Warm up: Wednesday 9/4/13Review:

What is cost/benefit analysis?How do we “think at the margin” when using cost benefit analysis?

Answers: When marginal benefits still outweigh marginal costs It enables one to determine the point at which marginal costs

outweigh marginal benefits, and thus to decide when to use no more units of a given resource.

SAT word of the day: Visionary \ˈvi-zhə-ˌner-ē\; n. Word Root: Latin Videre: “vision, sight”

someone with unusual foresight and imagination

Warm up: Friday 9/6/13Review:

What is cost/benefit analysis?How do we “think at the margin” when using cost benefit analysis?

Answers: When marginal benefits still outweigh marginal costs It enables one to determine the point at which marginal costs outweigh

marginal benefits, and thus to decide when to use no more units of a given resource.

SAT word of the Day: Evidentiary \ˌe-və-ˈden-chə-rē\; adj.Word Root: Latin Videre: “vision, sight”

being, relating to, or affording evidence

ObjectiveStudents will define and explain each type of economic system in order to evaluate the efficiency of the system.

China

India

Do any of these images represent your economic activities?

USA

Three Economic QuestionsWhat are the three economic questions that

need to be answered by a society?1. What goods and services should be produced?

All production costs come at an opportunity cost.2. How should these goods and services be produced?3. Who consumes these goods and services?

Factor payments-the income people received for supplying the factors of production.

How much should we pay the owners of the factors of production?

How do the people pictured answer those 3 questions?

It’s an expression of radiant thinking which refers to associative thought processes that connect to a central point

Main themes of the subject radiate from the central image as branches

What is a Mind Map?

Time saved by noting and reading only relevant words

Time saved reviewing Mind Map notes vs. linear notes

Essential key words made more easily discernable

Advantages of Mind Mapping vs. linear note-

taking

Examples of mind maps http://hdysie.blogspot.com/2012_11_01_archive.html

Essential key words made more easily discernable

Recall of essential key words is improved

Clear and appropriate associations made between key words

Concentration on real issues enhanced

http://hdysie.blogspot.com/2012_11_01_archive.html

Our brains find it easier to remember visually stimulating, multi-colored, multi-dimensional Mind Maps

The Mind Map works in harmony with the brain’s desire for completion or wholeness

Mind maps make our brains more alert and receptive

http://hdysie.blogspot.com/2012_11_01_archive.html

Use a central imageUse images throughout Mind Map

Use colorOrganize and use appropriate spacing

Use arrows to make connectionsUse codes

Tips for students

http://hdysie.blogspot.com/2012_11_01_archive.html

Print all words (printing encourages brevity)

Print key words on lines (helps with organization

Develop a personal style

Key terms/concepts to include

3 economic questions that all systems answerBroad social goals (efficiency, equity, freedom, growth,

security, stability) that all systems try to attain

Market Economy (free market)Command Economy (centrally planned)Traditional EconomyMixed Economy

Communism, Socialism, Capitalism will be included into one of the economies above (read to figure it out!)

Chapter 2, pages 23-44

Economic Systems (in center)

Warm up: Monday 9/9/13SAT word of the Day: Spectacular (\spek-

ˈta-kyə-lər\); adjWord Root: Latin “Specere” – to look at

 striking or sensational

Use the SAT word of the day in a sentence. Once you’ve completed your sentence, use the first 10 minutes of class to complete your mind maps from last week.

Warm up: Tuesday 9/10/13SAT word of the Day: Prospector (\ˈprä-ˌspek-

tər\) n:Word Root: Latin “Specere” – to look at

someone who searches an area for mineral deposits

Use the SAT word of the day in a sentence. Once you’ve completed your sentence, use the first 10 minutes of class to complete your mind maps from last week.

Key terms/concepts to include

3 economic questions that all systems answerBroad social goals (efficiency, equity, freedom, growth,

security, stability) that all systems try to attain

Market Economy (free market)Command Economy (centrally planned)Traditional EconomyMixed Economy

Communism, Socialism, Capitalism will be included into one of the economies above (read to figure it out!)

Chapter 2, pages 23-44

Economic Systems (in center)

ObjectiveStudents will define and explain each type of economic system in order to evaluate the efficiency of the system.

Review…Apply your knowledge from your mind map

to the “Market Economy” worksheet. If you need help, you can use the reading.You may work with a partner that sits close to

you.

Government and the EconomyAssess how the government influences the

economy by reading and completing the handout.

Thinking globally…

Now think about the countries of the world – where do each of the countries fall on the continuum?You should be using your prior knowledge to

understand what types of governments each country has…

Checking your understanding…Econedlink.org video

Homework:Complete the Assessment titled “Norway’s

Economy”Write a position essay on the following statement:Norway’s economy is the perfect blend between

economic equity and economic efficiency.

Be sure to include the following in your responseIdentify the economic system that Norway uses

and how does that country answer the 3 basic economic questions.

Evaluate the role equity and efficiency play in this economy.