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 firstname.lastname@example.org Debbie Batchelor Maryland Council on Economic Education email@example.com
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?
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