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Economic Activity

Economic Activity. Overview and Activities for Chapters 19.2 & 27.1. 19.2 Our Market Economy. What is a “market economy?” Buyers and sellers answer the 3 basic economic questions. Goods and services are exchanged voluntarily for fees. Government involvement is very limited.

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Economic Activity

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  1. Economic Activity Overview and Activities for Chapters 19.2 & 27.1

  2. 19.2 Our Market Economy • What is a “market economy?” • Buyers and sellers answer the 3 basic economic questions. • Goods and services are exchanged voluntarily for fees. • Government involvement is very limited. • What makes a market economy successful? • FREEDOM • Choice

  3. Circular Flow of Economic Activity Factors Market Land Labor Cap. Cap Mang. Land Foreign Sector and Businesses Households Governments Good Serv Good Serv Good Serv Product Market

  4. Circular Flow of Economic Activity • How does the government sector receive revenue from the household and business sectors? • How do households receive revenue from the government sector? • How do businesses receive revenue from the government sector? • How do consumers and businesses benefit from the foreign market sector? • Give an example of a transaction in the factors market between businesses and households. • Give an example of a transaction in the products market between businesses and households. • Give an example of a transaction in the products market between households and governments. • Give an example of a transaction in the factors markets between businesses and governments. • How does the foreign market play into the US economy?

  5. Productivity • What does it mean to be productive? • What 3 characteristics make a business productive? • How does specialization improve productivity? • How does division of labor improve productivity? • Discuss comparative advantage with examples.

  6. Interdependence • What is interdependence? • Could the US be independent from trade? Would we? Explain. • Do “Where in the World?” Activity

  7. “Where in the World?” for p. 65 (top) You & your partner have 10 minutes to decide in what country the following corporations are headquartered: Only one is in the US! • Nike 7. Firestone Tires • Nestle 8. Michelin Tires • Bayer 9. Fila Shoes • IMAX Theaters 10. Jaguar • Shell 11. Volvo • Ugg 12. Hyundai

  8. Answers!! Check your own papers, but by all means—BE HONEST!! • US 7. Japan • Switzerland 8. France • Germany 9. Italy • Canada 10. Great Britain • The Netherlands 11. Sweden • Australia 12. South Korea

  9. Interdependence • Why did many of you think these corporations were in the US? • What is interdependence? • How has this caused concern for the following areas: • Wildlife endangerment, wealth disparity, environmental destruction, & terrorism • http://www.youtube.com/watch?v=E0myhw_Z1oY • Could the US be independent from trade? Would we? Explain.

  10. Who Helped to Dress Me? • Draw a full body picture of yourself at the bottom of p. 65. • Label where each piece of clothing you are wearing came from, including your shoes. • Discuss results.

  11. Assignment • Read selected pages on sheet to complete the questions on International Trade for p. 66. • Due tomorrow!

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