Is Greed Good Brainstorm– 1. what is greed (selfishness)? 2. why do most religions and ethical systems say that greed is bad? 3. how is greed destructive?

Slides:

Advertisements

Similar presentations

By Laura Lamb & material from McConnell, Brue, Flynn & Barbiero 1.

Advertisements

The American Economy What are the major factors and theories that determine how people and businesses make economic decisions in the USA?

Economic Systems: Directions

Chapter 4 The Mixed Economy.

“It is not the strongest of the species that survives, nor the most intelligent that survives. It is the one that is the most adaptable to change.” 1.Do.

SMART Classes First Year Chapter (2) The Modern Mixed Economy

The Market System. In Chapter 2 After reading this chapter, you should be able to: Differentiate between a command system and a market system. List the.

Chapter 2.2: The Free Market

“Invisible hand principle”

The American Economic System

12/3 Warm-Up Put your name on p and pass up. 1. What are the 3 basic economic questions? 2. What is the manufacturing process where interchangeable.

Economic Systems.

Different Types of Economies

Business in a Changing World

Economic systems provide a framework for economic decision-making and answering the three basic economic questions: What to produce = Output How to.

Capitalism and Free Enterprise

Economics Introduction:

CHARACTERISTICS OF THE MARKET SYSTEM. PRIVATE PROPERTY RIGHTS/CONTRACTS 1.People have the right to do what they want with their own money. 2.Private property.

Characteristics of Free Enterprise. How does Free Enterprise answer the 3 Economic Questions? 1.What goods will be produced? sellers decide: what are.

Starter Define these terms in your own words: – Human capital – Investment – Capital investment – Capital goods – Consumer goods – Opportunity cost – Trade-off.

Section 2 – Characteristics of the American Economy.

Chapter 2: Economic Systems Section 2

Chapter 2: The Market System and the Circular Flow ECO 2111 Graphs and Tables Copyright © 2012 by The McGraw-Hill Companies, Inc. All rights reserved.

Ten Principles of Economics Objective: To name and explain principles of how people interact. Warm-Up 1) Give 3 examples of important trade-offs that you.

Characteristics of Free Enterprise. How does Free Enterprise answer the 3 Economic Questions? 1.What goods will be produced? sellers decide: what are.

Economics Chapter 2 Section 2.

Ch.2sec.1 Economic System & Economic Tools The three questions that all economic systems must answer. What should the economy produce? How should this.

From Mercantilism to Capitalism: Adam Smith and the

Chapter 4: The Market System Equilibrium prices and quantities are established in individual product and resource market All product markets and resource.

Slide 1Copyright © Pearson Education, Inc.Chapter 2, Section 2: Chapter 2 Essential Question How does a society decide who gets what goods and services?

Economic Systems. Capitalism  A system based on private ownership of the means of production.  Also based on concept of free enterprise. Q. What does.

Capitalism and Free Enterprise. What is capitalism? The United States’economic system in which private citizens own & use the factors of production to.

Capitalism Chapter 19 Lesson 3. Capitalism System where private citizens own and use the factors of production in order to seek a profit.

 The “Market” › Any arrangement that permits producers (sellers) and consumers (buyers) to exchange goods and services  Characteristics of advanced.

Capitalism. Free Enterprise is the freedom of individuals and businesses to operate and compete with a minimum of government interference or regulation.

Basic Characteristics of a Market Economy. A.Private Property  Private individuals and groups are the owners of the means of production – most land and.

What are the three Economic Questions? Students will compare the major economic systems in the world and examine their ability to provide citizens with.

Economic Systems Economic System –The method or way a society uses its scarce resources to produce and distribute goods and services.

 No economic system is completely command or completely market.  There’s a mixture of government in a market economy.  There’s also a mixture of markets.

Markets, Maximizers and Efficiency

Capitalism By 1750, British society moved further away from regulation of trade toward the free market of capitalism Capitalism = system of production,

GREG MARCIAPETERJANBOBBY.

Economic Questions and Economic Goals (p.23-26)

Capitalism Economic system in which investment in and ownership of the means of production, distribution, and exchange of wealth is made and maintained.

Are human beings selfish? Or are they caring? What do you think? Explain. 1 Open assignment # 5 for a stamp. What will we learn today? What will we learn.

Free Market Economy Chapter 2 Section 2 Main Goal: Economic Freedom Free to own property Free to spend money you earn Free to get a job.

The American Economy What are the similarities and differences between traditional, market, mixed, and command economies?

Economic Systems and the American Economy. Economic Systems Why do we, as American consumers, have so many choices?

CONTEMPORARY ECONOMICS© Thomson South-Western 6.1 Price, Quantity, and Market Equilibrium SLIDE 1 Market Forces 6 6.1Price, Quantity, and Market Equilibrium.

Free Market. The Free Market What is a market? A market is an “arrangement” that allows people to buy and sell items Why are markets important? No one.

Unit 2 Entrepreneurship & The Economy. Economics Social science concerned with how people satisfy their demands for goods and services.

Warmup 4/12/12  What are the 4 factors of production?

1.01 How does an economic system affect the environment in which businesses function?

Free Enterprise. How does Free Enterprise answer the 3 Economic Questions? 1.What goods will be produced? sellers decide: what are consumers willing and.

Chapter 2 and 3 Economics Chapter 2 and 3 Economics.

Essential Question: How did the political theories of socialism and communism reflect the changes brought about by the period of industrialization?

Unit 2 : Types of Markets and The Vocabulary and Concepts that DefineThem.

CHAPTER TWO REVIEW. 1.An _________ is the method used by a society to produce & distribute goods and services. 2.In order for a society to decide the.

CONSUMERS, PRODUCERS, AND THE EFFICIENCY OF MARKETS

[ 2.2 ] Free Markets.

The American Economy What are the major factors and theories that determine how people and businesses make economic decisions in the USA?

Free Market Economy Market is an arrangement that allows buyers and sellers to exchange things.

Chapter 2 Economic Systems & the American Economy

CONSUMERS, PRODUCERS, AND THE EFFICIENCY OF MARKETS

Supply and Demand.

The American Economy What are the major factors and theories that determine how people and businesses make economic decisions in the USA?

Bell Ringer # Why do we, as American consumers, have so many choices?

Economic Systems and the American Economy

The American Economy What are the major factors and theories that determine how people and businesses make economic decisions in the USA?

Presentation transcript:

Is Greed Good Brainstorm– 1. what is greed (selfishness)? 2. why do most religions and ethical systems say that greed is bad? 3. how is greed destructive?

Part 1 Define– 1.conspicuous consumption 2. competition 3. zero sum game 4. monopolies Discussion Questions (write your answer) 1.Is everyone greedy 2.Why do we want more? 3.How does government get its money? How do businesses get their money? 4.How do both parties benefit (producer and consumer) in a free market (think of the milk example)? 5.How did Vanderbilt become wealthy? 6.Do you agree with David Kelley’s view of “robber barons”? 7.Should there be a limit to how wealthy someone can be?

conspicuous consumption expenditure on or consumption of luxuries on a lavish scale in an attempt to enhance one's prestige

Economic competition is the rivalry among sellers trying to achieve such goals as increasing profits by varying the elements of the marketing mix: price, product, distribution, and promotion

Zero sum game A situation in which a gain by one person or side must be matched by a loss by another person or side:

monopolies Exclusive control by one group of the means of producing or selling a commodity or service

Part 2 Define– 1. Innovation 2. productivity 3. Adam Smith’s “invisible hand” 4. Altruism Questions– 1. How do for-profit business measure success? 2. How does this differ from non-profit organizations? 3. How does competition lead people to innovate and serve others? 4. What is the role of reputation in free market exchanges? 5. Can self-interest help explain why people cooperate? 6. Compare living by your own efforts with living on the efforts of others? 7. What is Adam Smith’s “invisible hand”?

Innovation something new or different introduced

Invisible hand (in the economics of Adam Smith) an unseen force or mechanism that guides individuals to unwittingly benefit society through the pursuit of their private interests.

productivity the rate at which goods and services having exchange value are brought forth or produced

Altruism the principle or practice of unselfish concern for or devotion to the welfare of others

Part 3 Questions– 1. What factors determine wages and salaries? 2. Is the wealth of a nation or the world limited? 3. Why do some people earn more than others? 4. When someone else makes more money, do you lose? 5. Which is more important, motive or outcome? 6. Why do people prefer jobs over charity? 7. Would you rather give money away or create new jobs?