As we continue to explore economic topics, I will list each standard separately with extra resources to study at home. We will not have social studies class on Monday (PC gone and focusing on math) or Tuesday (field trip). Monday night's homework is below - DUE WEDNESDAY - informational reading about NAFTA with some essay questions to answer. Please encourage your student to answer COMPLETELY in COMPLETE SENTENCES. :-)
On Wednesday, we will explore the economic systems more closely with the PPT listed below. Students will fill out a graphic organizer during the lesson. This will be very important as students will use the graphic organizer as a resource to complete Wednesday night's homework - design a 3-page booklet/foldable about these economic systems - command, traditional, and market. This will be due on Friday.
SS6E1. The student will analyze different economic systems.
Characteristics of economic systems Free Market Private ownership of property/resources Business decisions are driven by the desire to earn a profit There is a great deal of competition Consumers have many choices https://www.youtube.com/watch?v=FNE_LOURzBk#t=38 (1:16) Command Economy Central ownership of property/resources Centrally planned economy Lack of consumer choice Example: Cuba https://www.youtube.com/watch?v=2ykezA1hs4w (0:33) Traditional Economy Allocation of resources is based on rituals, habits, or customs Roles are defined by family People work together for the common good Little individual choice https://www.youtube.com/watch?v=ow9PKkq6-SU Mixed Economy Individuals and businesses as decision makers for the private sector Government as decision maker for the public sector A greater government role than in a free market economy Most common economic system today Examples: Canada, Brazil, the United States Every economic system must answer three important questions: what to produce, how to produce, and for whom to produce. What to produce? This question asks what people will make and sell. Many countries produce goods or services based on which resources are available and which will make the most money for the lowest cost. A country's type of economy usually has less influence on this question than it does on the other questions. How to produce? This question asks how people will make a good or service. Manufacturing is a way to produce. Sometimes production is outsourced, or sent to other countries, in order to keep cost down. Downsizing reduces the number of employees, also allowing cost to be kept down. For whom to produce? This question asks whom goods are services will be made for. People in market economies will produce for a target market. This will allow them to make the greatest profit.
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April 2015
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