1. HSA Review: Economics

2. Answer in a complete sentence
Success Criteria 4/19/2017
1.We can identify the major terms in economics.
2.We can compare and contrast the different types of economic systems.
3.We can close read quotes from public release multiple choice questions.
4.We can analyze quotes in order to break down quotations and answer HSA questions.
Answer in a complete sentence
If the HSA were to happen tomorrow, how do you think you would do? Why?

3. House Cleaning Grades are updated!
People still need to make up the two Unit 6 quizzes
Notebook Quiz next Friday!

4. What do you remember about economics?

5. HSA Review 4/19 - Economics
Today we will be covering the following:
Scarcity and Opportunity Cost
Economic Questions
Types of Economies

6. SCARCITY
A problem of having limited resources to meet unlimited wants
There’s just not enough to go around

7. I want to buy a new car, but I only have $30 in the bank
I want to buy a new car, but I only have $30 in the bank. What do I have a scarcity of?
You have a 60 question test and 15 minutes to do it. What do you have a scarcity of?
If we suddenly had 20 more students enter this class, what might we have a scarcity of?

8. The thing that is given up when a choice is made.
OPPORTUNITY COST
The thing that is given up when a choice is made.
I choose the can of Coke.
TURNS INTO
My $1 can buy a can of Coke, a Snickers bar, OR a pack of gum… but NOT ALL THREE!
So, I make a choice.
But, I lose the opportunity to buy…

9. Cost-benefit analysis
Process of deciding which option is the best choice by identifying the good parts (benefits) and the bad parts (costs)
Does the good outweigh the bad?

10. Economic Questions
What to produce?
What things do people need or want? Why should we make certain things?

11. Economic Questions How to Produce?
How are we going to make our stuff? Do we use computers and robots? Do we do things the way they have always been done?

12. Economic Questions
For Whom to Produce?
Who are these things for?

13. How a country produces and consumes goods and services is determined by a country’s economic system.
There are four types of economies
1) Traditional
2) Command
3) Market
4) Mixed

14. Traditional Economy
Production, distribution and consumption are determined by TRADITIONS or CUSTOMS.

15. Key Words: Customs (values)

16. Key Words: Hunting & Farming Common

17. Key Words: Inherited (born into) job

18. Command Economy
Production, distribution, & consumption are determined by GOVERNMENT- they OWN and CONTROL everything.

19. Key Words: Government Control

20. Key Words: National Production

21. Key Words: Government Ownership

22. Market Economy
Production, distribution, and consumption are determined by CONSUMERS and PRODUCERS. Citizens own businesses and government stays totally out of the way.

23. Key Words: Private Property/Ownership

24. Key Words: Competition

25. Key Words: Individual/Individualism

26. Mixed Economy MIXED ECONOMY
Citizens own businesses but government makes rules for them. Minimum wage, child labor laws, safety standards.

27. On A Mixed Economy
This kind of economy includes some traditional, command and market characteristics
Government plays a role but businesses are given many freedoms
Government sets certain rules for economy so people are protected

28. Key Words: Government Regulation

29. Key Words: Protect Public

30. Key Words: Personal Freedom

31. Mixed Economy In the Works

32. In order for Hopkins to build the Bio Tech Park in E. Baltimore…

33. Affordable housing must be included

34. Quote Analysis

35. Quote Analysis – Exit Ticket