1 / 15

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

hettier
Download Presentation

Economic Review

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  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

More Related