Agenda Mar 3

What am I learning today? How do traditional economic systems affect the success of a business?What am I going to do today? Reading handout with questions and reviewHow will I show that I learned it? Complete Merchant’s Decision 1 for Unit 2 projectHomework: Review notes on traditional economic systems

Warm Up Mar 31.In an economy, nations seek to a. Use market research to determine the needs of the citizens b. Use resources to produce the goods needed by the government c. Use resources to produce and distribute goods to military personnel d. Use resources to produce and distribute goods and services to meet needs of citizens2.All of the following statements are true of traditional economies except a. Economic activities are focused on the family and tribe b. Environment determines economic activities and choices c. Tradition and custom guide economic choices d. Use technology to enhance economic production

In which type of economic system do

you think your chances are best in getting

rich?

ECONOMIC SYSTEMS

ECONOMY/ECONOMIC SYSTEMS

The way a nation provides for the needs and wants of its people

RESOURCES/FACTORS OF PRODUCTION

The raw materials used in producing goods and services

Includes land, labor, capital, and infrastructure

LAND

All resources found in the earth or seas

Includes animals, soils, metals, water, climate, and land features

LABOR

All the people available for work

Productivity of labor increases with education and training

CAPITAL Monetary capital:

money needed to start a business

Physical capital: the buildings and tools used in producing goods and services

Human capital: workers and entrepreneurs

INFRASTRUCTURE

The physical development of a country such as roads, ports, schools, telecommunications

More infrastructure means more goods and services

WHAT THREE BASIC QUESTIONS DO ALL ECONOMIC SYSTEMS SEEK TO ANSWER?

What goods and services to produce?

How are the goods and services to be produced?

For whom are the goods and services to be produced?

READING ASSIGNMENT: THE NATIVE AMERICANS OF JAMESTOWN

INDEPENDENTLY read the handout. Discuss the Algonquian economy

with your team members only Complete the notes about the

economy of the Algonquians with your group.

Agenda Mar 4

What am I learning today? How do traditional economic systems affect the success of a business?What am I going to do today? Reading handout with questions and reviewHow will I show that I learned it? Complete Merchant’s Decision 1 for Unit 2 projectHomework: Review notes on traditional economic systems

Warm Up Mar 41. Traditional economies are usually a. Small communities that welcome new technology b. large communities that welcome new technology c. large communities that deal with environmental disaster d. small communities that avoid new technology2. All of the following statements are true of traditional economies except a. economic activities are focused on the family and tribe b. use technology to enhance economic production c. environment determines economic activities and choices d. tradition and custom guide economic choices

READING ASSIGNMENT: THE NATIVE AMERICANS OF JAMESTOWN

INDEPENDENTLY read the handout. (10 mins)

Discuss the Algonquian economy with your team members only (5 mins)

Complete the notes about the economy of the Algonquians with your group. (10 mins)

Agenda Mar 5

What am I learning today? How do traditional economic systems affect the success of a business?What am I going to do today? Close notes for traditional economy; work on unit 2 projectHow will I show that I learned it? Complete Merchant’s Decision 1 for Unit 2 projectHomework: Review notes on traditional economic systems

Warm Up Mar 5

1. What are some characteristics of traditional economies ?

2. Do you think a small business operating in a traditional economy would succeed or fail? Why?

Example are the Inuits

- Tradition and custom govern economic decisions

TRADITIONAL ECONOMIES

Economic activities are usually focused on the family, tribe, or ethnic group

Economic activities are usually focused on the family, tribe, or ethnic group

TRADITIONAL ECONOMIES

Farming, hunting, and gathering are done largely in the same way as the generation before

TRADITIONAL ECONOMIES

Choices are determined by the environment

TRADITIONAL ECONOMIES

Little to no use of technology

TRADITIONAL ECONOMIES

ASSIGNMENT Check your project folder for all

required documents (pages 1-5) and add as needed

Page 6: Merchant’s Decision 1 and work on with group

Page 7: 1 paragraph summary: How do traditional economic systems affect the success of a business? (written by the group after discussing)

PAGES 1-5 OF PROJECT FOLDER TO BE GRADED MAR 6

Agenda Mar 6

What am I learning today? How do traditional economic systems affect the success of a business?What am I going to do today? Work on unit 2 project; Film with notesHow will I show that I learned it? Complete Merchant’s Decision 1 for Unit 2 projectHomework: Review notes on economic systems

Warm Up Mar 6

1. In which type of economy is production

designed to meet the community’s survival needs? a. a command economy b. a market economy c. a mixed economy d. a traditional economy

2. What are some advantages of living in a traditional economy?

ASSIGNMENT Check your project folder for all

required documents (pages 1-5) and add as needed

Page 6: Merchant’s Decision 1 and work on with group

Page 7: 1 paragraph summary: How do traditional economic systems affect the success of a business? (written by the group after discussing)

PAGES 1-5 OF PROJECT FOLDER DUE TODAY

Complete any missing work

Agenda Mar 9

What am I learning today? How do traditional economic systems affect the success of a business?What am I going to do today? Work on unit 2 project – Merchant’s Decision 1How will I show that I learned it? Discuss consequences of Merchant’s Decision 1 for Unit 2 projectHomework: Review notes on economic systems

Warm Up Mar 9

How do traditional economic systems affect the success of a business?

Write 2-3 sentences to answer the following question.

ASSIGNMENT Check your project folder for all

required documents (pages 1-5) and add as needed

Page 6: Merchant’s Decision 1 and work on with group

Page 7: 1 paragraph summary: How do traditional economic systems affect the success of a business? (written by the group after discussing)

Discuss Merchants Decision 1 and its consequences as a class

Agenda Mar 10 – grades 6 and 7

What am I learning today? How do command economic systems affect the success of a business?What am I going to do today? Video with notesHow will I show that I learned it? Video QuizHomework: Review notes on economic systems

Agenda Mar 10 – grade 8

What am I learning today? How do command economic systems affect the success of a business?What am I going to do today? Webquest How will I show that I learned it? Apply concepts to Unit 2 projectHomework: Review notes on economic systems

Warm Up Mar 10

What do you think would happen if we just gave money each week to every person in the United States whether they worked or not?

Write 2-3 sentences to answer the following question.

Agenda Mar 11

What am I learning today? How do command economic systems affect the success of a business?What am I going to do today? Powerpoint for review and notes on command economies How will I show that I learned it? Apply concepts to Unit 2 projectHomework: Review notes on economic systems

Warm Up Mar 11

1. List 3 characteristics of command economies.

2. How do command economic systems affect the success of a business?

Write 2-3 sentences to answer the following questions.

Government or other central authority makes all economic decisions

COMMAND ECONOMIES

Individuals have little or no influence over economic functions

COMMAND ECONOMIES

Resources are owned by the government

COMMAND ECONOMIES

There is no competition

COMMAND ECONOMIES

Purpose of business is to provide goods and services, NOT make a profit

COMMAND ECONOMIES

Consumers have few if any choices in the market place

COMMAND ECONOMIES

The government sets the prices of goods and services

COMMAND ECONOMIES

ASSIGNMENT – UNIT 2 PROJECT

Pages 1-5 should be completed Page 6: Merchant’s Decision 1 Page 7: 1 paragraph summary:

How do traditional economic systems affect the success of a business? (written by the group)

Economic decisions are made by individuals competing to earn profit

MARKET ECONOMIES

Resources are owned by individuals

MARKET ECONOMIES

Profit is the motive for increasing work

MARKET ECONOMIES

MARKET ECONOMIES

Competition determines price and increases the quality of products

Individual freedom is very important

Individuals have the freedom to make economic decisions

MARKET ECONOMIES

Combines elements of pure market and command economies

MIXED ECONOMIES

Government and individuals share the economic decision making process

MIXED ECONOMIES

Resources are owned by the individuals

MIXED ECONOMIES

Government serves to protect both producers and consumers from unfair policies and procedures

MIXED ECONOMIES