Today’s Warm Up: WORD SPLASH

Today’s Warm Up: WORD SPLASH

• In your notes, summarize what we covered in class on Thursday and Friday. Be sure to use all of the key terms listed below and be ready to share!– Scarcity– Economic System– Productive Resources– Market, Command, Traditional

Because of scarcity, tradeoffs have to be made among the six primary goals.

EfficiencyGetting the most out of one’s resources for the least cost

EquityFair; equal access to goods and services

Freedombeing able to live and work where you want; owning and controlling your own resources

GrowthIncreasing the amount of goods and services produced in an economy

SecurityKnowing you have a job and can support yourself and your family

Stability

Level of prices remains about the same

Remember…

• Throughout this unit, think economically… The regular definition of words like stability, security, and equity are different than their economic definitions.

Think, Pair, Share

• Which broad social goals compliment each other?• Which conflict?

Frayer Models

• For each economic goal, put the definition in your own words, provide an example, illustration, and a non-example–Don’t spend more than 3 minutes

on each!

Stand Up & Be Counted

• According to your personal beliefs and values, rank the six broad social goals in order of importance (1 being the most important, 6 being the least important)

• Be ready to defend your top and bottom choice!!!!!!!!

Broad Social Goal

1 2 3 4 5 6 Total:

Efficiency

Equity

Freedom

Growth

Security

Stability

What is our “Utopian Society”?

• Based on the chart, what two goals does our class value the most?

• Were your personal goals in line with the goals of our class?

Today’s Exit TicketConflict vs. Complement

• Which broad social goals match up with each economic system? Explain your answers.–Market:–Command:–Traditional:

Conflict vs. Complement

• Which broad social goals match up with each economic system? Explain your answers.–Market: Efficiency, Freedom, Growth–Command: Equity, Security, Stability–Traditional: Security, Stability