1. Agenda Mar 3 What am I learning today? How do traditional economic systems affect the success of a business? What am I going to do today? Reading handout with questions and review How will I show that I learned it? Complete Merchant’s Decision 1 for Unit 2 project Homework: Review notes on traditional economic systems

2. Warm Up Mar 3 1.In an economy, nations seek to a. Use market research to determine the needs of the citizens b. Use resources to produce the goods needed by the government c. Use resources to produce and distribute goods to military personnel d. Use resources to produce and distribute goods and services to meet needs of citizens 2.All of the following statements are true of traditional economies except a. Economic activities are focused on the family and tribe b. Environment determines economic activities and choices c. Tradition and custom guide economic choices d. Use technology to enhance economic production

3. In which type of economic system do you think your chances are best in getting rich?

5.  The way a nation provides for the needs and wants of its people

6.  The raw materials used in producing goods and services  Includes land, labor, capital, and infrastructure

7.  All resources found in the earth or seas  Includes animals, soils, metals, water, climate, and land features

8.  All the people available for work  Productivity of labor increases with education and training

9.  Monetary capital: money needed to start a business  Physical capital: the buildings and tools used in producing goods and services  Human capital: workers and entrepreneurs

10.  The physical development of a country such as roads, ports, schools, telecommunications  More infrastructure means more goods and services

11. What goods and services to produce? How are the goods and services to be produced? For whom are the goods and services to be produced?

12.  INDEPENDENTLY read the handout.  Discuss the Algonquian economy with your team members only  Complete the notes about the economy of the Algonquians with your group.

13. Agenda Mar 4 What am I learning today? How do traditional economic systems affect the success of a business? What am I going to do today? Reading handout with questions and review How will I show that I learned it? Complete Merchant’s Decision 1 for Unit 2 project Homework: Review notes on traditional economic systems

14. Warm Up Mar 4 1. Traditional economies are usually a. Small communities that welcome new technology b. large communities that welcome new technology c. large communities that deal with environmental disaster d. small communities that avoid new technology 2.All of the following statements are true of traditional economies except a. economic activities are focused on the family and tribe b. use technology to enhance economic production c. environment determines economic activities and choices d. tradition and custom guide economic choices

15.  INDEPENDENTLY read the handout. (10 mins)  Discuss the Algonquian economy with your team members only (5 mins)  Complete the notes about the economy of the Algonquians with your group. (10 mins)

16. Agenda Mar 5 What am I learning today? How do traditional economic systems affect the success of a business? What am I going to do today? Close notes for traditional economy; work on unit 2 project How will I show that I learned it? Complete Merchant’s Decision 1 for Unit 2 project Homework: Review notes on traditional economic systems

17. Warm Up Mar 5 1.What are some characteristics of traditional economies ? 2.Do you think a small business operating in a traditional economy would succeed or fail? Why?

18.  Example are the Inuits  - Tradition and custom govern economic decisions

19.  Economic activities are usually focused on the family, tribe, or ethnic group

20.  Farming, hunting, and gathering are done largely in the same way as the generation before

21.  Choices are determined by the environment

22.  Little to no use of technology

23.  Check your project folder for all required documents (pages 1-5) and add as needed  Page 6: Merchant’s Decision 1 and work on with group  Page 7: 1 paragraph summary: How do traditional economic systems affect the success of a business? (written by the group after discussing)  PAGES 1-5 OF PROJECT FOLDER TO BE GRADED MAR 6

24. Agenda Mar 6 What am I learning today? How do traditional economic systems affect the success of a business? What am I going to do today? Work on unit 2 project; Film with notes How will I show that I learned it? Complete Merchant’s Decision 1 for Unit 2 project Homework: Review notes on economic systems

25. Warm Up Mar 6 1.In which type of economy is production designed to meet the community’s survival needs? a. a command economy b. a market economy c. a mixed economy d. a traditional economy 2.What are some advantages of living in a traditional economy?

26.  Check your project folder for all required documents (pages 1-5) and add as needed  Page 6: Merchant’s Decision 1 and work on with group  Page 7: 1 paragraph summary: How do traditional economic systems affect the success of a business? (written by the group after discussing)  PAGES 1-5 OF PROJECT FOLDER DUE TODAY  Complete any missing work

27. Agenda Mar 9 What am I learning today? How do traditional economic systems affect the success of a business? What am I going to do today? Work on unit 2 project – Merchant’s Decision 1 How will I show that I learned it? Discuss consequences of Merchant’s Decision 1 for Unit 2 project Homework: Review notes on economic systems

28. Warm Up Mar 9 How do traditional economic systems affect the success of a business? Write 2-3 sentences to answer the following question.

29.  Check your project folder for all required documents (pages 1-5) and add as needed  Page 6: Merchant’s Decision 1 and work on with group  Page 7: 1 paragraph summary: How do traditional economic systems affect the success of a business? (written by the group after discussing)  Discuss Merchants Decision 1 and its consequences as a class

30. Agenda Mar 10 – grades 6 and 7 What am I learning today? How do command economic systems affect the success of a business? What am I going to do today? Video with notes How will I show that I learned it? Video Quiz Homework: Review notes on economic systems

31. Agenda Mar 10 – grade 8 What am I learning today? How do command economic systems affect the success of a business? What am I going to do today? Webquest How will I show that I learned it? Apply concepts to Unit 2 project Homework: Review notes on economic systems

32. Warm Up Mar 10 What do you think would happen if we just gave money each week to every person in the United States whether they worked or not? Write 2-3 sentences to answer the following question.

33. Agenda Mar 11 What am I learning today? How do command economic systems affect the success of a business? What am I going to do today? Powerpoint for review and notes on command economies How will I show that I learned it? Apply concepts to Unit 2 project Homework: Review notes on economic systems

34. Warm Up Mar 11 1.List 3 characteristics of command economies. 2.How do command economic systems affect the success of a business? Write 2-3 sentences to answer the following questions.

35.  Government or other central authority makes all economic decisions

36.  Individuals have little or no influence over economic functions

37.  Resources are owned by the government

38.  There is no competition

39.  Purpose of business is to provide goods and services, NOT make a profit

40.  Consumers have few if any choices in the market place

41.  The government sets the prices of goods and services

42.  Pages 1-5 should be completed  Page 6: Merchant’s Decision 1  Page 7: 1 paragraph summary: How do traditional economic systems affect the success of a business? (written by the group)

43.  Economic decisions are made by individuals competing to earn profit

44.  Resources are owned by individuals

45.  Profit is the motive for increasing work

46.  Competition determines price and increases the quality of products

47.  Individual freedom is very important  Individuals have the freedom to make economic decisions

48.  Combines elements of pure market and command economies

49.  Government and individuals share the economic decision making process

50.  Resources are owned by the individuals

51.  Government serves to protect both producers and consumers from unfair policies and procedures