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Economic Review

Economic Review. What are the 3 Basic Economic Questions? What are we going to make? How are we going to make it? Who gets to buy it?. Economic Systems. Command - government answers questions North Korea Cuba Market – consumers answer questions

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Economic Review

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  1. Economic Review What are the 3 Basic Economic Questions? What are we going to make? How are we going to make it? Who gets to buy it?

  2. Economic Systems • Command - government answers questions • North Korea • Cuba • Market – consumers answer questions • Pure Market - black market drug/weapons trade • Free Enterprise – mixed economy • Traditional – ritual/past dictates answers • Amish

  3. Gross Domestic Product • Complete GDP Packet Does a high GDP = a high standard of living?

  4. GDP Review • Definition • Most comprehensive measure of economy • Final market value of the output of all the stuff we make in a year • 70% of the US GDP comes from • Consumer spending • Calculate the GDP of France

  5. Brand Choice • Athletic shoes • Car • Television • Camera • Stereo System • Bicycle • Computer How many were made by foreign countries?

  6. Made in America? • http://www.youtube.com/watch?v=38MfZ17nT50&safety_mode=true&persist_safety_mode=1&saf e=active

  7. Global Marketing • Effects of global marketing on US economy • Outsourcing • Unemployment • Foreclosures • Bankruptcy • Cheaper better products • Clothing • Electronics

  8. Economic Terms to Know • Tariff – tax on imported goods • Increases price to benefit local goods • Produces revenue for country • Duty free means no tax • Embargo – total ban on specific goods • Health reasons – mad cow disease • Political reasons – Iran and Cuba • Quotas – limit on amount of good imported/exported

  9. Global Analysis • Emerging global economies: • Malaysia • Saudi Arabia • United Arab Emirates • Turkey • Russia • Mexico • Indonesia • Brazil • India

  10. Global Analysis Project • Divide into pairs • Choose a country from the list • Complete internet activity

  11. Made in America? • http://www.youtube.com/watch?v=5_YPidwfylM&safety_mode=true&persist_safety_mode=1&safe=active

  12. Phases of the Business CycleWhere are we now? • Expansion • Businesses expanding/Production rises • Low unemployment • Consumers confident and spending • Economy slows down • Layoffs • Consumer spending down • Production decreases

  13. Phases of the Business CycleWhere are we now? • Trough • Life is tough, but, slowing stops • May show signs of recovery • May “double dip” or go into depression • Recovery • Jobs created = unemployment down • Consumers spending rises • Production rises

  14. Made in America • http://www.youtube.com/watch?v=1EbkXmVbTDg&safety_mode=true&persist_safety_mode=1&safe=active • http://www.youtube.com/watch?v=OttqMTDIUFw&safety_mode=true&persist_safety_mode=1&safe=active • http://www.youtube.com/watch?v=hknMemX82hI&safety_mode=true&persist_safety_mode=1&safe=active

  15. Made in America - ProjectWhat do we produce? • Choose a partner and a state • Research what that state produces • What are the current major industries • What is the unemployment rate • What major industries were outsourced • How has that affected unemployment • Do natural resources create local industry • Create a PPT presentation • Include the above information • Include suggestions for new industries

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