2.  Standard: The student will analyze different economic systems  Essential Question: What are the differences and similarities between the economic systems of China, India, Japan, and North Korea?

3.  What are the four types of economic systems we have previously talked about?

4.  Market: people make decisions  Command: government makes decisions  Mixed-Market: people and the government have input  Traditional: based on traditions and the way their families did things

5.  What does variety mean? › How can you have a variety of something in economics?

6.  China is transitioning from a command economy completely controlled by the Chinese Communist government to a mixed market economy overseen by the Chinese Communist government › Controlled vs. Overseen….what is the difference??

7.  Command economy controlled by its Communist Government  Farmers work on cooperatives where up to 300 families share the work  Massive food aid from other countries has been needed to avoid starvation!

8.  Japan has a mixed market economy-one of the strongest in the world!  The government owns few businesses, but does oversee banking and trade.  They have built their economy around manufacturing and fishing. › Why??

9.  India has a mixed economy that is moving away from a command  After gaining independence in 1947, India’s government first set up a command economy, but in 1991, began to lift its control to allow citizens to run industries  Many of India’s citizens still live in extreme poverty

10.  Fill out the Essential Skills Summarizing Chart on your guided notes › The Economic System › Growing or Struggling › 1 interesting fact

11.  Standard: The student will explain how voluntary trade benefits buyers and sellers in Southern & Eastern Asia.  Essential Question: How do trade barriers and specialization encourage/discourage trade?

12.  12 Question activating quiz › 1-5 True/False › 6-10 Tariff/Quota/Embargo › 11-12 Short Answer

13.  1. False  2. True- why?  3. True- why?  4. False- what is opportunity cost?  5. True

14.  6. Quota- what is limited?  7. Embargo- why is the US stopping trade?  8. Tariff- what is being taxed?  9. Embargo- what is being stopped?  10. Quota- what is limited?

15.  Answers will vary › Students should share their answers via think/pair/share

16.  Create your own scenarios with the following vocabulary terms › Tariff › Quota › Embargo › Opportunity Cost › Specialization › Currency Exchange

17.  Standard: The student will describe factors that influence economic growth and examine their presence or absence in India, China, and Japan.  Essential Question: What are the factors that influence economic growth in Southern & Eastern Asia?

18.  Give 4 examples of capital goods  Give 2 examples of natural resources  Give 1 example of human capital  Give 1 example of entrepreneurship

19.  Why would investing in something be a good decision? › Whether it’s in economics or something else…  How would investing in education and skills training (human capital) for workers affect the GDP?  How would investing in capital goods affect the GDP?

20.  Education and investment in human capital is a MAJOR priority of the government › Numbers of schools have grown dramatically. Why? › English is taught in all schools. Why?  Many Indians are skilled in information technology due to the English and computer skills of many citizens. › Computer Call Centers  The government has neglected capital investment in the country’s infrastructure › Leads to terrible roads and frequent power outages › Many small towns have power a few hours a day so large cities can have power 24 hours a day.

21.  China has made significant investments in human capital by improving its educational system  They have poured money into capital investments and manufacturing as well.

22.  At the end of WWII, Japan’s land and economy were in total ruins, but they have come a long way!  Much Like India and China, Japan also places a heavy emphasis on education › Competition is fierce and students must take entrance exams to get into high school and college!  Japan also invests heavily in capital: especially technology in order to provide its workers with the latest equipment.

23.  China: many natural resources including coal, iron ore, and petroleum. Rivers help with minimal agriculture  India: fertile land and ample water supply are its most valuable resources. About half of the land is arable and they grow rice and wheat  Japan: little farmland and natural resources. They import raw materials for manufacturing and export fish.

24.  Why are entrepreneurs so important a country’s economy?  Entrepreneurship is dramatically rising in China and India › Rapid growth and huge population can offer excellent opportunities, especially with government support  Japan has one of the lowest rates of entrepreneurship because they face difficulties getting loans › Japanese companies typically guarantee lifetime employment for their employees…so why leave the job security?

25.  Complete the “Write About It” portion on your guided notes.  Your response must include at least 7 sentences in order to support your argument of wanting to start your own business. › Think about what your father would rebuttal back to you…