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CARDIO # 6

CARDIO # 6. According to the map on your TEXT BOOK page 37, around what physical feature is Egypt's population the densest? Why do you think more people live there?. Lesson 2: Exploring economics . What is economic?.

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CARDIO # 6

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  1. CARDIO # 6 According to the map on your TEXT BOOK page 37, around what physical feature is Egypt's population the densest? Why do you think more people live there?

  2. Lesson 2: Exploring economics What is economic? • Economics is the study of the production and consumption of goods and the transfer of wealth to produce and obtain those goods. • Economics explains how people interact within markets to get what they want. • Most people in our society buy and sell good and services every day.

  3. Resources and Production In order to make goods and offer service, people need resources. There are four kids of resources: Land Labor (employees) Capital (money) Entrepreneurship (business)

  4. Supply and demand Supply: is the amount of a good or service that a producer want to sell. Demand:is the amount of something that a consumer wants to buy.

  5. Supply and demand Scarcity:or lack of resources. I make the price go up. Opportunity of cost: is what you give up to make it or buy it

  6. Progress check • How will the people who make goods and who buy the goods react if the price goes down?

  7. Managing and Measuring Economies • What are the types of economic system? • Traditional Economy:it is based on custom. Members of the family make goods for the rest of the group. • Command Economy:the government will decide what goods will be made and who will receive it.

  8. Managing and Measuring Economies • 3. Market Economy: each person makes choices about what to make, sell and buy. • 4. Mixed Economy:the get is government have some control over what and how much is made. People make the other choices.

  9. Measuring Economy • Economy grow and shrink over time. That is called the business Cycle. • Recession: when the economy grows very slow. • Boom:the economy grows quickly • Inflation: when prices are rising, that is a sign of inflation.

  10. Progress check • In which type of economy system are all decisions made by a central government? • What is our economy system?

  11. Trading in World History • Why do people trade? • Two countries trade with each other when both sides can gain something from the exchange. • Export:are good shipped out of a country and sold somewhere else. • Import:are goods that a country buys from other countries. • Barter:when goods are trade for other goods.

  12. Barriers to Trade • Geography • Conflicts • Protection • High taxes • Globalization: it is a form of international trade.

  13. Progress check • What are the advantages and disadvantages of trade?

  14. Class Work • WORKBOOK PAGE 19-23 • Guided reading (hand out) • In a separate piece of paper • Questions 9-14

  15. Class Work • Graphic organizer (type of economies foldable • Work book page 19-23

  16. Home Learning • Find a country that has problems trading. Why? With whom? At least 3 paragraphs long (hand writing)

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