1. SociologyChapter 13 Focus/Review List your 1- Need and 2- Wants of daily life (Not birthday or holiday wish list) Then answer… How does the economic institution of the United States provide you with your needs and wants?

2. SociologyChapter 13 Students will explore the characteristics of the capitalist and the socialist economic systems. Students will identify the developments that have transformed the American economic system. Students will discover how power is exercised by various types of government. Students will discern the major characteristics of the U.S. political system. Section 1: The Economic Institution

3. SociologyChapter 13 Homework Charts Fill out together Makeup assignment for these charts if you did not complete: –Pg 333 #4 (a and b) and #5

4. SociologyChapter 13 Go to word document “post test from 12- 14”

5. SociologyChapter 13 CapitalismSocialism ECONOMIC MODELS factors of production owned by individuals factors of production owned by individuals forces of profit and competition regulate economic activity forces of profit and competition regulate economic activity minimum government interference industrial and postindustrial societies industrial and postindustrial societies “pure” forms are ideal types “pure” forms are ideal types factors of production owned by the government factors of production owned by the government pure form is communism pure form is communism economic activity regulated by the government economic activity regulated by the government Section 1: The Economic Institution

6. SociologyChapter 13 CAPITALISM: Factors of production—resources needed to produce goods and services—are owned by individuals Forces of profit (self-interest) and competition regulate economic activity Minimal government interference; prices are regulated by the laws of supply and demand Section 1: The Economic Institution

7. SociologyChapter 13 Supply and Demand Graph

8. SociologyChapter 13 BOTH: Exist in industrial and postindustrial societies “Pure” forms are ideal types Section 1: The Economic Institution

9. SociologyChapter 13 SOCIALISM: Factors of production are owned by the government Economic activity regulated by the government and by social needs Pure form is communism Section 1: The Economic Institution

10. SociologyChapter 13 Rise of Corporate Capitalism—has changed the relationship between business ownership and control (few stockholders control businesses) and created oligopolies Economic Globalization—many of the large corporations are also multinational Changing Nature of Work—shift from an industrial base to a service base due, in part, to technology E-Commerce—business conducted over the Internet, which is based on information Changes in the Economy in the last 100 year

11. SociologyChapter 13 Speeches 3-5 min oral presentation Persuasive argument Pick a topic or create your own and ask that it be approved Library research today Wednesday – regular class 13.2 Thursday – “Commanding Heights” or TBD Friday & Monday- Speeches

12. SociologyChapter 13 Topics Privacy is lost on the internet, cell phones, etc. Socialism is a better economic system than the adapted capitalism that the U.S. is operating under. The U.S. is becoming more socialist. Negative effects of corporations/ big businesses. Ideal Communism would create a utopian America. Theodore Roosevelt and William H. Taft’s “trustbusting” saved the economic institution in America. Fully free trade should/ should not be adopted (pick a side). Interview an immigrant entrepreneur and discuss either benefits or hardships of immigrant entrepreneurs in the American economy. The internet has saved the American economy. Make up your own related topic and have it approved.

13. SociologyChapter 13 View Rubric Grade out of 28 pts will be converted to 100 point scale and is worth 2 homework grades

14. SociologyChapter 13 Focus/Review COPY AND ANSWER ALL 3 What philosophy did Adam Smith present in his 1776 book A Wealth of Nations? What did Adam Smith call the interaction between the law of supply and the law of demand? What is the difference between laissez- faire and free-enterprise?

15. SociologyChapter 13 Ch 13 Section 2 PQ4R Preview- thumb through pages. What do you notice? What do you think the chapter will discuss? Question- Create questions about the subject matter after previewing. (10 minimum, cannot be yes/no, true or false) Read- answer your own questions as you go, record answers. Reflect- think of examples and create mental images. Record at least 5 of these as you read or after. Connect themes in book with something you already know Recite- repeat words and definitions or explanations to yourself. Record at least 10 which you chose to recite. (There are 21 bolded terms and various other details that you could choose from. You may do all 21 or even more!) Review- make a plan of how you will review before Quiz Friday/Monday THIS PQ4R WILL ACT AS YOUR NOTES. YOU ARE PROVIDING YOURSELF WITH THE INFORMATION NEEDED. YOU WILL HAVE THIS CHECKED AS COMPLETE OR INCOMPLETE FOR A CLASSWORK GRADE.

16. SociologyChapter 13 Traditional Authority—power that is based on long-standing custom Rational-Legal Authority—based on formal rules and regulations Charismatic Authority—based on a leader’s charisma Coercion—power that is considered illegitimate by the people being governed Section 2: The Political Institution

17. SociologyChapter 13 Democracy—power exercised through the people Monarchy—one person rules –Constitutional Monarchy—power rests primarily with elected officials –Absolute Monarchy—hereditary ruler holds absolute power Dictatorship—power is in the hands of a single individual Junta—power has been seized by a small group Section 2: The Political Institution

18. SociologyChapter 13 Public participation Three branches of government Major Characteristics of the U.S. Political System Two major political parties Proportional representation Interest groups and PACs Section 2: The Political Institution

19. SociologyChapter 13 Dominated by two major political parties— Democrats and Republicans Includes interest groups and PACs, which help groups with minority views influence government decisions Section 2: The Political Institution

20. SociologyChapter 13 Has proportional representation, but debate exists over who holds power Consists of three branches of the government— the executive, legislative, and judicial Includes public participation, although voter participation varies and is relatively low overall Section 2: The Political Institution

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25. SociologyChapter 13 Chapter Wrap-Up Understanding Main Ideas 1.How do capitalism and socialism differ in terms of ownership of the factors of production and in terms of regulation of economic activity? 2.How has e-commerce changed the American economy? 3.How do democratic and authoritarian governments differ in the ways they use power? 4.What methods do interest groups and political action committees use to win political and public support for their issues?