2. Supply and Demand Quiz 1. What happens to the cost of a good for a consumer when the supply increases? 1. What happens to the cost of a good for a consumer when the supply increases? 2. What happens to the cost of a good for a consumer when the supply decreases? 2. What happens to the cost of a good for a consumer when the supply decreases? 3. What happens to the cost of a good for a consumer when the demand increases? 3. What happens to the cost of a good for a consumer when the demand increases? 4. What happens to the cost of a good for a consumer when the demand decrease? 4. What happens to the cost of a good for a consumer when the demand decrease?

3. Capitalism v. Communism

4. Economic Systems An economic system is the way in a particular country invests, produces, manufactures, and distributes goods, services, and wages. An economic system is the way in a particular country invests, produces, manufactures, and distributes goods, services, and wages.

5. Short essay Which economic system do you believe is better? Which economic system do you believe is better? Include a topic sentence Include a topic sentence Thesis (position) Thesis (position) Provide 3 reasons from your notes to support your answer. Provide 3 reasons from your notes to support your answer. Concluding statement Concluding statement

6. CapitalismCommunism Success/Wealth Freedom Property Production Distribution of goods, services and wages

7. Prosperity – Success - Wealth Capitalism - Comes through competition and human initiative. Communism - Comes through cooperation

8. Freedom Capitalism - Individuals are free to make a profit. Communism - Individuals are free to enjoy a share of their work’s profit.

9. Property Capitalism - Free to own property such as land, business, factory, and machinery. Communism - Individuals are not allowed to own property. It belongs to the people, state, or government.

10. Production Capitalism Individuals and corporations invent and produce products to meet the needs of the market (people) Individuals and corporations invent and produce products to meet the needs of the market (people) Communism The government determines and controls the production of goods The government determines and controls the production of goods

11. Distribution of Goods services and wages Capitalism - Uses the market forces of supply and demand. Communism - Everyone deserves a fair share or portion. Government sets prices.

12. Definitions As a group create a definition for communism and capitalism. As a group create a definition for communism and capitalism.

13. Position essay What economic system do you believe is better? What economic system do you believe is better? Include a topic sentence (Hook/lead) Include a topic sentence (Hook/lead) Thesis (position) Thesis (position) Provide 3 reasons from your notes to support your answer. Provide 3 reasons from your notes to support your answer. Concluding statement Concluding statement