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Wednesday

Wednesday. Fun fact Wednesday??? HW return DON’T FORGET : Auction Friday (worthwhile?) Section 1 notes today *Interims Monday – due Friday Thursday. Economic System:. way in which a nation uses its resources to satisfy its people’s needs & wants 3 Basic Questions

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Wednesday

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  1. Wednesday • Fun fact Wednesday??? • HW return • DON’T FORGET: Auction Friday (worthwhile?) • Section 1 notes today • *Interims Monday – due Friday Thursday

  2. Economic System: way in which a nation uses its resources to satisfy its people’s needs & wants 3 Basic Questions • What goods/ services should be produced? • How should they be produced? • For whom should they be produced? Who is wearing or owns products from Nike????

  3. What should be Produced? • If the gov’t decides to use resources to build new roads, fewer resources are available to maintain national parks • More police officers hired = fewer funds for teachers in the classroom • Automobile manufacturer needs to decide what kinds of vehicles to make/ how much of each

  4. How should it be produced? • How many people to hire • Skilled ($$$) or unskilled ($) laborers • Will technology be used? • *What is the best combination of available inputs to get the job done for the lowest possible cost?

  5. For whom should it be produced? • After goods/ services are produced, the type of economic system that people live in determines how things will be distributed • Who receives what? • Who gets the new/ old schools/ buildings? • In the U.S. distribution is based on a price system --- you get what you can afford/ pay for

  6. 1. Price System 2. Random/ Lottery A preview activity for tomorrow’s lesson… 4. First-Come/ First-Serve 3. Competition 6. Equal Distribution (communism) • 1.What goods/ services should be produced? • 2.How should they be produced? • 3.For whom should they be produced? 5. Personal Choice (dictatorship)

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