U1.L6: Types of Economies
- 1. Objective SWBAT compare how traditional, command, and market economies answer their production questions in order to evaluate economic scenarios. Warm-Up 1. What is one way government ful鍖lls its mission of maintaining social order? 2. In a Unitary system, what two levels of government have power? 3. Give an everyday example of scarcity and opportunity cost.
- 2. Agenda Objective and Warm-Up Introduction to New Material: Types of Economies Guided Practice: How to Evaluate a Scenario Independent Practice: Evaluating Scenarios Exit Slip
- 3. Agenda Objective and Warm-Up Introduction to New Material: Types of Economies Guided Practice: How to Evaluate a Scenario Independent Practice: Evaluating Scenarios Exit Slip
- 4. Economic Systems Key Actors: Government Consumers (People) Businesses Determines the ways the actors interact in an economy
- 5. Market Economy Consumers and Producers decide how resources are used and distributed Businesses compete for business If you dont run an ef鍖cient business, then you fail Government does not interfere
- 6. Traditional Economy Based on the traditional roles from past generations Economic growth is not important Governments plays a small role Occurs locally, not nationally
- 7. Command Economy Government leaders decide how goods will be produced by setting national production goals and prices Governments have the MOST control over a countrys economy Some nations adopt command economies during war to focus resources on essential industries
- 8. U.S. Economy Has a mixed economy Individuals and businesses answer the basic economic questions, such as supply and demand Government can still regulate business taxes laws and regulations
- 9. Guided Practice 1. I need all focus to the board.You will receive instructions for an activity that you MUST complete by the end of class. 2. We have been hired by the U.S. Government to evaluate different economic situations. 3. We must do this quickly and ef鍖ciently. 4. Have your Cornell Notes ready to go, and be prepared to write. 5. Listen carefully and be thoughtful.
- 10. Argentinas Problems Argentina was facing incredibly rough times. Crime had increased, because people had fallen ill, and in some cases were unable to ful鍖ll their basic needs. Roads were in shambles and public schools were all running the risk of being shut down. Recently the cost of certain consumer services have risen by 100% (Consumers are paying 100% more!). These services include car detailing, spa services, sports tickets, restaurants, and golf clubs. These are services that typically only the rich can afford. Since the increase in prices for these services, roads have been repaired, schools have been 鍖xed, and there have been more police on the street.
- 11. Tax Rates on Luxury Items and Services Country: Argentina 12 Leader: Christina 9 Fern叩ndez de Kirchner 6 Type of Government: Representative Democracy 3 Population: 40,134,425 0 Major Religions: Catholic 1900 1950 2000 2010 Happiness Index: 35 / 100 Minimum Wage: $2.50/hr
- 12. What type of economy is this? Why have prices risen by 100%? What are the consequences of the rising prices? Who is making decisions in this economy? What questions do you need answered in order to better understand this problem?
- 13. What type of economy is this? Mixed Economy Why have prices risen by 100%? What are the consequences of the rising prices? Who is making decisions in this economy? What questions do you need answered in order to better understand this problem?
- 14. What type of economy is this? Mixed Economy The government has increased the Why have prices risen by 100%? tax for luxury goods and services. What are the consequences of the rising prices? Who is making decisions in this economy? What questions do you need answered in order to better understand this problem?
- 15. What type of economy is this? Mixed Economy The government has increased the Why have prices risen by 100%? tax for luxury goods and services. The government has more tax What are the consequences of revenue to spend on public services. the rising prices? Who is making decisions in this economy? What questions do you need answered in order to better understand this problem?
- 16. What type of economy is this? Mixed Economy The government has increased the Why have prices risen by 100%? tax for luxury goods and services. The government has more tax What are the consequences of revenue to spend on public services. the rising prices? The rich get angry because their money is being taken away. Who is making decisions in this economy? What questions do you need answered in order to better understand this problem?
- 17. What type of economy is this? Mixed Economy The government has increased the Why have prices risen by 100%? tax for luxury goods and services. The government has more tax What are the consequences of revenue to spend on public services. the rising prices? The rich get angry because their money is being taken away. Who is making decisions in this Businesses, Consumers, and the economy? Government What questions do you need answered in order to better understand this problem?
- 18. What type of economy is this? Mixed Economy The government has increased the Why have prices risen by 100%? tax for luxury goods and services. The government has more tax What are the consequences of revenue to spend on public services. the rising prices? The rich get angry because their money is being taken away. Who is making decisions in this Businesses, Consumers, and the economy? Government Why would they only tax luxury items? What questions do you need answered in order to better understand this problem?
- 19. What type of economy is this? Mixed Economy The government has increased the Why have prices risen by 100%? tax for luxury goods and services. The government has more tax What are the consequences of revenue to spend on public services. the rising prices? The rich get angry because their money is being taken away. Who is making decisions in this Businesses, Consumers, and the economy? Government Why would they only tax luxury items? What questions do you need How does raising the tax rate help answered in order to better the poor? understand this problem?
- 20. What type of economy is this? Mixed Economy The government has increased the Why have prices risen by 100%? tax for luxury goods and services. The government has more tax What are the consequences of revenue to spend on public services. the rising prices? The rich get angry because their money is being taken away. Who is making decisions in this Businesses, Consumers, and the economy? Government Why would they only tax luxury items? What questions do you need How does raising the tax rate help answered in order to better the poor? understand this problem? Why do they have these problems?
- 21. Independent Practice 1. Listen carefully. 2. You will be split up into a group of 3 to 4 people. 3. You will have 10 minutes for each case. 4. Once you receive a case, your time begins. 5. You must read the information carefully, and everyone must write the answer for each question.
- 22. Independent Practice Listen carefully as you are assigned to a group.
- 23. Independent Practice Listen carefully as you are assigned to a group. Finally, for your last case, we will share out if you have time. Complete your cases as fast as possible with your group. It might be worth a reward.
- 24. Exit Slip 1. You will have 5 minutes to complete todays exit slip. 2. Please only write the letter of your answer in the appropriate blank. 3. Complete it in silence. 4. When you are done, carefully check over your answers. 5. After checking your answers, please begin your homework.
- 25. Homework: Read the FINAL case study, and answer all of the questions for it. The Homework is included in your packet. Extra Credit: Pick up the Red Slip on the Homework Table. We were unable to 鍖nd poster paper for the assignment, so you must 鍖nd your own.
- 26. 3, 2, 1, See Ya! What are 3 things that you learned today? What are 2 things that confused you? What is 1 thing you want to know more about?