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Taking Notes You will be copying down the Outline from this slideshow. Leave plenty of room to add details Read a segment (there are many in a section).

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Presentation on theme: "Taking Notes You will be copying down the Outline from this slideshow. Leave plenty of room to add details Read a segment (there are many in a section)."— Presentation transcript:

1 Taking Notes You will be copying down the Outline from this slideshow. Leave plenty of room to add details Read a segment (there are many in a section). Then add information that answers: – Who – What – When – Where – Why – How Copy names of people, places, events and dates. Then check your work to a Partner’s work.

2 Intro The Goal is to not only learn the main points of this chapter, but to DEVELOP YOUR SKILLS. This slideshow contains note taking tips. Apply these guidelines to ALL note taking. This slide show was used in class lectures, so sometimes it refers to working with a partner. If viewing this at home, work on this alone, but check your work later with a classmate. This slide show contains “thinking out loud” dialog and questions to help you develop your critical thinking and reading skills. Eventually, you will be able to do this yourself. Finally, ask me about anything that you don’t understand, when you are in class or come in for tutoring.

3 Do Write titles for new chunks of information Leave blank lines between chunks Highlight titles – You may borrow a highlighter from Ms. Kraus, but please return it at the end of class so others can use it. NOTE: I do not have a class set as not all students return what they borrow. So, do not depend on me to supply it. If I have it, I will lend it.

4 DO Compare notes with your Partner Question the explanation the Partner wrote Ask where in the book the Partner found that information Look at the Objectives (STGs) to see if you answered them in your notes. Look at the Section Assessment. Did you answer the Key Terms & Main Ideas?

5 DO NOT Divide the segment among you and your partner. (You then rely ONLY on ONE PERSON’S UNDERSTANDING). Wait for your partner to finish and then just copy what they wrote EACH PERSON is responsible for reading & summarizing (taking notes)

6 Economics Chapter 3 Benefits of Free Enterprise

7 LTO Understand the American Free Enterprise System

8 Section 1: STGs Pg 51 – copy the Objectives

9 Why has America been such an economic success? Read Page 51. Write this pg # in your notes in the margin next to the above question. Highlight this question. Now summarize the four reasons with THE MOST IMPORTANT REASON (Key Factor) FIRST

10 How does the U.S. Constitution protect a person’s Business Rights? 1.P_________ R ______ 1.5 th Amendment & __________ Amendment, (Summarize key points about this Amendment here) Gov’t can’t take your property w/o Due Process. 5 th Amendment – applied to Federal Gov’t 14 th Amendment – extended the Due Process to State Gov’t 2.T_______________ 1.Article ____, Sections _____ & ______ 1.(Summarize key points about this Amendment here) Based on population so everyone pays the same 2.______________ Amendment, (Summarize key points about this Amendment here) Based on income 3.Article ___, Section _____ 1.Individuals or Businesses cannot use… Political process to get out of a contract 1.No legislature (group of politicians) can Change the terms of someone’s business contract

11 Seven Basic Principles of Free Enterprise 1.Profit Motive-Innovation, Productivity & Creativity are rewarded with PROFITS (usually). 2. O____ O____________ 3.L_______ E__________ 4.P_______ P________ R________ 5. Right of F_____ C________ 6.Right of V__________ E____________ 7.C______________ Leave room to explain each. Did you write the Page Number in the margin?

12 Role of the Consumer Consumers have the freedom to make their own economic choices. This is called Consumer _________________. (from Ch 2) Businesses can figure out – What to Produce – How Much to Produce by looking at what Consumers ________ and by listening to ___________ Groups – People form a group around an issue. Ex: AARP, NRA, Green Peace,… buy Sovereignty Interest

13 Role of the Government Pg # ____ 1.Information & Free Enterprise 1.Public ___________ ______ 1.(summarize key points) 2.Protecting Health, Safety & Well-Being 1.Create Basic Restrictions (rules & laws) to protect us. (Public Interest Laws)

14 Balancing the Need for Regulation against Too Much Regulation Look at Page 55, Figure 3.2 Based on what you know & your opinion, put these Regulatory Agencies into two categories: (Add rows as needed) DisbandKeep

15 What Regulatory Agencies Should be Added? Think of something that affects you or others. Write it down and give it a name. – Ex: people who don’t clean up after their dogs The Pooch Patrol

16 Section 1 Q & A 1.List three benefits of the Free Enterprise system: List three guarantees of the American Free Enterprise system:

17 Leave a Blank Line & Highlight Ch 3 – 2 Promoting Growth & Stability STGs: Pg # ____ ( write the pg # in left margin ) (Remember to summarize)

18 Why does the Government get involved in the economy? 1.To pull in reins (slow it down) when it grows too fast. 1.Why? To slow inflation (rising prices) which hurts the buying power of people. 2.To stimulate it when it is too slow. 1.Why? To put more people back to work (lower the unemployment rate)

19 How does the Government know When to intervene? By tracking business cycles (vocab word) Of the country’s economy – Macroeconomics (vocab word) by looking at GDP. Example: The GDP is too low (usually below 3 %) means that the economy is slowing. By studying how industries, families and individuals are doing - Microeconomics Examples: Unemployment Rate is high, Personal Savings is low or an industry such as the Banking Industry has a lot of banks going bankrupt.

20 Promoting Economic Strength Three Economic Goals of Gov’t Intervention:

21 Test the Quality of Your Notes Look at your notes on Promoting Economic Strength (slide 19). They should answer: 1.What is considered a low Unemployment Rate? 2.What is one way to measure Economic Growth? 3.List two examples of Economic Stability.

22 Technology and Productivity (write the Pg # in the left margin) How can the PPF (Production Possibilities Frontier) be shifted outward to the right? NOTE: This is a Test Question! 1. W_____ E______ - (explain in your own words) 2.T_________ P_______ - (Give Examples)

23 The Government’s Role 1.Federal Funding – Research & Development in technology, science,.. 1.Morrill Acts, 1862 & Gave land for colleges for: 1.MIT 2.Texas A & M University

24 The Government’s Role 2.Gov’t Research Institutes 1.Discoveries & innovations 1.Ex: NASA – space exploration, Tang juice mix,…

25 The Government’s Role 3.Protects rights of innovators 1.Inventors, Writers, … 1.Article 1, Section ___ 1.“To promote progress of science and useful arts…” 2.Gives Congress authority to issue patents & copyrights 1.Explain/summarize Test the Quality of Your Notes: 1.What is the difference between a patent and a copyright? 2.How long is a patent?

26 Ch 3-3 Providing Public Goods STGs (Write the Pg # in the margin. Summarize the Objectives)

27 What are Public Goods? Examples: 1. Freeways 2.Dams 3.National Parks

28 When Does Gov’t Provide Public Goods? The gov’t provides Public Goods when it would be inefficient or impractical 1. to make consumers _____ ___________ 2.To exclude nonpayers

29 How Does Gov’t Decide to Make Something a Public Good? 1.When the Public Benefit > Cost 2.If it is needed, but would NOT get provided unless the gov’t provides it. – The Private Sector (private business) would not provide it because it would not make enough profit. Ex: Animal Control (Dog Catcher) 3.Free Riders – People who would NOT pay for it. 1.Ex: Neighbor won’t pay for Fire Protection. That threatens the whole block.

30 Public Goods (continued) So, the Public Sector provides it. – Gov’t employees or companies hired by the Gov’t provide it. – Ex: Fire Fighters (Gov’t employees) – Ex: Gov’t hires private firms to build bridges.

31 Market Failures Means that the Market would NOT provide the Good or Service because it would not be: – Practical or – Profitable – Ex: Roads

32 Externalities Two Types 1.Positive Externalities (Positive Benefits to those other than just the buyer) 1.Gov’t encourages these – Ex: Someone buys a run-down vacant home on your block and remodels it. Everyone on that block benefits from this. Explain how: – Ex: Free Public Education K-12 How does this benefit the nation?

33 Externalities Two Types 2.Negative Externalities Ex: Water pollution (unintended side effect from fertilizing lawns). The Gov’t cleans it up. Govt’ tries to limit these

34 Ch 3-4 Providing a Safety Net STGs: (write the pg # in the margin) 1. 2.

35 Poverty Threshold An income that is too low to support a household Used by Gov’t to determine which households need Safety Nets Has risen over the years

36 The Welfare System Started under President FDR Includes many types of Redistribution Systems – (ways to move some $ to the Poor from those who have more)

37 Redistribution Programs Four Types: 1.Cash Transfers 2.In-Kind Benefits 3.Medical Benefits 4.Education

38 Cash Transfers (Pg 69)

39 In-Kind Benefits Provided free or at a discount Examples:

40 Medical Benefits Health care for the:

41 Education Public Education – Increases human capital – Increases labor productivity

42 Q & A 1.What is the difference between Cash Transfers and In-Kind Benefits? 2.Why does poverty exist in a Free Market Economy?

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