1. Economic Systems

2. Do you think Safety Nets are good or bad?
Warm Up
What is a Safety Net?
Do you think Safety Nets are good or bad?

3. Homework: Study Guide
Fill out all relevant material and notes for each term/concept on the Study Guide

4. BRING QUIZZES TO NEXT CLASS
Looking Ahead
Test= 2 Classes from now
BRING QUIZZES TO NEXT CLASS
I will be doing a Warm Up Check starting from the First Warm Up: “What is the most important need that you have? What is the most important want that you have?”

5. Synthesize material from Basics of Economics-Economic Systems
Learning Objectives
Synthesize material from Basics of Economics-Economic Systems
Analyze Economic Goals/Values
Enhance Individual Learning abilities

6. Fill out the Review Sheet for the Test
Test Review Sheet
Fill out the Review Sheet for the Test

7. Brainstorming: Goals and Economics
What is a “Goal”?
List three of your personal goals in life
What is an economic goal?
How do you think economic goals play a role in a nation’s economy?
What would you say are the economic goals in the United States?

8. Economic Goals and Societal Values
Economic Efficiency: Making the most of resources that you have available
Economic Freedom: Individuals are free to make their own decisions
Economic Security and Predictability: Making sure that economic affairs run smoothly
Economic Equity: Fair distribution of wealth
Economic Growth and Innovation: Working towards a higher standard of living
Other Goals: Goals that are created based on the individual nation

9. Fun with Whiteboards
After you read each scenario, you will have 1 minute to write down the economic goal/value that is being described
After 1 minute, everyone will hold up their whiteboard to show their answer
Example:
Biggie is upset because he has very little money but his next door neighbors have more money than they know what to do with. Which goal/value would Biggie like to see improved in the economy?

10. Fun With Whiteboards
Biggie has started a new business but he feels that the government is trying to stop him from running his business. Which economic goal/value would Biggie like to see improved?

11. Fun With Whiteboards
Biggie is nervous because the national economy is unstable and Biggie would like to see it run more smoothly. Which economic goal/value would Biggie like to see improved?

12. Fun With Whiteboards
Biggie lives in a tribe in Africa which doesn’t use money or modern technology. Instead, Biggie and his tribesmen are farmers, and they want to keep the land that has been passed down to them by their family. Which economic goal/value is Biggie focusing on?

13. Fun With Whiteboards
Biggie wants to create a new robot that will help people improve their standard of living. Which Economic Goal/Value do you think Biggie is focusing on?

14. Check For Understanding
Which of these goals/values work well together?
Which goals/values could not work together in an economic system?
What is the trade off of these goals/values?
Rank the goals/values that you think are most important in an economy and next to each briefly explain why

15. 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

16. Start working on Study Guides
In-Class time to start working on Study Guides

17. List the six different Economic Goals/Values and briefly explain each
Warm Up
List the six different Economic Goals/Values and briefly explain each

18. Homework: Complete Study Guide
Fill out all relevant material and notes for each term/concept on the Study Guide

19. Looking Ahead
TEST NEXT CLASS!!!
I will be doing a Warm Up Check starting from the First Warm Up: “What is the most important need that you have? What is the most important want that you have?”

20. Synthesize Basics of Economics- Economic Systems
Learning Objectives
Synthesize Basics of Economics- Economic Systems
Enhance studying skills
Engage in Collaborative Learning

21. Complete the Test Review Sheet

22. Kahoot.IT
THIS IS THE ONLY TIME YOU WILL BE ALLOWED TO USE YOUR CELL PHONES
Login to Kahoot.IT
Put in your name
Enter the Pin Code that I will display

23. Review the answers to the first quiz with a partner
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

24. Charades
You will get a card with a word or concept that is going to be on the quiz
You have to get someone from the class to guess the word WITHOUT MAKING SOUNDS OR NOISE (YOU CAN’T SAY ANYTHING)
If you get someone to guess the word without saying anything, you will get 3 points extra credit on the quiz

25. Fill out the terms and concepts on the Study Guide
Study Guides
Fill out the terms and concepts on the Study Guide

26. Have Warm Ups ready for me to check under your desk
Get ready to take test
Have Warm Ups ready for me to check under your desk

27. Homework: Research Project
You will be researching the economy of one nation
Print out 1 article that describes what kind of economy that nation has
In 3-4 sentences, summarize what type of economic system the country and explain why

28. Homework: Research Project
The countries that you can choose to research are:
1. Russia
2. China
3. Afghanistan
4. Venezuela
5. Cuba

29. Practice test-taking skills Enhance public speaking skills
Learning Objectives
Practice test-taking skills
Enhance public speaking skills
Engage in Collaborative Learning

30. TEST
Take Test

31. HINT: Think about the Cold War
Warm Up
What were the two major economic systems that you studied in World and US History?
HINT: Think about the Cold War

32. Interview the owner of small business
Ask the owner of a small/local business these questions and record their answers
1. Why did you decide to start a business?
2. Why did you start this type of business?
3. Who is your competition?
4. What are the goals for your business?

33. Learning Objectives
Analyze advantages and disadvantages of Capitalism and Communism
Interpret how Competition and Self- Interest play a role in a Capitalist Economy
Build Connections to your own life

34. Economic Systems
Capitalism: Economic system in which a country's economy is controlled by the people rather than the government
Communism: Economic system in which a country’s economy is controlled by the government rather than the people
Socialism: Social and Economic idea that is based around equal distribution of wealth through the people choosing who to represent them in the government

35. Check for Understanding
Which economic systems are complete opposites of one another?
Which economic systems are similar? Why are they similar?
What is the difference between Communism and Socialism?
What kind of economic system does the United States have?

36. Extra Credit Simulation: Comparing Communism to Capitalism
Who wants Extra Credit??? I will ask you a question worth 10 extra credit points

37. What are the Four Economic Systems?
Extra Credit Question
What are the Four Economic Systems?

38. “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

39. “Sharing the Wealth” Question
What is the difference between Socialism and Communism?

40. Check for Understanding
What are some of the advantages of Communism?
What are some of the advantages of Capitalism?
What are some of the disadvantages of Communism?
What are some of the disadvantages of Capitalism?
Would you rather live in a Communist or Capitalistic society? Why?

41. Textbook Work: Chapter 2, Lesson 2
Read pages 27-30
Answer questions 1-7 on a separate sheet of paper

42. Competition
What does it mean when people were saying that the Golden State Warriors were “competing” against the Cleveland Cavaliers for the NBA Championship?
Have you ever heard the word “competition” or “compete” in your life? What does “competition“ mean and where have you heard these words used?
Is competition a good or bad thing? Why?
Does competition play a bigger role in Capitalism, Communism, or Socialism? Why?

43. Capitalism and the Free Market System
Competition: Struggle among producers to get the money of consumers
What businesses can you think of that compete against one another
Struggle: Effort to get what you want from someone else
Producers: People who sell things
Consumers: People who buy things

44. Bags of Chips-Competition Game
Who represented my competition when I was selling the Bags of Chips the first time we did this game? How did this impact the pricing of the Chips?
I need two volunteers to represent new companies selling Chips
Each producer selling chips has has 20 bags of Chips to sell
Each consumer buying chips has $10.00 to buy Chips with
1st Round= Each consumer can buy 1 bag of Chips
Each producer selling will set their own prices on the bags of chips
The producer with the most money can keep the extra chips

45. Analyzing the Competition Game
Who were the consumers in the game?
Who were the producers in the game?
How did we see competition in the game?
Did competition help the consumer or the producer? Why?
How did competition impact the pricing of the Bags of Chips?
What does this game tell you about the role of competition in a Capitalist Economy?

46. Capitalism and the Free Market System
Competition: Regulating force in the economy
Regulate: To control and monitor
What people act as a regulating force in your life?
What people act as a regulating force at Liberty High School?
What people act as a regulating force in Brentwood?

47. Do you think Competition is a good or bad thing? Why?
Warm Up
What is Competition?
Do you think Competition is a good or bad thing? Why?

48. Homework
Ask the owner of a small/local business these questions and record their answers
1. Why did you decide to start a business?
2. Why did you start this type of business?
3. Who is your competition?
4. What are the goals for your business?

49. Interpret the role of Self-Interest and Competition in the Economy
Learning Objectives
Interpret the role of Self-Interest and Competition in the Economy
Analyze why the USSR fell apart
Engage in Creative Expression

50. Self-Interest: Pair-Share
Identify three interests that you have
Ask the person sitting next to you what are three interests that they have
What does it mean when you put the word “self” in front of another word? What does “Self-Interest” mean?
Between the two of you, try to think about how people’s interests impacted the Competition Game…what does this tell you about the role of Self-Interest in a Capitalist economy?

51. Capitalism and the Free Market System
Self-Interest: One’s own personal gain
Role of Self-Interest in the economy: Motivating Force behind the Free Market
Motivate: To get someone to want to do something
What people act as a motivating force in your life?
What people motivate you to do things at Liberty or in the community?

52. Businesses in Brentwood
Think of two businesses that compete for your money in Brentwood
What would you do if one of these businesses raised their prices by $10.00 on every thing you bought from them?
What would you do if one of these businesses came out with something new that was centered around your self-interest?
After answering these questions, in 2-3 sentences, explain how competition between the businesses helps regulate the pricing of their products. Then explain how self-interest can act as a motivating force in the economics of Brentwood

53. Weekly Vocabulary Sheet
Complete the Weekly Vocabulary Sheet