Presentation on theme: "The Civil War…. An Economic Perspective Debbie Batchelor Maryland Council on Economic Education Debbie Batchelor Maryland Council."— Presentation transcript:
The Civil War…. An Economic Perspective Debbie Batchelor Maryland Council on Economic Education Debbie Batchelor Maryland Council on Economic Education
Objectives During this presentation, we will… review a variety of economic concepts link Civil War lessons to those economic concepts
Scarcity Not having enough resources to satisfy all wants.
PROBLEMCRITERIA Scarcity of human resources: soldiers CHOICES / ALTERNATIVES PUT A PLUS (+) OR MINUS (-) IN EACH BOX TO INDICATE WHETHER THE CHOICE MEETS (+) OR DOES NOT MEET (-) THE CRITERIA. Call for volunteers Institute a draft Allow slaves to enlist Scarcity Implies Decision-Making: A Decision-Making Model When completed: Rank the choices from 1 to 3 (with 1 being your first choice) based on the number of +’s for each choice.
Opportunity Cost The next best choice! Call for volunteers? Institute a draft? Allow slaves to enlist?
Lincoln’s Decision-Making Permit Southern secession? Go to war with the South? Work out a compromise?
Opportunity Cost The next best choice! 1.War = CHOICE 2.Compromise = OPPORTUNITY COST 3. Secession = “Forget about it.”
Across the Lines Decision-Making Scarcity Opportunity Cost
Fire Drill ! Several times a year, the alarm rings at school and we all leave the classroom immediately to participate in a fire drill. If you were to reach quickly for one thing to take what item would that be and why?
Decision-Making: Edward On a Moment’s Notice
Decision-Making: Simon Go with the family vs. run away? Move North vs. stay in Virginia? One job vs. another? Reconnect with Edward vs. make his own way
And Even More Econ in the Civil War… Technology Specialization Economic Systems Resources FAIR OAKS, VIRGINIA. PROF.
Specialization The production of a narrower range of goods and services than is consumed by an individual or group.
Technology Tools, machines, methods and other things used to perform activities.
Civil War Artist Technology Specialization
A Make-n-Take Moment The Impact of Technology
A Make-n-Take View
Economic Systems Command : economic decisions are made by an authority such as a feudal lord or government agency Market: decisions of “what”, “how “and “for whom” are decided in markets through the interaction of buyers and sellers Traditional: economic decisions generally repeat the decisions made at an earlier time or by an earlier generation