ECONOMIC SYSTEMS
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Transcript ECONOMIC SYSTEMS
On
your desk:
Current Event Homework (cause effect
activity), immigrant interview, pen/cil
Warm-up:
Current Events with Carl– EESP
Would
you have enrolled in
AP Human Geography if given
the opportunity as a
freshman?
TEXT to: 22333
YES= 123328
NO= 123369
1.
current events
2. immigration essay- (test grade)
3. economic systems notes
NEXT
Major TEST is Friday Oct 31.
1.
Interview and essay: TEST GRADE
2. current event homework (causeeffect
from page R9 in text)
3. Ch 4 Vocabulary
If you have completed all of these, you have
NO HOMEWORK!!!!
1.
How does geography influence how
people make a living?
2. What are the 4 types of economic
activities?
3. Mining, logging, fishing and farming
are examples of what level of
economic activity?
4. What is one argument in support of
free trade?
5. What is one argument against free
trade?
Economic
Activities: What people “do” for a
living.
4 Categories..
Primary
Secondary
Tertiary
Quaternary
Shout
out the level for the following
pictures..
Making
new items from Raw Materials
Who makes the decisions within each
economic system?
On
your notes page, list 2 things you already
know or want to know about the four
economic systems.
Traditional
Free Enterprise
Communism
Socialism
Every
society has limited resources.
This means no society has enough goods and
services to meet the needs of everyone.
Because of this, each society must answer
three economic questions.
What
should be produced?
How
should it be produced?
Who
should get it?
The
way in which society answers the
economic questions is known as its
“economic system.”
Traditional
Free
Enterprise
Communist
Socialist
Economic
Decisions – custom and tradition
determine what should be produced, how it
should be produced and for whom.
Production – based on custom and timehonored methods. New ideas are discouraged.
Very little change or growth.
Private Property – no private property. Things
are owned by the family or village.
Trade – goods and services are produced to
meet the needs of the members of the family
or tribe only. Very little trade with outsiders.
Mostly
found in rural, isolated areas
Bushmen of the Kalahari Desert of South
Africa
Berber tribesmen of Algeria
Villages in South Asia
Private Property – people have a right to own
private property and use this property as they
see fit with limited interference from the
government.
Free Enterprise – people are free to take part in
any business, buy any product or sell any legal
product. Businesses can lower prices, provide
better quality, advertise, etc. to attract
customers.
Profit Motive – the ability to make profits is what
drives people to risk their money to start a new
business.
Supply & Demand – determines prices. When
demand is high, the price goes up. If the supply
is high but demand is low, the price goes down.
Mostly
found in countries with commercial
agriculture and commercial industries.
United States
United Kingdom
Canada
Japan
Singapore
Chile
France
Germany
(MDC’s)
Role
of Government – all major decisions on
production, distribution and use of resources
are made by the government.
Private Property – no private ownership. The
nation or government owns all land,
factories, farms and major resources.
Cooperation – all workers labor together and
share equally.
Major Goal – to achieve a “classless” society
– equality among all workers.
At
one time there were MANY communist
countries, but they were unable to keep up
with the goods created by free enterprise
systems.
China – taking steps toward free enterprise.
North Korea
Vietnam
Cuba
Role of Government – government uses its power
to bring an end to poverty by taking control of
the major resources of the nation and providing
public services.
Economic Decisions – many decisions about
production, distribution and the use of resources
are made by the government. Other decisions
are made privately.
Private Property – major industries are owned by
the government. Other property is owned
privately.
Major Goal – seeks a fairer distribution of income
among society. People’s basic needs are met for
free or at a very low cost. (healthcare,
transportation, housing, education)
After
World War II, most countries in Western
Europe became Socialist, but many moved
toward privatization in the 1980’s and
1990’s.
Today:
Sweden
Venezuela
Israel
In
the real world, no economy TOTALLY
follows one economic system.
Most countries have economies that blend
features of each.
Countries can be classified on a spectrum
ranging from free enterprise to communist
based on how much control the government
has.
Socialism
Communism
Free Enterprise
On
your notes page, use what you’ve learned
to fill in the “who makes the decisions”
chart.
You may work with a partner.
Then draw a picture representation of each
type of economic system.
Next class period we will look at specific
countries and place them on a economic
systems spectrum.
You
will be placed in groups of 4.
Assign the following duties:
Time Keeper – keeps time and keeps group on
task
Librarian – reads information
Secretary – gather materials and keeps notes
Illustrator – draws spectrum and records
countries
ALL GROUP MEMBERS – PARTICIPATE IN
DISCUSSION
Materials:
Country packet
1 sheet of notebook paper
Pen/pencil
Butcher/construction paper
1 or 2 markers
Instructions:
Read each country’s economic information
Determine what type of economic system each
country has and take notes over characteristics
of each country
Draw an “Economic System Spectrum” on
butcher/construction paper. (see example)
Review notes from each country and decide
where each country should be placed on the
spectrum
Be ready to support your group’s decisions