1.  Roll Call Question: Who will win the ACC Championship? Tarheels or Clemson?

2.  Objective: 7.1 – Compare and Contrast the characteristics of the 4 types of economies Vocab – Capitalism Communism Traditional Mixed Questions – 1.Explain why the US is a mixed economy. 2.Would you want to live in a command economy where the government is in control of everything? Explain.

3.  1. The US is a mixed economy because our government is limited in its involvement in the economy of the nation.  2. No, I would not want to live in a command economy because I am not good at backing down.

4.  Print off progress report, have a parent sign it and return by Friday!  No, your tests haven’t been graded (I will work on them tonight)  Budget Project due Monday 12/14  See me ASAP if you don’t know how much you have leftover after taxes  Recovery - YOU MUST MAKE UP DAYS IF YOU HAVE MISSED MORE THAN 10 – NO WAIVERS THIS SEMESTER  Knight Time – Come see me if you want to attend my KnightTime. I have to limit my class to no more than 10 people because I’m taking some kids from Ms. Patterson and Ms. Fairchild.

5. Objective: compare and contrast the four types of economies

6.  What to produce?  How to produce it?  For whom to produce it?

7.  Definition ◦ Relies on habit and custom

8.  How are the three questions answered? ◦ By tradition

9.  Growth ◦ Not concerned w/ growth

10.  Who/What influences the economy? ◦ Tradition  Barter and trade

11.  Example of this type of economy ◦ Tribes

12.  Who loses power in this type of economy? ◦ N/A

13.  Political Philosophy and People ◦ n/a

14.  Definition ◦ government makes all decisions

15.  How are the three questions answered? ◦ government

16.  Growth ◦ Slow growth; inefficient

17.  Who/What influences the economy? ◦ Government has complete control

18.  Example of this type of economy ◦ Cuba, North Korea, Iran, China, 1920- 1991 Soviet Union

19.  Who loses power? ◦ Citizens

20.  Political Philosophy and People ◦ Communism (Karl Marx) ◦ Socialism

21.  Definition ◦ economic decisions are made by people

22.  How are the three questions answered? ◦ What?  Most profitable ◦ How?  Least costly ◦ For Whom?  Highest bidder

23.  Growth? ◦ Successful and efficient

24.  Who/What influences the economy? ◦ Citizens ◦ Supply and demand ◦ Competition ◦ Invisible Hand

25.  Example of this type of economy ◦ None (US still has gov’t involved)

26.  Who loses power? ◦ Government

27.  Political Philosophy and People ◦ Capitalism (Adam Smith)

28.  Definition ◦ government plays a limited role ◦ Regulations (FCC, FDA)

29.  How are the three questions answered? ◦ Government and Citizens

30.  Growth ◦ varies

31.  Who/What influences the economy? ◦ Part citizen/part a government

32.  Example of this type of economy ◦ US, France, UK, Canada

33.  Example of this type of economy ◦ US, France, UK, Canada

34.  Who loses power? ◦ varies

35.  Political Philosophy and People ◦ Capitalism (Adam Smith)

36. All economies must answer 3 key economic questions: 1.what to produce, 2. how to produce, 3. for whom to produce Traditional Economies 1.custom, culture, or ritual to decide 2.revolves around family/community 3.Examples: The Amish or Massai

37. Market Economies- 1.free market, free enterprise, capitalism 2.individuals and companies decide, not govt Command Economies- 1.centrally planned economy 2.the central gov’t alone decides

38. Mixed Economies- 1.combination of other three economies 2.most modern economies are mixed 3.US is a free market economy but the gov’t intervenes to keep order, regulate, provide services, and promote general welfare

39.  Using the information from your notes and today’s handout determine what type of economic system is being described  Feel Free to work with a partner  Be prepared to share your answers

40. Adam Smith’s“Wealth of Nations” (1776) 1.laissez-faire – gov’t leaves businesses alone 2.free enterprise - few restrictions 3.Competition and Self-Interest regulate the economy 4.“The Invisible Hand”

41. Self-Interest- personal gain Competition- struggle Advantages: 1.efficiency 2.freedom 3.growth 4.Choice

42. ◦ https://www.youtube.com/watch?v=Qra0hlO6hZk https://www.youtube.com/watch?v=Qra0hlO6hZk ◦ https://www.youtube.com/watch?v=El7qgQXd-xs https://www.youtube.com/watch?v=El7qgQXd-xs ◦ https://www.youtube.com/watch?v=KnSvQXyu0ng https://www.youtube.com/watch?v=KnSvQXyu0ng

43.  1. Factors of Production are privately owned  2. Roles of Profit, Competition and Price ◦ a. Profit motivates us ◦ b. Competition & Self Interest regulate the market ◦ c. Price connects profit and competition

44. Karl Marx’s “Communist Manifesto” (1848) 1.proletariat (working lower class) vs. the bourgeoisie (rich upper class) 2.socialist society after violent revolution

45. Socialism 1.wealth should be redistributed (everyone has a role) 2.mix of private and public ownership 3.gov’t often owns most major industries 4.wealth = social programs

46. Communism 1.Economics and gov’t controlled by gov’t 2.little to no private ownership 3.authoritarian- strict obedience to the gov’t, no individual freedom

47.  · Trickle Down Theory/Supply Side Economics  · Cut taxes for the rich and the money will trickle down to everyone else.  · Government must spend money in times of depression to jump start the economy.  · People spend and save in relation to how much they make.

48.  Let’s see if you agree….

49.  Grab a book and QUIETLY read!!!!  I will read to you the first 5 minutes of DEAR DAY!!!

50.  Grab today’s handout, find your seat number and settle in ◦ 2 nd & 3 rd block turn in Budget Project Part6 to your tray  Roll Call Question: Would you rather only be able to whisper or only be able to shout everything?  Bell Work: ◦ What are the 3 key economic questions all economies must ask themselves? ◦ How would a traditional economy answer the 3 economic questions? ◦ How are socialism and communism different?

51.  What to Produce – How to Produce – For whom to produce  Traditional – answers these questions based on ritual, custom and culture  Socialism – allows for a mixture of private and public ownership/control over factors of production  Communism – the government owns and controls all factors of production

52.  Read the following primary document  Rewrite each section in your own words to better understand its meaning  Place a check mark next to the statements you agree with or you would like to see applied in our own economy

53.  Assign one person to be the banker  Each player receives $1500: ◦ 2 each of $500s, $100s and $50s ◦ 6 $20s ◦ 5 each of $10s, $5s and $1s  Please refer to your “Let’s Play Monopoly” & “Instructions” handout for further details  At the end of each round you will tally the wealth you have accumulated  The reflection and Tally handout will be due at the end of class on Monday for a quiz grade

54.  Find your seat & settle in your groups from Friday ◦ 1 st Block turn in your Budget Part 6  Roll Call Question: Would you rather have squirrels for hands or guinea pigs for feet?  Bell Work ◦ What are the four types of Economies ◦ Who are the Proletariat and Bourgeoisie? ◦ How do Adam Smith and Karl Marx’s views differ? Where did they express these views?

55.  Monopoly Reflection - Due for Homework – remember this is a quiz grade!  Review your 7.1 Notes tonight (Hint, Hint, Hint)  If you have not taken the Unit 6 Test, please let Ms. Peach know when you plan on taking the make-up.  Budget Project – Remaining parts to be due June 4 th

56.  In this version of monopoly you are following the regular game rules  You will have 30-45 minutes this round  When the bell rings take account of your assets on the handout you received (chart side)  After this round we will move on to Socialist Monopoly

57.  To start this round find the person in your group who ended up with the least amount of money on hand  You now all will start with this amount. All your extra cash will go to the Government  Make sure you read the new Socialist rules carefully  You will have 15-20 minutes  When the bell rings take account of your assets once again, this time in the socialist column

58.  Make sure you read the new Communist rules carefully  You will have 5-10 minutes to play this round  When the bell rings take account of your assets once again, this time in the socialist column

59.  Make sure your chart is complete  Now reflect back on your experience playing the three different version and answer the accompanying questions  If you finish turn in to your class tray, if not turn in first thing tomorrow.

60.  It’s Smith v. Marx  With your group mates create a conversation that these two might have  GET CREATIVE!!!

61.  Look back at today’s objective  Think about all the new information you learned  Develop three potential test question you might see that are based on this objective  Be prepared to share your answers  If they are good enough they might appear on a quiz or test!!!!

62.  Where am I on the board?  How much money do I have?  What properties do I own?  Do I have any other assets?