Bellringer • We will have a series of political cartoons to introduce you to various economic systems • On a piece of paper, number 1-8 and answer the questions at the top of the cartoons • If work was not turned in at the end of class yesterday then turn it in on my chair at the start of class BACKPACKS AND ID’S
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Bellringer We will have a series of political cartoons to introduce you to various economic systems On a piece of paper, number 1-8 and answer the questions.
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Bellringer
• We will have a series of political cartoons to introduce you to various economic systems
• On a piece of paper, number 1-8 and answer the questions at the top of the cartoons
• If work was not turned in at the end of class yesterday then turn it in on my chair at the start of class
BACKPACKS AND ID’S
1.What can you infer about socialism?2. Do you feel socialism is a good or bad thing? Explain
3. What can you infer about capitalism?4. Do you feel capitalism is a good or bad thing? Explain
5. What differences do you see between capitalism and communism?6. In your opinion, which one seems to be a better system?
7. Why do think you would see this in capitalism?
8. According to the cartoon, do you agree or disagree that capitalism is not working? Explain
What is an Economy?What is an Economy?
The way a nation makes choices about how it will use its resources to produce and distribute goods and services
Economic GeographyEconomic Indicators and Systems
Economic Indicators, what are they?
They tell how well an economy is performing.
What is GDP? •It is the total value of all goods and services produced by a nation in a year. (GDP = gross domestic product.)
What is GDP per capita?
•It reflects the value of goods and services produced in a year in a country by an average person.
What are some other economic indicators?
•Average number of automobiles,•Telephones,•Televisions, •Or computers per person
GDP – Gross Domestic Product (total value of goods and services produced divided by the total population)
Economic Decisions: Based on supply and demandSupply – how many there areDemand – how much consumers will pay
Production: New ideas are encouraged
Ownership: People own their own goods and property with limited government interference
• People invest their money in different ways (factories, machines, and land)
• Profit???
Competition
Two Main Production Methods
Commercial Agriculture - Large scale farming to sell; modern and requires less labor
Commercial industries – goods are manufactured in factories for sale throughout the country or overseas
Commercial Agriculture
Commercial Industries
Karl Marx1818-1883
Communism(Command Economy)
Economic Decisions: Government makes ALL decisions
Ownership: No private property. Government owns everything
Cooperation: Cooperation replaces competition
Goal: Classless society – equality among workers
Socialism(Mixed Economy)
Economic Decisions: Government makes decisions about production,
distribution, and use of resourcesOther decisions are made privately
Ownership: Government owns major business Private ownership of everything else
•Goal: End poverty by a fairer distribution of income among society. People’s basic needs (health care, transportation, education, housing) are met for free or at very low cost.
Economic Systems
Command Economy
Communism
On the far left
Market Economy
CapitalismOn the far
right
SocialismLeft of center but right of communism
Economic Activities
Economic Activities
#1 Primary Economic Activities: economic activities which rely directly on natural resources.
Myanmar agriculture rice field
Forestry
Skorpion Zinc Mine, Namibia
In the U.S. only 3% of the labor force.
What 2 types of agriculture would be considered primary economic
activities?
Economic Activities
#2 Secondary Economic Activities: using raw materials to produce products of greater value.