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Economics

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Economics Ch. 2 Learning Activities – PowerPoint PPT presentation

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Title: Economics


1
Economics
  • Ch. 2 Learning Activities

2
EOCT REVIEW
  • The nation of Keilmanland needs to build a new
    dam to control flooding near its larges city. If
    Keilmanland is a purely market economy, then
    these new improvements will MOST likely be left
    up to
  • a. the government
  • b. the individuals who are willing to pay for
    the new dam
  • c. anyone who would benefit from the dam
  • d. the owners of the property on which the dam
    would be built

3
1 RewindProduction Possibilities Graph/Curve
  • Draw a production possibilities graph which
    represents efficiency, growth, and
    underutilization.
  • Use Pgs. 15-16

4
2 Warm-up
  • Draw a chart characterizing the advantages and
    disadvantages of both a centrally planned economy
    and a free market economy. Use pages 29-44
  • Ex. A disadvantage of a free market economy is
    that some needs and wants are difficult to answer
    in a market place
  • Education
  • Health care
  • National defense
  • Roads

5
3 Government Interference
  • Pg. 41 What are some ways that governments
    intervene in the market place?
  • List at least 5

6
4 Global Connections
  • Pg. 41. Read the paragraph that discusses
    Swedens Mixed Economy. Compare and Contrast
    Swedens and the United States Economy in 1
    paragraph (3-5 sentences).

7
5 Background Economics in History
  • Read the passage on page 41.
  • Write one paragraph that describes how Franklin
    D. Roosevelt helped to relieve the economic
    suffering of the Great Depression.

8
6 Transferring
  • Pg 43.
  • Governments transfer money for various reasons to
    those who need it most.
  • What are some ways that our government transfers
    money?
  • List 3

9
Government Transfers
  • Examples
  • Disability income through Social Security
  • Retirement Income through SS
  • Workers Compensation to those injured on the Job
  • Unemployment Insurance
  • TANF Temporary Aid to Needy Families

10
7 Vocabulary
  • In your own words describe
  • Laissez faire
  • Private Property
  • Free Enterprise
  • Continuum
  • Transition
  • Privatize
  • Look up any words you are not familiar with.

11
8 Compare/Contrast EconomiesNorth Korea / Hong
Kong
  • Pg 43. Figure 2.5
  • Describe the various levels of government
    intervention in each economy in a T-chart.

12
North Korea and Hong Kong
  • Government owned property and economic output
  • State owned industries (95)
  • Imports banned
  • Foreign Companies banned
  • Free-market
  • Wage/Price controls on rent and some public
    services
  • Highly receptive to foreign investment
  • No trade barriers
  • Gov. protects private property
  • Rarely intervenes
  • Banks independent

13
9 U.S. Government Intervention
  • Pg 44.
  • Describe the level of intervention by the
    government found in the U.S.

14
10 Circular Flow Model of Mixed Economy
  • Pg 42
  • Describe the various ways the government is
    involved in this model.

15
Circular Flow Model Cont.
  • Government Involvement
  • Examples
  • Government taxes on individuals and firms
  • Gov. buys land, labor, and capital from
    individuals (households)
  • Gov. Buys goods and services in product market
  • Gov. provides services such as roads
  • Taxes help to pay disability transfers,
    unemployment benefits, and help the survival of
    some industries such as in agriculture and more
    recently such as with the automobile and banking
    industries

16
11 Government Expenditures
  • Read pg. 43 to determine what the U.S.
    governments greatest expenditure is in.

17
Answer
  • Social Security!

18
12 Government Provided Goods and Services
  • Compile a list of some goods and services that
    government provides.
  • How would your lives be different if the
    government did not provide these goods and
    services?

19
HomeworkDue Next Monday/Tuesday
  • Option A
  • Research a European Country and its economy.
  • Where would this country fall on the economic
    continuum?
  • Is the countrys economy more of a free market or
    a centrally planned economy?
  • Write a one-page typed report.
  • Be ready to present orally to the class.
  • Option B
  • Research Feudalism and the Commercial Revolution.
  • What were some of the causes of the collapse of
    feudalism and the commercial revolution?
  • Write a one-page typed report.
  • Be ready to present orally to class.

20
Simulation The Keilman Island Economy
  • Review page 48.
  • We will be breaking up into groups and deciding
    what type of economy we would like to have on
    Keilman Island.
  • Will it be a centrally planned economy, a
    free-market economy, or a mixed economy.
  • Each group should copy the chart on page 49 and
    answer the questions provided (a-h)
  • Each group will present to the class what it
    decided on.
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