Overview and Activities for Chapters 19.1 & .2 & 27.1 Economic Activity Overview and Activities for Chapters 19.1 & .2 & 27.1

Chapter 18 Review Why do people have to make economic choices? What are the 3 basic economic questions all societies must answer? What is a trade-off? What is an opportunity cost?

Pop Quiz 19 Get chrome book. Go to www.socrative.com Click on student login Join room 917563 Take the quiz. Put up chrome book

19.1 Info What are the factors of production? Why are all necessary? Land Labor Capital Management Why are all necessary? Do activity.

Circles of Knowledge Groups of 3. You have 1 minute to list as many uses for how that resource could be used. Must be legitimate or they will not count. Cannot repeat another group’s answer. Take your pen with you. Tally results.

Prompt, Top of p. 73 In a good paragraph, explain how you would use your resource if you really had it. Explain what natural resources you would need; how many and what kinds of workers you would need; what kinds of capital would you need to get your business venture off the ground; and whether or not you would be a successful entrepreneur in the business venture.

Bottom of p. 73 What is a “market economy?” Buyers and sellers answer the 3 basic economic questions. Goods and services are exchanged voluntarily for fees. Government involvement is very limited. What makes a market economy successful? FREEDOM Choice

Find your group! Group 1: Raymond, Breonna, Ally, Patrick. Group 2: Chris B., Dalton, Alex S., Group 3: Will, Kyle, Claire Group 4: Jeremiah, Alexus B., Connor J, Emily Group 5: Lori-Ann, Isaiah, Alexis W. Group 6: Connor F., Savannah, Shekina, Stevie Group 7: Nichole, Alex A., Hannah, Kris G.

Circular Flow of Economic Activity Factors Market Land Labor Cap. Cap Mang. Land Governments US & Foreign Businesses Households Good Serv Good Serv Good Serv Product Market

Productivity What does it mean to be productive? What 3 characteristics make a business productive? How does specialization improve productivity? How does division of labor improve productivity?

International Trade, p. 75 Read pp. 707-13 to answer each question: What is the difference between exports and imports? Give an example of each. Explain 3 reasons nations trade. Explain what tariffs and quotas are & why countries use them. Describe the purpose of NAFTA & EU. What is the difference between a trade deficit & a trade surplus? Which is best?

Reading Charts Study the chart on p. 709. Answer the questions. Study the cartoon on p. 710. Answer the questions.

Interdependence What is interdependence? How has this caused concern for the following areas: Wildlife endangerment, wealth disparity, environmental destruction, & terrorism http://www.youtube.com/watch?v=E0myhw_Z1oY Could the US be independent from trade? Would we? Explain. Do “Interdependence” Activity

Interdependence Activity You will be assigned to a group. Pull out task sheet and read as a group. Choose ONE trade representative. Only this person may leave the group. Assign other tasks to complete. Raise you hands when all tasks are successfully completed and you are ready to be scored. If you have questions, please raise your hand. Remember the discussions of efficiency, quality, division of labor, and specialization.

Find Your Group! Grab your Chrome Book. Go to the following groups: Group 1: Nolan, Chuck, Charles, Breanna Group 2: Bo, Val, Steven, Yazzy` Group 3: Sandra, Zack, Winston, Emily Group 4: Terry, Charlie, Anabel, Ryan

“Where in the World?” You & your partners have 5 minutes to decide in what country the following corporations are headquartered: Only a few are in the US! Nike 7. Firestone Nestle 8. Michelin Bayer 9. Fila Shoes Tropicana 10. Jaguar Shell 11. Volvo TV Guide 12. Hyundai

Answers!! Check your own papers, but by all means—BE HONEST!! US 7. Japan Switzerland 8. France Germany 9. Italy US 10. Great Britain The Netherlands 11. Sweden US 12. South Korea

Why are all 3 names correct? Free Enterprise: Individuals choose to start own business. Capitalism: Based on private ownership of resources. The more resources owned, the more successful one is. Market Economy: Buyers & sellers voluntarily exchange goods & services in marketplace for fee.

Capitalism & our Market Economy Read 19.3. Complete questions. Discuss each. Is capitalism the only choice? Is it the best? What alternatives exist? http://www.youtube.com/watch?v=ydUUrCXyMq4 Read 26.1 to complete chart. Discuss