1. March 1, 2017
Agenda
• Notebook turn in
• Vocab Diagnostic
• Vocab Review
Warm-up
Why is it important to understand economics?
Homework: review today’s material

2. Unit 9: Government & Corruption in Africa
1.Unit 9 Standards 14. Study Guide
2.Warmup (2/6 –2/10) 15. Warmup (2/20-2/24)
3.Gov. Vocab Obstacles to Education
4. Cit Part & PD Famine, Starvation, &
5. Hello My Name is Malnutrition
6. 2 Democracies 18. Clean Water
7. Sorting Gov. Terms (not STEAM)
8. Government Matrix 19. AIDS notes
9. Warmup (2/13-2/17) 20. Ebola
10. African Leaders
11. Civil Wars in Africa
12. South Sudan
13. Foreign Aid

3. Vocab Diagnostic

4. Unit 10: Economic Hardship vs. Promise in Africa
1.Unit 10 Standards
2.Warmup (2/27 –3/3)
3.Unit 10 Study Guide

5. Economics
the study of how people or countries manage (choose to use) their limited resources by producing, exchanging, and using goods and services.
Traditional Economy
economic system in which social roles and culture decide what will be produced, how it will be produced and how it will be distributed
Command Economy
economic system in which the government decides what will be produced, how it will be produced and how it will be distributed
Market Economy
economic system in which the people decides what will be produced, how it will be produced and how it will be distributed
Mixed Economy
economic system in which the government and people share the role in deciding what will be produced, how it will be produced and how it will be distributed
Specialization
when a country focuses resources on creating fewer specific products and services than they consume

6. Trade Barriers
when a country focuses resources on creating fewer specific products and services than they consume
Tariff
tax on imports
Quota
limiting the amount of products that can come into a country
Embargo
cutting off trade to a certain country because of political reasons
Currency
money
Exchange Rate
the rate at which one unit of the currency of a country can be traded for a unit of the currency of another country
Human Capital
labor that is done by people in order to produce products
Capital Goods
the machines, tools, factories, land, and technology that are needed to make other products

7. Natural Resources
raw materials used to make products or “gifts of nature”
GDP
the amount of products and services produced in one country in one year
Trade
voluntary exchange of products and services
Import
a product brought into a country through trade or sale
Export
a product leaving a country through trade or sale
Entrepreneur
bringing together natural, capital, and human resources and take risks to develop businesses

8. What are the 4 types of economies?
Daily Closing
What are the 4 types of economies?