1. Update your mastery folders
Warm-Up

2. Objective #1: Strong Example
I think that Saint Kitts and Nevis is more developed. For one, the GDP per capita is much higher than Solomon Island’s. Also, 97.8% of people over 15 can read in Saint Kitts and Nevis, which is higher than Solomon Island’s 84.1%. The birth rate in Sant Kitts and Nevis is 13.5 per 1,000 people and Solomon Island has 25.77, which makes Saint Kitts and Nevis more developed. Also, the infant morality rate is much lower at 8.77 deaths per 1,000 people. *Something that could make this stronger is explaining what the data points connect to. For example, a lower infant mortality rate could indicate a better health care system or more availability of food and other basic needs.

3. Objective #2: Strong Example
Europe’s economic resources are influenced by elevation and population. Since the majority of Europe is flat land, most of the land use in Europe is commercial farming. Around the Bay of Biscay, the North Sea, and the Mediterranean Sea, there is plentiful commercial fishing due to the oceans and harbors. Near Scandinavia, there is higher elevation than most of Europe. In that area, and in that area only, there is nomadic herding. That would be due to the ocean being so close to that area that cattle drivers could give water to their animals. Wherever there is water, there is livestock raising. Also, raising livestock is usually surrounded by commercial farming. This could be due to availability of water and food.`

4. Objective
SWBAT compare and contrast free enterprise, socialist, and communist economies

5. Crash Course – Intro. to Economic Systems
As we watch the video, please answer the accompanying questions.

6. Warm-Up – Tuesday, April 5th
How could a flower represent the concept of fairness?
Be prepared to explain your answer.
Also, have your video notes page out on your desk.

7. Traditional
Free Enterprise
Communist
Socialist

8. Economic Systems

9. Economic Systems
Def. The method used by a society to produce and distribute goods and services.
Or, How the government tells us what we can get and how to get it!

10. Free Market Economy
Economic questions are answered by individual buyers and sellers.
Supply and demand influence economy
People act out of self interest; motive for profit (money) drives the economy
Also known as FREE ENTERPRISE or CAPITALISM

11. Free Market Increase of competition encourages:
More variety
Better quality
Hard work/innovation
Businesses are privately owned
Owners make the profit/debt
There’s usually some government regulation of the market, especially around issues of safety. The government also helps maintain rule of law.

12. Socialist Economy
Economic questions are answered by a combination of government and individual decision-making
The focus is on producing goods and services for their use, rather than to accumulate wealth. (use-value)
Traditionally, there’s very little private ownership
Government owns major industries
In practice, most socialist economic systems have maintained some market elements including the accumulation of capital and some private ownership.

13. Socialist Economy
Price/market is often set by the state – the government decides
Types of socialist economies are roughly categorized as either market socialism or planned socialism.

14. Mixed Economies
Mixed economies can be considered a type of socialist economic system, and are generally characterized by:
A market economy with private ownership of the factors of production
The profit motive drives economic activity
Government regulations over safety standards
Government provides for public goods (roads, education, national security, etc.)
There is a very wide range of economic systems that can be described as mixed, including the U.S., China, Norway, and the United Kingdom.

15. Communist Economy The government answers the basic economic questions
Ex. Communist Countries (North Korea, former Soviet Union, China during Mao’s rule)

16. Communist Economy
Nationalization – the state takes control of everything
National government owns property, agriculture, and resources
Property is communally owned
Class-less society
“Utopian” idea

17. Traditional Economy
Based on trade (bartering) for the need of survival
Food, water, clothing, shelter
Money is of no use.
Societies are less technologically advanced and industrialized

18. Group Work
Draw a picture that represents each of the following economic systems:
Free market/Capitalist
Socialist
Command/Communist