SS7E5 - The student will analyze different economic systems. Bell-Ringer – Using what you remember about the governments of Israel, iran, and Saudi arabia, what do you think their economic systems might be? Why?

Note Taking methods Reminder – Vocab quiz on Friday about yesterday and today’s terms. Today we will have the remaining 8 terms, you are to take notes in either the k.i.m. chart method or 3-column notes.

Specialization Definition: concentrating on one area of work. My specialization is teaching Social Studies Can include an industry/product a country focuses on producing, or having each worker have one job that they focus on

Human Capital Definition: the set of skills which an employee acquires on the job, through training and experience. The more skills and education, the better workers are able to do their job without mistakes Invest in better training/education, better profits

Capital Goods Definition: factories and machinery Advanced tech and organization increases production and makes production more efficient Leads to more economic growth and profit

Entrepreneur Definition: anyone who organizes, manages, and takes on the risk of a business Willing to risk own money on new ideas and thinking without knowing will get profit Only 50% of all new businesses are still operating 3 years after they began

Scarcity Having a short supply or a shortage of something which often causes prices to rise.

Surplus Having more than what is needed. Overproduction of a good which often causes prices to fall.

Supply and demand an economic model of price determination in a market. Supply is how much of a good the company produces and demand is how many people want to buy it. The four basic laws of supply and demand are: If demand increases and supply remains unchanged, a shortage occurs, leading to a higher equilibrium price. If demand decreases and supply remains unchanged, a surplus occurs, leading to a lower equilibrium price. If demand remains unchanged and supply increases, a surplus occurs, leading to a lower equilibrium price. If demand remains unchanged and supply decreases, a shortage occurs, leading to a higher equilibrium price.

Standard of living the level of wealth, comfort, material goods and necessities available – How well off the people are in a country.

Trashketball Rules Classroom split in half. First person to tap the board gets to answer the question. You must tap AFTER the question and answers have been read. Question must be answered within 5 seconds or it goes to the next person. If neither person gets it correct, then the question is finished. Each question correct is worth 1 point. Trashketball shots can be 1, 2, or 3 points and MUST be shot by the person who answered the question. All decisions are made by the judge, and I’m the judge. I want us to have fun, but if it gets too loud, people are rude, or class is disruptive, we will go right back to the study guide and nobody talking. You are to remain in your assigned seat; anybody moving will lose points for their team. If you call out the answer (even if it is wrong), your team automatically lose points. If your side is too loud; your side will lose points. It is highly suggested you take notes during the game.

Question 1 Tariffs, quotas, and embargoes are all examples of this word: A.) tariff B.) Market economy c.) trade barrier D.) human capital

Question 2 In this type of economy, government planners decide what to produce, how to produce, and for whom to produce: A.) Command economy B.) traditional economy C.) Market economy D.) supply and demand

Question 3 In this type of economy, customs and traditions decide what to produce, how to produce, and for whom to produce: A.) mixed economy B.) market economy C.) entrepreneur D.) traditional economy

Question 4 This is a tax on imported goods so that people will end up buying products from their own country: A.) scarcity B.) quota C.) embargo D.) tariff

Question 5 This economy is a combination of parts command and parts market: A.) mixed economy B.) traditional economy C.) trade barrier D.) human capital

Question 6 This is when a country decides to stop trading with another country often for political reasons: A.) Tariff B.) quota C.) embargo D.) specialization

Question 7 In this economy, the producers and consumers decide what to produce, how to produce, and for whom to produce: A.) market economy B.) Mixed economy C.) traditional economy D.) Command economy

Question 8 This is a restriction on the amount of goods allowed to come into a country in order to raise prices on foreign goods: A.) embargo B.) quota C.) trade barrier D.) tariff

Question 9 These people are often found in a market economy where they can take on the risk of creating their own business: A.) specialization B.) human capital C.) entrepreneur D.) standard of living

Question 10 This is what it is called if a country or company decides to focus their attention on creating one thing and being the best at it: A.) specialization B.) tariff C.) human capital D.) capital goods

Question 11 When a company creates too much of a product, so prices go down: A.) scarcity B.) supply and demand C.) quota D.) surplus

Question 12 A measurement of how well off a country is based on wealth, comfort, material goods, and necessities: A.) market economy B.) standard of living C.) supply and demand D.) human capital

Question 13 An example of this would be when a company takes the time to better train it’s employees: A.) capital goods B.) human capital C.) entrepreneur D.) Specialization

Question 14 Toyota just purchased more robots which will be able to make cars at a faster rate and cheaper, Toyota just increased their: A.) human capital B.) specialization C.) standard of living D.) capital goods

Question 15 When there is a small amount of a product, so prices go up: A.) scarcity B.) surplus C.) supply and demand D.) quota

Question 16 The idea that companies create products and consumers want products. This helps determine what prices will be in the market: A.) trade barrier B.) supply and demand C.) market economy D.) entrepreneur

Closing Take the remainder of the time to quietly quiz the person next to you to prepare them for Friday’s quiz!!!