt
Prepare for your Quiz!

61. Reminders
Unit 7 Test is May 19th (next Thursday)
Next Quiz is on Tuesday
Budget Project was due Monday
Recovery

62. SHHH! Quiz in Progress! All you need is a writing utensil
Have a question? Ask a question!
When finished turn in quiz to the class tray
Take out your reading from today and complete the attached activities

63. II. Constitution and Taxes
A. Article I , Sec. 8, Clause 1 – First power given Congress
1. “power of the purse” – Congress’ ability to set the spending and taxing policies of the nation.

64. B. Limitations
1. No taxes on churches (Any federally recognized religion)
2. Taxes may be used for public purposes only

65. III. Types of Taxes A. Direct Tax - paid directly to the gov’t
1. Income Tax
a. Allowed by 16th Amendment
b. Progressive Income Tax – percentage paid goes up with income (determined by “brackets”)

67. c. Corporate Income Tax – extra tax on businesses’ profits (corporations are treated like individuals)
d. Capital Gains Tax – on stock market profits

68. e. Payroll Tax 1. Taxes taken out of your paycheck each month
2. Social Security – Money for retires and disabled
3. Medicare – healthcare for elderly

69. B. Indirect Tax
Paid to another party for good or service then sent on to the gov’t
1. Sales Tax you only have to pay these if you want to buy something
2. Excise Tax - you only have to pay these if you want certain goods and services (example: gas, tobacco, phone)
a. these are examples of a Regressive Tax – percentage paid goes down the more money your make

70. 3. Estate Tax
a. Tax on inheritance – if you want to leave someone your property/money after you die a certain percentage will be taken by the government

72. Write two test/quiz questions based on this new material
Objective Overview
Write two test/quiz questions based on this new material
It can be Multiple Choice or Short Answer
If these are good enough you may see them on a quiz or test!

73. Citizens & Gov’t Control FofP Progressive Income Tax
SPLAT!!!
Laissez-Faire
Profit
Citizens Control
FofP
Self- Interst
Proletariat
Command Economy
Capitalism
Citizens & Gov’t Control FofP
Karl Marx
Progressive Income Tax
Communism
Traditional Economy
Authoritarian
Communist Manifesto
Competition
Wealth of Nations
Gov’t Controls
Bourgeoisie
Invisible Hand
Socialism

74. Office of Management & Budget
SPLAT!
Office of Management & Budget
Corporate Income Tax
300 Billion
Entitlement Programs
Regressive
Estate Tax
Debt
16th Amendment
Payroll Tax
Fiscal Year
Sales Tax
Mandatory Spending
Capital Gains Tax
Deficit
Indirect Tax
Direct Tax
Progressive
19 Trillion
Discretionary Spending
Excise Tax

75. Spread out and find a book
Welcome Knight Time!
It’s DEAR Day!!!!
Spread out and find a book