Download File - Ms. Mosley

UPDATE YOUR MASTERY
FOLDERS
WARM-UP
OBJECTIVE #1: STRONG EXAMPLE
I think that Saint Kitts and Nevis is more developed. For
one, the GDP per capita is much higher than Solomon
Island’s. Also, 97.8% of people over 15 can read in Saint
Kitts and Nevis, which is higher than Solomon Island’s
84.1%. The birth rate in Sant Kitts and Nevis is 13.5 per 1,000
people and Solomon Island has 25.77, which makes Saint
Kitts and Nevis more developed. Also, the infant morality
rate is much lower at 8.77 deaths per 1,000 people.
*Something that could make this stronger is explaining
what the data points connect to. For example, a lower
infant mortality rate could indicate a better health care
system or more availability of food and other basic needs.
OBJECTIVE #2: STRONG EXAMPLE
Europe’s economic resources are influenced by elevation
and population. Since the majority of Europe is flat land,
most of the land use in Europe is commercial farming.
Around the Bay of Biscay, the North Sea, and the
Mediterranean Sea, there is plentiful commercial fishing
due to the oceans and harbors.
Near Scandinavia, there is higher elevation than most of
Europe. In that area, and in that area only, there is
nomadic herding. That would be due to the ocean being
so close to that area that cattle drivers could give water
to their animals. Wherever there is water, there is livestock
raising. Also, raising livestock is usually surrounded by
commercial farming. This could be due to availability of
water and food.`
OBJECTIVE
• SWBAT compare and contrast free enterprise,
socialist, and communist economies
CRASH COURSE – INTRO. TO
ECONOMIC SYSTEMS
• As we watch the video,
please answer the
accompanying questions.
http://safeshare.tv/v/ss56fe706e
b1b18
WARM-UP – TUESDAY, APRIL 5TH
• How could a flower represent the concept of
fairness?
• Be prepared to explain your answer.
• Also, have your video notes page out on your desk.
Traditional
Free Enterprise
Communist
Socialist
ECONOMIC SYSTEMS
ECONOMIC SYSTEMS
• Def. The method used by a society to produce and
distribute goods and services.
• Or, How the government tells us what we can get
and how to get it!
FREE MARKET ECONOMY
• Economic questions are answered by individual
buyers and sellers.
• Supply and demand influence economy
• People act out of self interest; motive for profit
(money) drives the economy
• Also known as FREE ENTERPRISE or CAPITALISM
FREE MARKET
• Increase of competition encourages:
• More variety
• Better quality
• Hard work/innovation
• Businesses are privately owned
• Owners make the profit/debt
• There’s usually some government regulation of the
market, especially around issues of safety. The
government also helps maintain rule of law.
SOCIALIST ECONOMY
Economic questions are answered by a combination of
government and individual decision-making
• The focus is on producing goods and services for their
use, rather than to accumulate wealth. (use-value)
Traditionally, there’s very little private ownership
• Government owns major industries
In practice, most socialist economic systems have
maintained some market elements including the
accumulation of capital and some private ownership.
SOCIALIST ECONOMY
• Price/market is often set by the state – the
government decides
• Types of socialist economies are roughly
categorized as either market socialism or planned
socialism.
MIXED ECONOMIES
• Mixed economies can be considered a type of
socialist economic system, and are generally
characterized by:
• A market economy with private ownership of the factors of
production
• The profit motive drives economic activity
• Government regulations over safety standards
• Government provides for public goods (roads, education,
national security, etc.)
• There is a very wide range of economic systems
that can be described as mixed, including the U.S.,
China, Norway, and the United Kingdom.
COMMUNIST ECONOMY
The government answers the basic economic
questions
• Ex. Communist Countries (North Korea, former Soviet
Union, China during Mao’s rule)
COMMUNIST ECONOMY
• Nationalization – the state takes control of
everything
• National government owns property, agriculture, and
resources
• Property is communally owned
• Class-less society
• “Utopian” idea
TRADITIONAL ECONOMY
• Based on trade (bartering) for the need of survival
• Food, water, clothing, shelter
• Money is of no use.
• Societies are less technologically advanced and
industrialized
GROUP WORK
• Draw a picture that represents each of the
following economic systems:
• Free market/Capitalist
• Socialist
• Command/Communist