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Warm Up

Warm Up. Pick up a guided notes sheet from the front table Clear your desk of everything except the notes sheet and a writing utensil. Round 1. How did you feel at the start of the game? How did you feel after you ran out of money?

leah-morrison
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Warm Up

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  1. Warm Up • Pick up a guided notes sheet from the front table • Clear your desk of everything except the notes sheet and a writing utensil

  2. Round 1 • How did you feel at the start of the game? • How did you feel after you ran out of money? • What are some things you could have done to get back into the game? • Did you think the game was fair?

  3. Capitalism • Private ownership = you have your own money • You enter the free market = playing • Results in economic inequity = not everyone has the same amount of money

  4. Round 2 • I will now collect all of the money, and redistribute it to each of you equally • Everyone will have the same amount of money • Who is happy about this action? Who is not happy?

  5. Socialism • Government ownership of resources = I own the money • Redistribution of wealth = I made economic equality by giving everyone the same amount of money • Goal of a classless society = everyone has the same amount of money

  6. Traditional Economic System • People produce their own food and make or trade for what they need • Ex: Inuit group of Alaska

  7. Market Economy • People and businesses make their own economic decisions • Also known as capitalism and free enterprise

  8. Command Economy • The government makes the economic decisions • Socialism: the government controls SOME parts of the economy • Communism: the government make MOST of the economic decisions and there is no private ownership of businesses

  9. Mixed Economy • Includes elements of market and command economies • All modern economies are mixed

  10. Measures of Wealth • GDP: Gross Domestic Product- the total value of goods and services produced in a country • Shows how LARGE a country’s economy is

  11. LARGEST economies o the world as measured by GDP: • 1. United States 6. United Kingdom • 2. China 7. Brazil • 3. Japan 8. Italy • 4. Germany 9. Canada • 5. France 10. India • How can we describe the countries with the biggest economies? • They are the countries with large populations and/or relatively advanced economies

  12. GDP per capita: Gross Domestic Product per person: the total value of goods and services produced in a country divided by the total number of people • Shows how wealthy a country is

  13. The wealthiest countries of the world as measured by GDP per capita: • 1. Luxembourg 6. Dennmark • 2.. Norway 7. Australia • 3. Qatar 8. Sweden • 4. Switzerland 9. United States • 5. United Arab Emirates 10. Netherlands • How can we describe the wealthiest countries? Western and oil-rich Middle Eastern countries

  14. GDP & GDP per Capita:Maps and Graphs

  15. World

  16. Population

  17. GDP

  18. GDP (2008)

  19. GDP (Nominal & PPP) 2005

  20. GDP per Capita (2009)

  21. GDP Density

  22. Earth at Night

  23. GDP by Language

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