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CWI DMA

CWI DMA. Please take out a piece of paper and complete the following: 1. Write down the vocabulary word and definition. 2. Choose ONE of these options and complete it. Draw a picture that illustrates/explains the vocabulary word. Rewrite the definition in your own words.

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CWI DMA

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  1. CWI DMA Please take out a piece of paper and complete the following: 1. Write down the vocabulary word and definition. 2. Choose ONE of these options and complete it. • Draw a picture that illustrates/explains the vocabulary word. • Rewrite the definition in your own words. • Write a sentence that includes the term and the information from the definition. Decentralization • The dispersion of functions and powers – delegation of power from a central authority to local authorities. • The redistribution of population and industry from urban centers to outlying areas. Turn in this week’s DMAs

  2. Today’s Agenda DMA/turn in Basic econ concepts

  3. Basic Economic Concepts Info in red needs to be in your notes

  4. Production Possibility Frontier (PPF) • How an economy can allocate its resources in order to achieve optimal output. • Helps countries specialize • Instead of each country producing all needed products.

  5. Why is it beneficial for a country to specialize in a product or industry? Can you think of any examples?

  6. Utility • Benefit a consumer receives from a given good / service. • Determines how you can get the most satisfaction out of your resources.

  7. Utility What is the utility of your shoes? What is the utility of your family car?

  8. Competition Monopolies • Industries in which the company: • Determines prices • Puts in barriers against competition. Oligopolies • Industries with few companies • Interdependent on each other.

  9. Competition Perfect Competition • Many businesses competing with one another for consumer interest and profits.

  10. Inflation • Prices for goods and services are rising, • Purchasing power is falling.

  11. Inflation Think back to when you were a kid…how much did stuff cost? Inflation Calculator

  12. Inflation

  13. Gross Domestic Product (GDP) • Value of all the goods and services produced. • It includes: • Consumption • Government purchases, • Investments • Exports • Minus imports. • Indicates economic health. • Measured annually.

  14. GDP • Grab an envelope. 2. Match the countries with their GDPs. 3. Put the countries in order (from highest to lowest GDPs).

  15. GDP

  16. Exchange Rate • Expressed in another country's currency. • The rate at which one currency can be exchanged for another. • Currency calculator

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