1. Bellringer
On the back of your note sheet from last class, there is a T-Chart with the positive and negative effects of the Industrial Revolution.
On your own, list 4 positive effects and 4 negative effects of the Industrial Revolution. Rank them from 1-4 (1=the most important, 4=least important).
BJOTD: Why are cows always broke?

2. Exploring Economic Systems
Once you are out of the game, please write and answer the following questions on your own piece of paper in complete sentences:
1. How many pieces did you start with? How many did you end with?
2. How did it feel to be out of the game (or) still in the game when everyone else lost?
3. Once you were out, how could you have entered the game again?
4. Was this game fair? If not, what could I (the teacher) have done to make it fair?

3. Economic Systems through Cows

4. Capitalism

5. Capitalism
Definition: Economic system in which money is invested in business ventures with the goal of making money
Role of the Government: Hands off!
The government shouldn’t step in for any reason, including laws for better wages or working conditions

6. Capitalism Positives Negatives More competition
Better goods at better prices
Entrepreneurial opportunities
Growth of the Middle Class
Negatives
Only a few grow rich
No labor laws
People grew dissatisfied with working conditions and unequal distribution of wealth

7. Socialism

8. Socialism

9. Socialism
Definition: an economic system in which the government controls things and gives them out as needed.
Socialism and Communism were created in response to the injustices of capitalism

10. Communism

11. Communism
An economic system in which the people own all aspects of business and share all goods and services
Positives
People work for the good of all
Attempt to redistribute wealth
Negatives:
Inefficient businesses
No price competition

12. Russian Communism

13. Russian Communism
An economic system in which the government controls everything.

14. Important Economic Thinkers
Adam Smith
Wrote The Wealth of Nations about the theory of capitalism
Believed in laissez-faire (hands off) economics. The government shouldn’t interfere
Karl Marx (and Friederich Engles)
Wrote Communist Manifesto in 1848
Believed the world has always been divided into the “haves” and the “have nots”
Rich were growing richer and the poor poorer

15. Activity
To wrap up our discussion of the Industrial Revolution, you will write a letter to a friend explaining to them your experiences of the Industrial Revolution.
Paragraph A: What the Industrial Revolution has changed about everyday life (6-7 sentences)
Paragraph B: The good and the bad effects of the Industrial Revolution (6-7 sentences)
Paragraph C: What you think the ideal economic system would be (define it for your friend), and why (6-7 sentences)