1. Page 1 Copyright © Texas Education Agency, 2011. All rights reserved. The World of the Market Economy

2. Page 2 Copyright © Texas Education Agency, 2011. All rights reserved. Vocabulary Supply: The amount of goods and services that producers will provide at various prices.

3. Page 3 Copyright © Texas Education Agency, 2011. All rights reserved. Vocabulary Demand: The amount or quantity of goods and services that consumers are willing to buy at various prices.

4. Page 4 Copyright © Texas Education Agency, 2011. All rights reserved. Vocabulary Equilibrium Price: The price at which the amount of supplied and the amount demanded meet.

5. Page 5 Copyright © Texas Education Agency, 2011. All rights reserved. The Nature of Supply and Demand Supply and demand are always changing. Technology, recession, getting hired, getting fired…all play a part in when and how the supply and demand of a product change. A hurricane can cause a huge demand with low supply, only to see equilibrium in the market after hurricane recovery.

6. Page 6 Copyright © Texas Education Agency, 2011. All rights reserved. Vocabulary Profit Motive: The desire to make more money.

7. Page 7 Copyright © Texas Education Agency, 2011. All rights reserved. Economics in the Headlines Read articles on first page of worksheet titled Economics in the Headlines & answer all questions for both articles Next find two articles that discuss Supply & Demand from the following websites –www.cnn.comwww.cnn.com –www.msnbc.msn.comwww.msnbc.msn.com –www.cbsnews.comwww.cbsnews.com –www.abcnews.go.comwww.abcnews.go.com Fill out the second page of worksheet using the two articles you selected

8. Page 8 Copyright © Texas Education Agency, 2011. All rights reserved. Economic Systems Traditional Economy ~Family or community based system ~Relies on custom and ritual to make its choices ~ Examples: Aborigines, Amazon Tribes

9. Page 9 Copyright © Texas Education Agency, 2011. All rights reserved. Economic Systems Planned/Command Economy ~Centrally controlled ~Government makes all decisions ~ Examples: Cuba, North Korea

10. Page 10 Copyright © Texas Education Agency, 2011. All rights reserved. Economic Systems Market Economy ~Some government involvement ~Relies on consumption choices of its consumers ~ Examples: USA, Canada

11. Page 11 Copyright © Texas Education Agency, 2011. All rights reserved. Economic Systems of the World Create a 4 slide PowerPoint that identifies each economic system & a country that uses that system. 1.Title Slide 2.Traditional Economy 3.Planned/Controlled Economy 4.Market Economy Give detailed characteristics and examples for each country.

12. Page 12 Copyright © Texas Education Agency, 2011. All rights reserved. Sistemas Económicos Del Mundo Crear un PowerPoint diapositiva 4 que identifica a cada sistema económico y un país que utiliza ese sistema. 1.Título Slide 2.Economía tradicional 3.Planificado / Economía controlada 4.Economía De Mercado Dé definición y ejemplos para cada país.