Warm up: Wednesday 9/4/13

1. Warm up: Wednesday 9/4/13 • Review: • What is cost/benefit analysis? • How do we “think at the margin” when using cost benefit analysis? • Answers: • When marginal benefits still outweigh marginal costs • It enables one to determine the point at which marginal costs outweigh marginal benefits, and thus to decide when to use no more units of a given resource. • SAT word of the day: Visionary \ˈvi-zhə-ˌner-ē\; n. • Word Root: Latin Videre: “vision, sight” • someone with unusual foresight and imagination

2. Warm up: Friday 9/6/13 • Review: • What is cost/benefit analysis? • How do we “think at the margin” when using cost benefit analysis? • Answers: • When marginal benefits still outweigh marginal costs • It enables one to determine the point at which marginal costs outweigh marginal benefits, and thus to decide when to use no more units of a given resource. • SAT word of the Day: Evidentiary \ˌe-və-ˈden-chə-rē\; adj. • Word Root: Latin Videre: “vision, sight” • being, relating to, or affording evidence

3. Objective • Students will define and explain each type of economic system in order to evaluate the efficiency of the system.

4. China

5. India

6. USA Do any of these images represent your economic activities?

7. Three Economic Questions • What are the three economic questions that need to be answered by a society? • What goods and services should be produced? • All production costs come at an opportunity cost. • How should these goods and services be produced? • Who consumes these goods and services? • Factor payments-the income people received for supplying the factors of production. • How much should we pay the owners of the factors of production? • How do the people pictured answer those 3 questions?

8. What is a Mind Map? • It’s an expression of radiant thinking which refers to associative thought processes that connect to a central point • Main themes of the subject radiate from the central image as branches

10. Advantages of Mind Mapping vs. linear note-taking • Time saved by noting and reading only relevant words • Time saved reviewing Mind Map notes vs. linear notes • Essential key words made more easily discernable

11. Examples of mind maps http://hdysie.blogspot.com/2012_11_01_archive.html

12. Essential key words made more easily discernable • Recall of essential key words is improved • Clear and appropriate associations made between key words • Concentration on real issues enhanced

14. Our brains find it easier to remember visually stimulating, multi-colored, multi-dimensional Mind Maps • The Mind Map works in harmony with the brain’s desire for completion or wholeness • Mind maps make our brains more alert and receptive

16. Tips for students • Use a central image • Use images throughout Mind Map • Use color • Organize and use appropriate spacing • Use arrows to make connections • Use codes

18. Print all words (printing encourages brevity) • Print key words on lines (helps with organization • Develop a personal style

19. Key terms/concepts to include Economic Systems (in center) • 3 economic questions that all systems answer • Broad social goals (efficiency, equity, freedom, growth, security, stability) that all systems try to attain • Market Economy (free market) • Command Economy (centrally planned) • Traditional Economy • Mixed Economy • Communism, Socialism, Capitalism will be included into one of the economies above (read to figure it out!) • Chapter 2, pages 23-44

20. Warm up: Monday 9/9/13 • SAT word of the Day: Spectacular (\spek-ˈta-kyə-lər\); adj • Word Root: Latin “Specere” – to look at •  striking or sensational Use the SAT word of the day in a sentence. Once you’ve completed your sentence, use the first 10 minutes of class to complete your mind maps from last week.

21. Warm up: Tuesday 9/10/13 • SAT word of the Day: Prospector (\ˈprä-ˌspek- tər\) n: • Word Root: Latin “Specere” – to look at • someone who searches an area for mineral deposits Use the SAT word of the day in a sentence. Once you’ve completed your sentence, use the first 10 minutes of class to complete your mind maps from last week.

22. Key terms/concepts to include Economic Systems (in center) • 3 economic questions that all systems answer • Broad social goals (efficiency, equity, freedom, growth, security, stability) that all systems try to attain • Market Economy (free market) • Command Economy (centrally planned) • Traditional Economy • Mixed Economy • Communism, Socialism, Capitalism will be included into one of the economies above (read to figure it out!) • Chapter 2, pages 23-44

23. Objective • Students will define and explain each type of economic system in order to evaluate the efficiency of the system.

24. Review… • Apply your knowledge from your mind map to the “Market Economy” worksheet. • If you need help, you can use the reading. • You may work with a partner that sits close to you. • Government and the Economy • Assess how the government influences the economy by reading and completing the handout.

25. Thinking globally… • Now think about the countries of the world – where do each of the countries fall on the continuum? • You should be using your prior knowledge to understand what types of governments each country has… • Checking your understanding…Econedlink.org video

26. Homework: • Complete the Assessment titled “Norway’s Economy” • Write a position essay on the following statement: • Norway’s economy is the perfect blend between economic equity and economic efficiency. • Be sure to include the following in your response • Identify the economic system that Norway uses and how does that country answer the 3 basic economic questions. • Evaluate the role equity and efficiency play in this economy.