New Ways of Thinking The economic ideas that are shaping the world.

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Presentation transcript:

New Ways of Thinking The economic ideas that are shaping the world

Mixed Market Economy It’s a mix of ideas about how to run a country and an economy It involves government rules and… …It allows those who want to get rich the opportunity to do so It is the way we do business and run our government in the United States today

How does it work? Get a Monopoly game and play it according to the rules.

Answer these Questions in Evernote in complete sentences 1. What makes the game interesting to play? 2. How does the game reflect real life in the United States? (3 ideas) 3. Describe what is good about a Market Economy. 4. Describe what is bad about a Market Economy

Laissez-faire Economics Adam Smith Wrote - government should not interfere with economics. Malthus Smith wrote - populations would outstrip the resources

Play a monopoly game under Laissez-faire rules Ignore (don’t use): -Income Tax Square -Chance Cards -Community Chest Cards -Luxury Tax Square -Go to Jail Square -Collect $400 when passing “GO”

Answer these Questions in complete sentences on Evernote. 5. How did the game change with Laissez-Faire Economics? 6. Was the game “more” or “less” fun? Explain your answer. 7. Was Malthus correct? Did the resources disappear in the Monopoly game? Explain. 8. Is Malthus correct in real life? Explain. Watch this website for your answer, erDiamandis_2012.mp4 erDiamandis_2012.mp4

Socialism Game Rules The Income Tax square Doubles in price Ignore any Community Chest Card or Chance Card that makes you pay for any fee. Give back the Railroad, Electric Company and Water Works cards to the bank. When you land on these spaces there are no penalties- they are free. When you pass go you get $100.

Socialism Questions 9. What happened to some of the privately owned property under Socialism? 10. In what ways does Socialism distribute some of the wealth evenly? 11. Describe the good about Socialism. 12. Describe the bad about Socialism.

Communism The bank is renamed the government. Turn back all property cards to the government. All players only get $300 in cash. When you land on any square you owe $20 to the government, except jail, it is $50. Luxury Tax and Income Tax Squares are free. Collect $200 when you pass go

Communism Questions 13. What happened to all the property in the game? 14. Who ended up controlling everything? 15. Was it still possible to make money under Communism? If so what could you do with the money?

Finish your RAT Finish paragraph #5 of your rough draft for your essay. Use the words Laissez-faire, Socialism, Communism and mixed market in your explanation along with answers to the game questions Summarize your rough draft Hand in your rough draft for a grade.