1. Warm-up 02/26 topic: “Under African Skies”
Explain the relationship between human capital, capital goods and GDP.
Retrievers- iresponds
Collectors- any missing work…
Attendance- Skipping?
H/W- No can do.
Supply- Probably
O-managers- Do what you do!

2. Economics Vocabulary
PASSWORD

3. Currency
Money-coins and bills

4. MARKET
THIS SYSTEM HAS NO GOVERNMENT INTERVENTION ALLOWS OWNERSHIP OF PRIVATE PROPERTY and BUSINESSES

5. Natural resources
Raw materials from nature used to produce goods. Can be renewable (has no limit, like the sun’s energy) or non-renewable (limited supply, as in oil).

6. What, how, and for whom to produce?
3 economic
questions
What, how, and for whom to produce?

7. TRADITIONAL THIS SYSTEM REPEATS THE PAST
Uses old-fashioned methods and machinery
to produce and trade goods

8. HUMAN CAPITAL
HUMAN RESOURCES USED TO PRODUCE GOODS AND SERVICES examples: manual labor - a worker builds a car mental labor - a worker designs an idea for a car

9. COMMAND
THE GOVERNMENT CONTROLS EVERYTHIG IN THIS SYSTEM SOMETIMES RESULTS IN LIMITED SUPPLY OF GOODS CAN SLOW DOWN AN ECONOMY (SLOW GROWTH)

10. TARIFF
A TAX ON IMPORTED GOODS

11. GOODS LEAVING,OR EXITING A COUNTRY
EXPORTS
GOODS LEAVING,OR EXITING A COUNTRY

12. GDP DIVIDED BY THE COUNTRY’S POPULATION
PER CAPITA GDP
GDP DIVIDED BY THE COUNTRY’S POPULATION

13. LIMITS ON THE QUANITY THAT CAN BE IMPORTED
QUOTA
LIMITS ON THE QUANITY THAT CAN BE IMPORTED

14. MIXED SYSTEMS
HAS ELEMENTS OF COMMAND & MARKET SYSTEMS (COMMON IN EUROPE), ALSO CANADA AND CHINA

15. A PERSON WHO STARTS UP A COMPANY, TAKES THE RISKS
ENTREPRENUER
A PERSON WHO STARTS UP A COMPANY, TAKES THE RISKS

16. GOODS COMING INTO A COUNTRY
IMPORTS

17. NATURAL RESOURCES, CAPITAL GOODS, HUMAN CAPITAL, AND ENTREPRENEURSHIP
4 FACTORS OF ECONOMIC GROWTH
NATURAL RESOURCES, CAPITAL GOODS, HUMAN CAPITAL, AND ENTREPRENEURSHIP

18. BLOCKING GOODS FROM ENTERING A COUNTRY
EMBARGO
BLOCKING GOODS FROM ENTERING A COUNTRY

19. TOTAL VALUE OF ALL GOODS AND SERVICES PRODUCED IN A COUNTRY IN A YEAR
GDP
TOTAL VALUE OF ALL GOODS AND SERVICES PRODUCED IN A COUNTRY IN A YEAR

20. THINGS THAT GET IN THE OF TWO NATIONS TRADING WITH EACH OTHER
TRADE BARRIEr
THINGS THAT GET IN THE OF TWO NATIONS TRADING WITH EACH OTHER

21. Ticket-in
1. The majority of the world’s economic systems are…
a. Market b. Command
c. Traditional d. Mixed
2. Supply and demand answers the basic economic questions in this economic system?
c. Traditional d. Mixed
3. All of the following are factors that lead to economic growth, except for _________?
a. Human capital b. Capital goods
c. natural resources d. Opportunity cost
4. Which of the following is not an example of Human Capital?
a. education b. training
c. computers d. healthcare
5. Which of the following is an example of Capital goods?
a. factories b. universities
c. government services d. none of the above

22. For 6-9, select A-Tariff, B-Quota, or C-Embargo.
6. Jamaica taxes all wood coming into the country from Brazil.
7. The president of Uruguay increases the amount of imported apples by 49 million pounds per year.
8. In 2012, President Obama issued sanctions, which prohibits all trade with Iran.
9. Argentina limits the amount of cotton that Chile can ship to them.

23. Use 5 of the words below… Use a mixture of: Rebus, Riddles, Pictures
Supply,
Demand,
Tariff,
Quota,
Embargo,
Consumer,
Producer,
GDP,
Profit,
Market,
Mixed,
Entrepreneur,
Scarcity,
Barter,
Capital Goods,
Human Capital,
Currency,
Currency Exchange,
import,
export,
good,
service,
Traditional
Command
opportunity
cost,

24. Use the words below to fill in your squares.
Supply,
Demand,
Tariff,
Quota,
Embargo,
Consumer,
Producer,
GDP,
Profit,
Market,
Mixed,
Entrepreneur,
Scarcity,
Barter,
Capital Goods,
Human Capital,
Currency,
Currency Exchange,
import,
export,
good,
service,
Traditional
Command
opportunity
cost,

25. Use the words below to fill in your squares.
Oligarchy
Monarchy
Dictatorship
Democracy
Presidential
Parliamentary
Vote
Citizens
Confederation
Volunteer
Federal
Unitary
Autocratic
Constitution
Legislative
Executive
Judicial