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Chapter 2: Economic Systems

Chapter 2: Economic Systems. Turn right 1 mile. Warm Up. What is a PPC? How can a PPC be used to help analyze decision making?. Agenda. Discuss Marshmallow Mansions Chapter 2 Intro Activity Cover all of Chapter 2 Still have time at the end for extra credit activity. Discuss MM.

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Chapter 2: Economic Systems

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  1. Chapter 2: Economic Systems Turn right 1 mile

  2. Warm Up • What is a PPC? • How can a PPC be used to help analyze decision making?

  3. Agenda • Discuss Marshmallow Mansions • Chapter 2 Intro Activity • Cover all of Chapter 2 • Still have time at the end for extra credit activity

  4. Discuss MM • Make sure to turn in your handouts

  5. Activity • Groups trying to win a “special” prize • Win by scoring the most points • Groups will receive 3 sheets of paper & one pair of scissors • Can make any combo of the following: • Paper footballs- 5 points each • Paper cards- 3 points each • Crumpled balls- 1 point each • ALL PAPER MUST BE CUT

  6. Follow up • As a group, what did you do? • What did you have to figure out?

  7. You just had one • Definition? • What’s it mean? • What to make? • How to make it? • Who gets it?

  8. We all do it…are we all the same? • Absolutely not! • Differ in 7 goals we favor • Efficiency • Freedom • Security & predictability • Equity • Growth & innovation

  9. Biggest diff • Not in the 3 key questions • Not in 7 goals preferred • Biggest occurs in who has the power • 4 different options: market, command, mixed, & traditional

  10. Traditional • All you need to know System based on TRADITION…don’t change

  11. People or Government? • Market Command All gov’t, no people All people, no gov’t

  12. Mixed • Taught to share • Some people power, some gov’t

  13. Markets rock • Name 3 markets found in town Anywhere things are bought & sold

  14. What makes it work? • Each person does their own thing • What does that do when we SPECIALIZE? • What else do we all do? • Why do you buy bananas? http://www.youtube.com/watch?v=GeoFcgq_PlY

  15. Who has more power? • Wal-Mart is huge (2.1m employees & $400b + in revenue) • How are you more powerful? • CONSUMER SOVEREIGNTY • Market is a beautiful thing

  16. Breather • Make sure first two sections are finished

  17. All about the gov’t • Central gov’t has all the power • Decide what? How? For whom? versus

  18. What was the focus? • http://www.youtube.com/watch?v=VVGMAhFxH9A • http://www.youtube.com/watch?v=HJoyOl7_QBg

  19. What problems arise? • All guns; no butter • People die • How is the workforce affected if everyone is guaranteed a job? • Think about it from your perspective

  20. NO INCENTIVE • Why would you work hard? • What happens when you always have a job? • Cuba 1.8% unemployment (14th) • $12,700 average income • Canada 6.1% unemployment • $40,200

  21. Government doesn’t rock • System is inherently flawed • We do as little as we need to to get by • Preaching to the choir

  22. Warm Up • Explain the difference between command and market economies. • Which would you want to live in?

  23. Good & bad news • Technically we have no market or command economies today • All count as mixed • Part people, part gov’t • Vary in amount of gov’t control • Chart in book • Why do even we need some gov’t?

  24. Think about the recession • Right now things are not going well • Adam Smith knew his stuff • What would happen without gov’t? • We’d fall apart • What else do they do for us? • PROVIDE THINGS MARKET DOES NOT…HELP US WHEN WE FALL

  25. SUMMARY • We all have to live, function, and survive together (ECONOMIC SYSTEM) • Vary in amounts of gov’t control • MORE MARKET, MORE MONEY • NEXT CHAPTER WE EXPLORE OUR SYSTEM FURTHER

  26. Video

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