economics- money baby

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DO NOW
• Grab Binders/ Notebooks
• Initial next to your name (with pen or pencil)
• Otherwise your absent
• Start working on the DOL/DO NOW
• You have 4 minutes when the bell rings
THERE’S LEVELS TO THIS…
ECONOMIC LEVELS AND DEVELOPMENT
WHAT
IS
ECONOMICS?
• Study of how people make money
• How a country uses it’s resources to
make money
• Three fundamental questions
• What gets produced
• How its produced
• Who received what’s produced
• Money baby, money baby
TYPES OF ECONOMIES
•Traditional
•Free enterprise
•Communist
•Socialist
• There’s levels to this
TRADITIONAL ECONOMY
• An economy that is based off traditions, customs, & beliefs
• People do not choose what their position is society will be
• Can own private property
• Mo Money Mo Problems
TRADITIONAL ECONOMY
• Tend to be based primarily off agriculture
• Subsistence agriculture
- Growing enough just to fed the family. (slow economic growth)
• Cottage industries
• working together to supply the family and make a small profit
FREE ENTERPRISE
• A system in which people own their own goods and
property
• Supply & Demand
• how much is available vs how much is needed
• determines the price of goods
• Tends to have commercial agriculture/ industries
•
Idea of making a profit
• Its my money and I want it now
FREE ENTERPRISE
COMMUNISM
•Wanted to create a classless society and keep
business owners from making a large profit
• all property owned by the government
•All economic decisions are made by the government
•No Private property
• Better have money
SOCIALISM
• The government owns the most important businesses that
produce goods
• meant to protect underpay for overworked workers
• The government makes the decisions
• The goal in mind is to have fair distribution of income
ECONOMIC DEVELOPMENT
There’s levels to this
ECONOMIC DEVELOPMENT
• The advancing of a countries economic system
• Countries with advanced economies are referred as more
developed nations
• Less developed nations have lower standards of living and
less technologies
• Countries that were transitioning are known as newly
industrialized or developing nations
ECONOMIC INDICATORS
• Human development indicators that measure a countries economic system
• They include
• Life Expectancy
• Birth and Death Rates
• Infant Mortality Rate
• Gross Domestic Product (GDP)
• Literacy Rate
• Government
•
Quick Response
TYPES OF ECONOMIC ACTIVITIES
• Economic Development refers to how advanced an economy is. A
countries economic development is often determined by the types of
economic activities.
• Primary
• Secondary
• Tertiary
• Quaternary
PRIMARY ECONOMIC ACTIVITIES
• The most basic of them all
• Includes the production of goods and extradition of resources
• Raising livestock, agriculture, fishing, logging ,etc
• The smaller portion of people in this group, the more likelihood
the country is more developed
• In a less developed country, most people will engaged in primary
economic activities
• Example: Farming in the Pampas Plains
SECONDARY ECONOMIC ACTIVITIES
• The manufacture and production of goods, such as making
textiles, furniture, etc.
• Adds value to raw materials by processing them or
changing the form
• Example- Maquiladoras in Northern Mexico
• Newly industrialized countries have large numbers of their
population in this economic level
TERTIARY & QUATERNARY ECONOMIC ACTIVITIES
• Tertiary
• Services that are performed by people and businesses
• Ex- Teachers, Nurses, Lawyers- Any one in the service industry
• Quaternary
• Involves information processing and management
• Examples- computer programmers, general managers
• Majority of workers in developed country are engaged in these activities
DOL
1.Which is a central characteristics of a free market economy?
a)The government owns the means of production
b)All wage earners are paid the same amount
c) Labor unions are prohibited
d)Businesses are driven by the desire for profits
• 2. which group has the greatest influence in determining
what goods and services will be produced in a communist
economic system?
a)Farmers
b)Government officials
c) Consumers
d)Business leaders
3. In a traditional economy, information about the
way goods are produced is passed from one
generation to the next by thea)Family
b)Legal system
c) Public schools
d)Government
• 4.
What is the major feature of an economy based on
subsistence farming?
a)Family
b)Legal system
c) Public school
d)government
5. Which is a major feature of an economy based on
subsistence farming?
a)Most adults work outside the home
b)Farmers compete with each other
c) Farmers raise just enough crops for their family to survive
d)The government decides which crops will be grown
6. In a socialist economic system, the governmenta)Has little to say in what goods are made
b)Does not influence the distribution of goods and services
c) Guarantees all consumers a high income
d)Often owns major businesses
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