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Unit 1 Overview: Economy and Government

Unit 1 Overview: Economy and Government. WARM UP. Who chooses what to produce in a market economy? based on local customs producers and consumers the government All of the above. WARM UP: practice TQ EQ: What are the themes of social studies Mini-lesson: Social Studies Themes

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Unit 1 Overview: Economy and Government

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  1. Unit 1 Overview: Economy and Government

  2. WARM UP Who chooses what to produce in a market economy? • based on local customs • producers and consumers • the government • All of the above

  3. WARM UP: practice TQ EQ: What are the themes of social studies Mini-lesson: Social Studies Themes Work Session: Pre-Test Closing: Website Exploration LOTS: On board Enduring Understanding: The student will understand that when there is conflict between or within societies, change is the result. Daily Plan

  4. WARM UP Why do most economies in the world today operate somewhere in between a market economy and a command economy? • most consumers want government control of the economy. • Government control makes a market economy more profitable • Government control of some aspects of the economy have never been successful in the modern world. • Most economies have found they need a mix of free market and some government control to be successful and protect consumers.

  5. WARM UP: practice TQ EQ: What are the themes of social studies Mini-lesson: Social Studies Themes Work Session: Pre-Test Closing: Website Exploration LOTS: On board Enduring Understanding: The student will understand that when there is conflict between or within societies, change is the result. Daily Plan

  6. WARM UP How does specialization affect trade between countries? • Specialization encourages trade between countries. • Specialization reduces trade between countries. • Specialization has no impact on trade between countries. • Specialization increases tariffs between countries.

  7. WARM UP In Iran, the economy is highly centralized and there are a lot of regulations about private individuals opening and operating businesses. However, Saudi Arabia has made owning and operating a business very easy compared to the world average. What impact does this have on the role of entrepreneurs in both countries? • Entrepreneurs are not affected by government regulations. • It will limit efforts of entrepreneurs in both Iran and Saudi Arabia. • Entrepreneurs will be able to make significant contributions to Saudi Arabia’s economy but not to Iran’s economy. • Both Iran and Saudi Arabia will benefit greatly from the efforts of entrepreneurs.

  8. Warm Up: on ppt EQ: on notes sheet Mini-lesson: Economy and Time, change and Continuity Work Session: notes sheets Closing: Discussion of Economy LOTS: Production, Distribution, Consumption, Goods, Services, Location, Customs, Beliefs, Society, Continuity, Structure The student will understand that the production, distribution, and consumption of goods/services produced by the society are affected by the location, customs, beliefs, and laws of the society. Production, Distribution, Consumption: Economy

  9. Production, Distribution, Consumption: • The student will understand that the production, distribution, and consumption of goods/services produced by the society are affected by the location, customs, beliefs, and laws of the society.

  10. Production, Distribution, Consumption: • Production – The creation of value or wealth by producing goods and services. (“Making stuff”) • Distribution – the commercial activity of transporting and selling goods from a producer to a consumer (“selling stuff”) • Consumption – The purchase and/or use of goods and services. (“buying stuff”)

  11. SS7E1, SS7E5, SS7E8 • SS7E1, SS7E5, SS7E8: • “The student will analyze different economic systems.”

  12. SS7E1a, SS7E5a, SS7E8a • Traditional Economy: • Based on customs and beliefs

  13. SS7E1a, SS7E5a, SS7E8a • Command Economy: • The government answers all economic questions

  14. SS7E1a, SS7E5a, SS7E8a • Market Economy: • Individual citizens (producers + consumers) (buyers + sellers) answer all economic questions

  15. LOTS • Analyze– to break down; to look at very closely • Economic System– the system of production and distribution and consumption • Traditional economy– an economic system where the exchange of goods or services is based on custom and tradition. (A Barter System) • Market Economy –an economy in which business owners and consumers make decisions about what to make, sell, and buy. • Command Economy– an economy in which the government owns most of the industries and makes most of the economic decisions about production, distribution, and consumption.

  16. SS7E1b, SS7E5b, SS7E8b • Mixed Economy: • Combination of command and market economies • The government and individual citizens share responsibility in making economic decisions • All national governments have mixed economies in place

  17. SS7E1b, SS7E5b, SS7E8b All countries have mixed economies that are found on a continuum between pure command and pure market: Command -----(A)--------------(B)----- Market Mixed

  18. SS7E1b, SS7E5b, SS7E8b • “A” • “A” is more of a command economy because the government makes more business decisions Command -----(A)--------------(B)----- Market Mixed

  19. SS7E1b, SS7E5b, SS7E8b • “B” • “B” is more of a market economy because individual citizens make more business decisions Command -----(A)--------------(B)----- Market Mixed

  20. Voluntary Trade: SS7E2, SS7E6, SS7E9 • SS7E2, SS7E6, SS7E9: • “The student will explain how voluntary trade benefits buyers and sellers in SW Asia, S+E Asia, and Africa.”

  21. SS7E2a, SS7E6a, SS7E9a Countries specialize in producing specific resources and goods, and providing certain services

  22. SS7E2a, SS7E6a, SS7E9a • Specialization encourages trade between countries

  23. SS7E2a, SS7E6a, SS7E9a: Specialization • Voluntary Trade -- a willing exchange of goods and services for money or other goods and services • Specialization is when a country focuses on making or providing one specific good or service because the country can produce the good or service at a lower cost. • How does specialization encourage trade between countries? Specialization allows a nation to be efficient in the production of a few goods and services. It also encourages countries to trade their goods and services for those things they cannot or do not produce well.

  24. WARM UP • Which type of trade barrier is a tax placed on imports? A) tariff B) quota C) embargo D) stock

  25. WARM UP: on ppt EQ: What are the similarities and differences between economic systems? Mini-lesson: Analyzing Economic Systems Work Session: Unit 1 Packet Closing: Discussion SS7E5 The student will analyze different economic systems. Economic Systems

  26. SS7E2b, SS7E6b, SS7E9b • Trade Barrier: • Something that stops voluntary trade from occurring

  27. SS7E2b, SS7E6b, SS7E9b • Tariff: • Tax placed on imports

  28. SS7E2b, SS7E6b, SS7E9b • Quota: • Limit placed on imports

  29. SS7E2b, SS7E6b, SS7E9b • Embargo: • Limit placed on trade

  30. SS7E6b: trade barriers • Tariff – tax on trade: tax placed on goods when they are brought (imported) into one country from another country. Ex: Your country makes corn so your govt. places a tax on incoming corn from other countries. • Quota – limit on imports: a specific amount or number of a particular product that can be imported or acquired in a given period. Ex: USA limits the amount of corn imported into the country to protect the corn market. • Embargo – limit on trade; when one country announces that it will no longer trade with another country in order to isolate the country and cause problems with that country’s economy. EX: (1973 oil crisis; U.S. embargo of Iran due to the Iranian hostage crisis, Embargo of South Africa due to Apartheid)

  31. SS7E2c, SS7E6d, SS7E9c In order for international trade to be successful, a system of exchanging currencies must be in place

  32. SS7E6d: International Trade • International Trade – trade between countries around the world. • Currency – monetary unit of a nation (money of a country) • Why does international trade require a system for exchanging currencies between nations? International trade requires a system for exchanging currencies between nations because there are many different forms of money throughout the world, and each different type of money is worth different amounts.

  33. SS7E3, SS7E7, SS7E10 • SS7E3, SS7E7, SS7E10: • “The student will describe factors that influence economic growth and examine their presence or absence in SW Asia, S+E Asia, and Africa.”

  34. SS7E3a, SS7E7a, SS7E10a • Human Capital: • Education and training • When countries invest in “HC,” the GDP will increase • When countries do not invest in “HC,” the GDP will not increase

  35. SS7E7a: Human Capital and GDP • Human Capital -- is the value of people’s work. Providing education, training, and healthcare to a worker is an investment in human capital. • Investment -- “Investment” refers to the use of resources by businesses, individuals, or government to increase productive capacity by developing new technology, obtaining new capital resources, or improving the skills of the work force. Examples are as follows: A restaurant buys new stoves in which to bake bread; an individual buys tools to make some repairs; and a school buys new computers and textbooks. • GDP -- includes only the value of those goods and services produced within a country.

  36. SS7E3b, SS7E7b, SS7E10b • Capital Goods: • Factories, machinery, technology • When countries invest in “capital goods,” the GDP will increase • When countries do not invest in “capital goods,” the GDP will not increase

  37. SS7E7b: Capital and GDP • Capital –factories, machinery, and technology • What does it mean to have an investment in capital? To put money and time into developing better factories, machinery, technology. • What is the relationship between investment in capital (factories, machinery, and technology) and gross domestic product (GDP)? When you spend time and money on developing better factories, machinery, and technology (capital), the value of all goods and services in a country (GDP) will increase.

  38. SS7E3d, SS7E7d, SS7E10d • Entrepreneurship: • Using money and talents to take a risk to start your own business

  39. SS7E3d, SS7E7d, SS7E10d • Entrepreneurs can make significant contributions to a country’s economy

  40. WARM UP

  41. WARM UP: On ppt EQ: On Notes Sheet Mini-lesson: Governance Work Session: EQ Sheet Closing: EQ sheet LOTS: Governance, Society, Complexity, Interact Enduring Understanding: The student will understand that as a society increases in complexity and interacts with other societies, the complexity of the government also increases. Framework

  42. Governance: • The student will understand that as a society increases in complexity and interacts with other societies, the complexity of the government also increases.

  43. So…what is government? What is Governance? • Government – the people and groups that make and carry out laws for a society • Governance – The act, process, or power of governing; government; The state of being governed. • Interact – 1) to communicate or work together: to be or become involved in communication, social activity, or work with somebody else or one another

  44. SS7CG1, SS7CG4, SS7CG6 • SS7CG1, SS7CG4, SS7CG6: • “The student will compare and contrast various forms of government.”

  45. SS7CG1a, SS7CG4a, SS7CG6a • Unitary: • Power is held by one central authority

  46. SS7CG1a, SS7CG4a, SS7CG6a • Confederation: • Voluntary associations of independent states

  47. SS7CG1a, SS7CG4a, SS7CG6a • Federal: • Power is divided (or shared) between one central government and several regional governments

  48. SS7CG1b, SS7CG4b, SS7CG6b • Autocracy: • One person possesses unlimited power • The citizen has little or no role in the government • autocratic

  49. SS7CG1b, SS7CG4b, SS7CG6b • Oligarchy: • Government ruled by a few • A small group exercises control • The citizen has a limited role • oligarchic

  50. SS7CG1b, SS7CG4b, SS7CG6b • Democracy: • A government in which supreme power is vested with the people • Citizens are involved with the government through the use of free and open elections • Citizens have high amounts of personal freedoms • democratic

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