LESSON 3 ECONOMICS: INTERDEPENDENCE AND DECISION MAKING.

LESSON 3 ECONOMICS: INTERDEPENDENCE AND DECISION MAKING

No. 34 Why is the Capitol building a symbol of our national government? A.it is where laws are made B.the President lives there C.The Supreme Court meets there D.It is the national library

AGENDA 10.21.13 BELLRINGER:LEAP QUESTION (5) INTRO:WANTS AND NEEDS (15) I DO:MODEL OF INTERACTIVE (5) WE DO:INTERACTIVE ON PROMETHEAN(15) YOU DO:GOODS AND SERVICES WS(10) CLOSE:EXIT TICKET (5)

GLE 54 Explain the difference between private goods/services and public goods/services and give examples of each

OBJECTIVE BY THE END OF THE CLASS I WILL BE ABLE TO EXPLAIN THE DIFFERENCE BETWEEN GOODS AND SERVICES, ESPEICALLY PRIVATE GOODS AND SERVICES AND PUBLIC GOODS AND SERVIES WITH 85% ACCURACY ON MY EXIT TICKET.

ECONOMIC SYSTEMS

FUNDAMENTAL ECONOMIC CONCEPTS Economics is the study of how people make choices about using resources Goods are items that people buy Book, car, computer Services are work done for other people for a fee Doctors, bankers, lawyers, teachers Consumer is someone who buys and uses products Producer is someone who manufactures goods or provides services

FUNDAMENTAL ECONOMIC CONCEPTS Scarcity means that people want more of something than there is Ex: You want to buy a CD priced at $15 but you only have $10 Basic needs include food, water, clothing and shelter Governments have needs such as defense, schools and safe environment People also have wants, things we do not need for survival

I DO WATCH, LISTEN AND PAY ATTENTION TO HOW I MODEL THE USE OF THE INTERACTIVE WE WILL USE IN THE NEXT PART OF OUR LESSON

WE DO WE WILL NOW DO THE FOLLOWING INTERACTIVES TO GET A BETTER UNDERSTANDING OF THE CONCEPT OF GOODS AND SERVICES

WE DO http://www.econedlink.org/lessons/index.php ?lid=642&type=educator http://www.econedlink.org/lessons/index.php ?lid=642&type=educator

YOU DO/EXIT TICKET YOU WILL NOW COMPLETE THE FOLLOWING GOODS AND SERVICES WORKSHEET. IF YOU DO NOT COMPLETE THE WORKSHEET, YOU WILL COMPLETE IT FOR HOMEWORK? EXIT TICKET: EXPLAIN THE DIFFERENCE BETWEEN A PUBLIC GOOD AND SERVICE AND A PRIVATE GOOD AND SERVICE.

No. 35 What principle does the Louisiana Constitution establish that reflects ideals of the U.S. Government? A.checks and balance system B.economic stability plan C.state relief program D.yearly budget systme

AGENDA 10.22.13 BELLRINGER:LEAP QUESTION (5) INTRO:TRADE-OFFS, OPPORTUNITY COST, SYSTEM(15) I DO:MODEL ROUND TABLE(5) WE DO:ROUND TABLE TO ANSWER TRADE-OFFS AND COST PROBLEMS (10) YOU DO:TRADE OFFS AND COSTS PROBLEMS (15) CLOSE:EXIT TICKET (5)

GLE 44 Explain choice/trade-offs, cost/benefits, and opportunity costs related to making personal economic decisions

OBJECTIVE BY THE END OF THE CLASS I WILL BE ABLE TO EXPLAIN TRADE-OFFS AND OPPORTUNITY COST WHEN GIVEN A GIVEN SCENARIO WITH 85% ACCURACY ON MY EXIT TICKET

FUNDAMENTAL ECONOMIC CONCEPTS To achieve wants, individuals and governments make choices The choice of one thing over another is called a TRADE-OFF The cost of choosing one thing over another is called OPPORTUNITY COST

OPPORTUNITY COST EACH CHOICE IS AN OPPORTUNITY, WITH BOTH A BENEFIT AND A COST OPPORTUNITY COST IS THE VALUE OF YOUR SECOND CHOICE, THE NEXT BEST ALTERNATIVE OPPORTUNITY COSTS AND BENEFITS ALSO APPLY TO OTHER CHOICES, SUCH AS USING RESOURCES OR USING TIME

OPPORTUNITY COST/EXAMPLES EX 1: Suppose that you go to the mall with $40. You could choose to buy a shirt or two CDs. If you choose the shirt, WHAT IS THE OPPORTUNITY BENEFIT? WHAT IS THE OPPORTUNITY COST? EX 2: when you graduate from high school, your choices might include getting a job, joining the military, and going to college. WHAT IS THE OPPORTUNITY BENEFIT? WHAT IS THE OPPORTUNITY COST?

FUNDAMENTAL ECONOMIC CONCEPTS Economic systems involve many individuals and institutions Households are first; next are small businesses and large companies Next are banks Finally government agencies

I DO WATCH, LISTEN AND PAY CLOSE ATTENTION AS I MODEL THE KAGAN STRATEGY OF ROUND TABLE

WE DO YOUR TABLE WILL NOW BE PRESENTED A SERIES OF QUESTIONS DEALING WITH TRADE- OFFS AND COSTS. YOU MUST IDENTIFY THE OPPORTUNITY COST OF EACH QUESTION.

YOU DO YOU WILL NOW EACH INDIVIDUALLY WORK ON THE FOLLOWING TRADE-OFFS AND OPPORTUNITY COST PROBLEMS. THESE MUST BE TURNED IN ALONG WITH YOUR EXIT TICKET EXIT TICKET: Explain opportunity cost.

No. 36 Which of these is a power of the state executive branch? A.comptroller B.senator C.governor D.representative

AGENDA 10.23.13 BELLRINGER:LEAP QUESTION (5) INTRO:4 BASIC ECONOMIC QUESTIONS; TYPES OF BUSINESSES (15) I DO:MODEL SHOWDOWN (5) WE DO:SHOWDOWN (10) YOU DO:INDIVIDUALLY UNRAAVEL AN ECONOMICS READING AND ANSWER QUESTIONS (15) CLOSE:EXIT TICKET (5)

GLE 49 Describe how the four basic economic questions are answered in traditional vs. command vs. market economies

OBJECTIVE BY THE END OF THE CLASS, I WILL BE ABLE TO EXPLAIN THE 4 BASIC ECONOMIC QUESTIONS AND HOW EACH IS ANSWERED IN TRADITIONAL VS. MARKET ECONOMIES WITH 85% ACCURACY ON MY EXIT TICKET

4 BASIC ECONOMIC QUESTIONS What should be produced? How should it be produced? How much should be produced? For whom is it produced?

TYPES OF BUSINESSES Individual proprietorship: most common type of business One person owns the business Advantages: owner gets to keep all profits Partnership: business that two or more people own corporations

I DO WATCH, LISTEN AND PAY ATTENTION AS I MODEL THE KAGAN STRATEGY OF SHOW DOWN

WE DO USING THE KAGAN STRATEGY OF SHOWDOWN, WE WILL, AT OUR TABLES, ANSWER QUESTIONS BASED ON TODAYS LESSON AND THE LESSONS ON MONDAY AND TUESDAY

YOU DO/EXIT TICKET YOU WILL NOW COMPLETE THE 4 BASIC ECONOMIC QUESTIONS BLM EXIT TICKET: HOW ARE THE FOUR BASIC ECONOMIC QUESTIONS IN A MARKET ECONOMY LIKE LOUISIANA AND THE UNITED STATES?

FUNCTIONS AND CHARACTERISTICS OF MONEY People have not always used money Barter system: trade goods and services Money: most commonly think of coins and bank notes(dollar) Other forms of money: Checks, credit cards Credit is a loan of money to be paid back over time

FUNCTIONS AND CHARACTERISTICS OF MONEY Functions in at least 3 ways: Medium of exchange: buyers and sellers accept money for goods and services Store of value: instead of piling up goods that may spoil or take up space, money stores the goods value Measure of price: allows people to compare the value of things

No. 37 Before a bill becomes a law, it must be evaluated by A.the House of Representatives and courts B.both major political parties within the senate C.the legislative branch and executive branch D.the judicial branch and supreme court

AGENDA 10.24.13 BELLRINGER:LEAP QUESTION (5) INTRO:TYPES OF RESOURCES; 3 TYPES OF ECONOMIES(TRADITIONAL) (15) I DO:MODEL SHOWDOWN (5) WE DO:SHOWDOWN (10) YOU DO:ECONOMIC SYSTEMS BLM(15) CLOSE:EXIT TICKET

OBJECTIVE BY THE END OF THE DAY I WILL BE ABLE TO EXPLAIN HOW A TRADITIONAL ECONOMY ANSWERS THE 4 BASIC ECONOMIC QUESTIONS.

GOODS AND SERVICES THREE TYPES OF RESOURCES

Natural Resources: found on earth, such as land, forests, water and minerals Some are renewable Coal and oil are non-renewable Human Resources: labor Capital Resources: all the money, tools, equipment and buildings used to produce goods and services

THREE MAJOR ECONOMIC SYSTEMS In the 3 major economic decisions the 4 basic economic questions are answered differently Traditional Economy Command Economy Market Economy

TRADITIONAL ECONOMY Tradition provides the answers to the 4 basic economic questions Most common in rural areas If ancestors hunted, they hunt; if ancestors farmed, they farm

TRADITIONAL ECONOMIC SYSTEM

I DO WATCH, LISTEN AND PAY CLOSE ATTENTION AS I MODEL THE KAGAN STRATEGY OF SHOWDOWN.

WE DO WE WILL NOW ACTIVELY PARTICIPATE IN OUR SHOWDOWN. YOUR ROLES:#1: TIME MANAGER #2:MATERIALS MANAGER #3ON TASK MANAGER #4RECORDER

YOU DO/EXIT TICKET YOU DO: YOU WILL NOW BEGIN THE ECONOMIES BLM; YOU WILL FILL IN AS MUCH INFORMATION AS YOU KNOW AND HAVE FOR TRADITIONAL ECONOMIC SYSTEMS. CLOSE:HOW DOES A TRADITIONAL ECONOMY ANSWER THE FOUR ECONOMIC QUESTIONS?

No. 38 Who takes office at the state level if the governor is unable to lead? A.county commissioner B.lieutenant governor C.secretary of state D.treasurer

AGENDA 10.28.13 BELLRINGER: LEAP QUESTION (5) INTRO:PPT ON COMMAND ECONOMY (15) I DO:MODEL SHOWDOWN (5) WE DO:SHOWDOWN (10) YOU DO:ECONOMIC SYSTEMS BLM (15) CLOSE:EXIT TICKET (5)

CCSS 8.1

OBJECTIVE BY THE END OF THIS LESSON I WILL BE ABLE TO DESCRIBE HOW THE 4 BASIC ECONOMIC QUESTIONS ARE ANSWERED IN A COMMAND ECONOMY WITH 85% ACCURACY ON MY EXIT TICKET

COMMAND ECONOMY The government answers the 4 basic economic questions The government commands the choices about production Central planners control most of the resources and decide how they should be distributed

COMMAND ECONOMY POSITIVE AFFECT OF HAVING GOVERNMENT INVOLVED: POWER AND AUTHORITY NEGATIVE AFFECT OF HAVING GOVERNMENT INVOLVED: NO CONTROL BY BUSINESSES

COMMAND ECONOMY

I DO WATCH, LISTEN AND PAY ATTENTION AS I MODEL THE STRATEGY OF SHOWDOWN

WE DO WE WILL NOW ACTIVELY PARTICIPATE IN OUR SHOWDOWN. YOUR ROLES:#1: TIME MANAGER #2:MATERIALS MANAGER #3ON TASK MANAGER #4RECORDER

YOU DO/EXIT TICKET YOU WILL NOW COMPLETE THE COMMAND ECONOMY OF THE BLM CHART YOU COPIED ON FRIDAY IN YOUR NOTEBOOK EXIT TICKET: HOW ARE THE 4 BASIC ECONOMIC QUESTIONS ANSWERED IN A COMMAND ECONOMY?

No. 39 Who is the head of the state judicial branch? A.Senate judiciary committee B.Justice of the peace C.Associate justices D.Chief Justice of the Supreme Court

AGENDA 10.29.13 BELLRINGER:LEAP QUESTION (5) INTRO:VIDEO AND PPT ON MARKET ECONOMY (15) I DO:MODEL SHOWDOWN (5) WE DO:SHOWDOWN (10) YOU DO:ECONOMIC SYSTEMS BLM (15) CLOSE:EXIT TICKET (5)

CCSS 8.1

OBJECTIVE BY THE END OF THIS LESSON I WILL BE ABLE TO DESCRIBE HOW THE 4 BASIC ECONOMIC QUESTIONS ARE ANSWERED IN A MARKET ECONOMY WITH 85% ACCURACY ON MY EXIT TICKET

MARKET ECONOMY Major choices about production are made by individuals and businesses, according to their own self-interest Means of production are privately owned Also called capitalism Efficient because gives people incentives to work Profit is important incentive Profit is money remaining after all costs of production have been paid

MARKET ECONOMY

WE DO WE WILL NOW ACTIVELY PARTICIPATE IN OUR SHOWDOWN. YOUR ROLES:#1: TIME MANAGER #2:MATERIALS MANAGER #3ON TASK MANAGER #4CARD RETURNER

YOU DO/EXIT TICKET YOU WILL NOW COMPLETE THE COMMAND ECONOMY OF THE BLM CHART YOU COPIED ON FRIDAY IN YOUR NOTEBOOK EXIT TICKET: HOW ARE THE 4 BASIC ECONOMIC QUESTIONS ANSWERED IN A COMMAND ECONOMY?

No. 40 At nearly all levels of government in the United States, proposed laws must begin A.in the executive branch B.by a popular referendum C.in the judicial branch D.in the legislative branch

AGENDA 10.30.13 BELLRINGER:LEAP QUESTION (5) INTRO:PRODUCTIVITY AND CIRCULAR FLOW MODEL(15) I DO:MODEL UNRAAVEL (5) WE DO:UNRAAVEL (10) YOU DO:UNRAAVEL (15) CLOSE:EXIT TICKET (5)

GLE 48 Characterize and analyze the use of productive resources in an economic system

CCSS 8.1, 8.7

OBJECTIVE By the end of this lesson I will be able to characterize and analyze the use of productive resources in an economic system with 85% accuracy on my exit ticket.

PRODUCTIVITY, INNOVATION AND SPECIALIZATION The amount of goods and services a person or business can produce in any given time is PRODUCTIVITY PRODUCTIVITY grows when workers make more of a product in the same time span than they did in the past Automobile assembly line

CYCLES OF GOODS AND SERVICES Individuals or businesses use natural, human and capital resources to produce goods and services When they are sold, producers receive money payments Some of the money pays costs and expenses; some may go to business owners profit; some may be reinvested as a capital resource

CIRCULAR FLOW MODEL

I DO PAY ATTENTION CLOSELY AS I MODEL THE STRATEGY OF UNRAAVEL. WE WILL USE IT TO UNRAAVEL AN ECONOMICS READING

WE DO A market economy is a type of economic system where supply and demand regulate the economy, rather than government intervention. A true free market economy is an economy in which all resources are owned by individuals. The decisions about the allocation of those resources are made by individuals without government intervention. There are no completely "free- enterprise" or market economies. The United States has more characteristics of a market economy than a command economy, where a government controls the market. In a market economy, the producer gets to decide what to produce, how much to produce, what to charge customers for those goods, and what to pay employees. These decisions in a free-market economy are influenced by the pressures of competition, supply, and demand

WE DO 1. What is a market economy? A. an economic system with only the most educated having the power B. an economic system regulated by supply and demand, not the government C. a government-regulated economic system D. an economic system taking from each according to ability and giving to those in need

YOU DO/EXIT TICKET YOU WILL NOW READ THE REST OF THE ECONOMICS READING USING UNRAAVEL AND ANSWER THE QUESTIONS THAT FOLLOW. EXIT TICKET: How does the use of productive resources affect any economy?

NO. 41 Which of these statements is true about political parties in the U.S.? A.they are made up of disinterested voters B.they have little influence C.they promote their core beliefs D.they are unregulated by government

AGENDA 10.31.13 BELLRINGER:LEAP ? (5) INTRO:LAW OF SUPPLY (15) I DO:MODEL ROUND TABLE (5) WE DO:ROUND TABLE (10) YOU DO:SUPPLY QUESTIONS (15) CLOSE:EXIT TICKET (5)

GLE 52 Explain how supply and demand affect prices

CCSS 8.1 8.7

OBJECTIVE By the end of this lesson I will be able to explain how supply affects prices with 85% accuracy on my exit ticket.

SUPPLY AND DEMAND THE LAW OF SUPPLY

Supply is the ability and willingness of sellers to make products and services available for sale The law of supply says that as the PRICE of a good RISES, the QUANTITY SUPPLIED will RISE As the PRICE of goods DECLINE, so does its supply

SUPPLY CURVE

LAW OF SUPPLY Changes in price do not affect the supply of all goods and services in the same way The measure of how much a price change affects the supply of any particular product is called ESLASTICITY OF SUPPLY If change in price has a BIG EFFECT ON QUANTITY SUPPLIED, there is ELASTICITY OF SUPPLY If a price change has a small effect or no effect on supply quantity, there is inelastic supply

I DO WATCH, LISTEN AND PAY ATTENTION AS I MODEL THE STRATEGY OF ALL-WRITE ROUND TABLE

WE DO USING THE STRATEGY OF ALL WRITE ROUND TABLE, WE WILL NOW ANSWER THE FOLLOWING SUPPLY QUESTIONS http://staff.fcps.net/rroyster/Keeney%20Econ omics%20folder/L.o.S.%20exercise.pdf http://staff.fcps.net/rroyster/Keeney%20Econ omics%20folder/L.o.S.%20exercise.pdf

YOU DO/EXIT TICKET YOU WILL NOW ANSWER THE NEXT QUESTIONS INDIVIDUALLY EXIT TICKET: How does supply affect price?

No. 42 Where and how do electors vote for president and vice president? A.they vote in their home precincts using special ballots B.they vote at home the day after Election day by secret ballot C.they travel to Washington, DC and vote by state delegation D.they meet in their state capitols and cast one vote for each

AGENDA 11.4.13 BELLRINGER:LEAP QUESTION (5) INTRO:PPT LAW OF DEMAND (15) I DO:MODEL ALL-WRITE ROUND TABLE (5) WE DO:ALL-WRITE ROUND TABLE (10) YOU DO:DEMAND QUESTIONS (15) CLOSE:EXIT TICKET (5)

CCSS 8.1 8.7

OBJECTIVE By the end of this class, I will be able to explain how the law of demand affects prices with 85% accuracy on my exit ticket.

LAW OF DEMAND DEMAND is the amount of goods and services that consumers are willing to buy There are four factors affecting demand for any given product or service: PRICE, INCOME OF CONSUMER, DEMAND FOR SUBSTITUTE GOODS, CONSUMER TASTE

LAW OF DEMAND When the price of a good or service rises, the amount demanded goes down If PRICE DECREASES, the AMOUNT DEMANDED will generally rise

https://www.khanacademy.org/economics- finance-domain/microeconomics/supply- demand-equilibrium/demand-curve- tutorial/v/law-of-demand https://www.khanacademy.org/economics- finance-domain/microeconomics/supply- demand-equilibrium/demand-curve- tutorial/v/law-of-demand

DEMAND CURVE

ELASTICITY OF DEMAND Measures how much a price change will affect demand for any particular good or serive

ELASTICITY OF DEMAND

I DO WATCH LISTEN AND PAY ATTENTION AS I MODEL THE KAGAN STRATEGY OF ALL-WRITE ROUND TABLE

WE DO WE WILL NOW USE THE KAGAN STRATEGY OF ALL-WRITE ROUND TABLE TO ANSWER THE FOLLOWING DEMAND PROBLEMS

YOU DO/EXIT TICKET YOU WILL NOW INDIVIDUALLY ANSWER THE FOLLOWING DEMAND PROBLEMS EXIT TICKET: Based on today's lesson, how does demand affect price?

No. 43 The UN was created in 1945 in response to WWII. The U.S., along with many other countries in the world, decide the main purpose of the UN would be to: A.stabilize the currency of the US and Europe B.settle problems between countries peacefully C.encourage trade between countries D.guard against the spread of communism

AGENDA 11.5.13 BELLRINGER:LEAP QUESTION (5) INTRO:SUPPLY AND DEMAND (15) I DO:MODEL ALL WRITE ROUND TABLE (5) WE DO:ALL WRITE ROUND TABLE (10) YOU DO:SUPPLY, DEMAND PROBS (15) CLOSE:EXIT TICKET (5)

CCSS 8.1 8.7

OBJECTIVE By the end of this lesson I will be able to explain how both supply and demand affects price with 85% accuracy on my exit ticket.

Definition of the substitute goods A pair of goods which are considered by consumers to be alternatives to each other. As the price of one goes up, the demand for the other rises. (Sloman) A good or service that may be used in place of another (Glanville)

Definition of the complementary goods A pair of goods consumed together. As the price of one goes up, the demand for both goods will fall. (Sloman) Two goods are considered complements if a change in the price of one causes an opposite shirt in the demand for the other. For example, if the price of computers goes up, the demand for computer games will fall; if the price of computers goes down, the demand for computer games will increase. (Glanville)

EQUILIBRIUM PRICE When the supply and demand curves intersect, the market is in equilibrium. This is where the quantity demanded and quantity supplied are equal. The corresponding price is the equilibrium price or market-clearing price

I DO WATCH, PAY ATTENTION AND LISTEN AS I MODEL ALL-WRITE ROUND TABLE

WE DO WE WILL NOW ANSWER SUPPLY AND DEMAND PROBLEMS USING ALL WRITE ROUND TABLE

YOU DO/EXIT TICKET YOU WILL NOW ANSWER THE REMAINING QUESTIONS INDIVIDUALLY EXIT TICKET: How does supply affect price? How does demand affect price?

No. 44 Chinese immigrants made up the largest portion of the workforce in which industry during the 1800s? A.railroad B.lumber C.mining D.textile

AGENDA 11.7.13 BELLRINGER:LEAP QUESTION (5) INTRO:PPT GOVERNMENT AGENCIES(15) I DO:MODEL CLOSE READING (5) WE DO:CLOSE READING (10) YOU DO:CLOSE READING (15) CLOSE:EXIT TICKET (5)

GLE 55 Identify the costs and benefits of a given government policy (e.g., trade agreements, minimum wage) on a competitive market (E- 1B-M4)

CCSS 8.1 8.7

OBJECTIVE By the end of this lesson I will be able to identify how government agencies affect a competitive market with 85% accuracy on my exit ticket.

ECONOMY AND THE GOVERNMENT THE ROLE OF GOVERNMENT AGENCIES

Federal Reserve Board: runs the Federal Reserve System, a network of 12 regional banks Controls nations money supply by setting an interest rate Goal is to promote economic growth while keeping prices stable Inflation: a steady rise in the price of goods and services Raises interest rates if economy growing too fast; lowers interest rates if growing too slow

Federal Reserve System

REGULATORY COMMISSIONS A government agency that oversees some part of the U.S. economy Ex.: Securities and Exchange Commission (SEC) Oversight over investment markets like the New York Stock Exchange Ex.: Occupational Safety and Health Administration (OSHA) Protects labor force from job-related death, injury and illness Ex.: U.S. Patent and Trademark Office

Securities and Exchange Commission, Washington, DC

I DO WATCH, LISTEN AND PAY ATTENTION AS I MODEL THE STRATEGY OF TIMED PAIR SHARE

WE DO WE WILL NOW DO A TIMED PAIR SHARE: 1.WHY WOULD THE U.S. GOVERNMENT WANT TO PROMOTE ECONOMIC GROWTH WHILE KEEPING PRICES STABLE? 2.WHY DO YOU THINK THAT INFLATION IS BAD?

WE DO 3.WHY DO YOU THINK IT IS IMPORTANT TO HAVE REGULATORY AGENCIES IN THE U.S.? 4.HOW ARE REGULATORY AGENCIES IN THE U.S. DIFFERENT THAN A COMMAND ECONOMY?

YOU DO/EXIT TICKET YOU WILL NOW CREATE DEPTH OF KNOWLEDGE, OR HIGHER ORDER THINKING QUESTIONS, FROM YOUR CLASS NOTES. EXIT TICKET:HOW DO GOVERNMENT AGENCIES AFFECT A COMPETITIVE MARKET?

No. 45 Which term describes Americans who were opposed to immigrants? A.nativists B.suffragists C.anarchists D.industrialists

AGENDA 11.8.13 BELLRINGER:LEAP QUESTION (5) INTRO:TAXES (15) I DO:MODEL SHOWDOWN CAPTAIN(5) WE DO:SHOWDOWN CAPTAIN (10) YOU DO:CLOSE READ IN TEXT (15) CLOSE:EXIT TICKET (5)

GLE 56 Identify various types of taxes and user fees and predict their consequences

CCSS 8.1

OBJECTIVE By the end of this lesson I will be able to predict the consequences of various taxes with 85% accuracy on my exit ticket.

GOVERNMENT DECISIONS If cut taxes? Businesses may use extra money to expand, hire new employees If spend billions on new highway system? May stimulate economy to grow

FEDERAL BUDGET How much money the U.S. government will take in and how much it will spend in a given year Surplus: takes in more than it spends Deficit: takes in less than it spends Deficit spending: some believe that if economy is sagging, the government should borrow money to use on programs that will stimulate the economy

TAXES Tax: money that people and businesses pay to help pay the cost of government Different types of taxes: Income tax: money that individuals and corporations pay on the money they earn It is a progressive tax The more you earn, the more tax you pay

TAXES Regressive tax: the higher a persons income, the smaller percentage of that income is paid in tax Sales tax is a regressive tax Social Security tax: money the federal government collects to pay retired or disabled workers Excise Tax: taxes levied on certain goods such as alcohol, tobacco and gasoline Estate tax: tax on the total value of money or property involved in an inheritance

TAXES Property tax: paid by people who own buildings, land or other property Calculated on estimated value of the property Protective tariff: tax on imports, or goods entering a country from a foreign country Embargo: the act of cutting off all trade with another country Minimum wage: lowest wage an employer can pay an employee

WE DO SHOWDOWN IN WHOLE CLASS

YOU DO WE WILL NOW READ A SECTION IN OUR TEXTBOOK EXIT TICKET: Identify at least one tax that you see in your daily life, and predict how it affects what you buy?

No. 46 Lack of sanitation Overcrowded conditions Widespread poverty The 3 points above describe living conditions that were faced by people who lived where? A.on plantations B.in tenements C.on homesteads D.on reservations

AGENDA 11.12.13 BELLRINGER:LEAP QUESTION (5) INTRO:ECONOMIC INDICATORS (15) I DO:MODEL MODIFIED SHOWDOWN(5) WE DO:MODIFIED SHOWDOWN(10) YOU DO: CLOSE:EXIT TICKET(5)

GLE 59 Explain the meaning of various economic indicators that help describe the state of an economy (e.g., GDP, CPI, stock market indices, rate of unemployment or inflation)

CCSS 8.1 8.7

OBJECTIVE BY THE END OF THIS CLASS, I WILL BE ABLE TO EXPLAIN HOW THE ECONOMIC INDICATORS OF GROSS DOMESTIC PRODUCT AND GROSS NATIONAL PRODUCT HELP DESCRIBE THE STATE OF THE ECONOMY WITH 85% ACCURACY ON MY EXIT TICKET

ECONOMIC INDICATORS LEADING INDICATORS

Economic indicators measure the economies performance Gross Domestic Product (GDP): the total value of all goods and services produced in a country in one year Measures all production within the United States by whoever works here, including citizens of foreign countries

ECONOMIC INDICATORS Gross National Product: measures production by all Americans, wherever they happen to be working

I DO WATCH, LISTEN AND PAY CLOSE ATTENTION AS I MODEL THE MODIFIED KAGAN STRATEGY OF SHOWDOWN CAPTAIN

WE DO MODIFIED SHOWDOWN CAPTAIN THE FIRST PERSON TO COME UP AND START THE QUESTIONING WILL BE ..

YOU DO/EXIT TICKEET YOU WILL NOW COMPLETE THE GDP ACTIVITY TO BE TURNED IN EXIT TICKET: HOW DOES GDP AND GNP HELP DESCRIBE THE STATE OF AN ECONOMY?

NO. 47 Which of the following made farming difficult for farmers on the Great Plains? A.heavy flooding B.low rainfall C.poor, rocky soils D.long railroads

AGENDA 11.14.13 BELLRINGER:LEAP QUESTION (5) INTRO:ECONOMIC INDICATORS (15) I DO:MODEL MODIFIED SHOWDOWN CAPTAIN (5) WE DO:MODIFIED SHOWDOWN CAPTAIN(10) YOU DO: CLOSE:EXIT TICKET (5)

GLE 59 Explain the meaning of various economic indicators that help describe the state of an economy (e.g., GDP, CPI, stock market indices, rate of unemployment or inflation)

CCSS 8.1 8.7

OBJECTIVE BY THE END OF THIS CLASS, I WILL BE ABLE TO EXPLAIN HOW THE ECONOMIC INDICATORS OF CONSUMER PRICE INDEX AND PRODUCER PRICE INDEX HELP DESCRIBE THE STATE OF THE ECONOMY WITH 85% ACCURACY ON MY EXIT TICKET

ECONOMIC INDICATORS Consumer Price Index (CPI): measures changes in the prices of necessary items Include food, clothing, housing, transportation, and medical care Calculated monthly Used to calculate the inflation rate Producer Price Index (PPI): measures changes in the goods and services bought by producers

ECONOMIC INDICATORS Measures of market performance are made daily Dow Jones Industrial Average: the average selling price of 30 top stocks Other important economic indicators are inflation rate, per capita income, unemployment rate and currency exchange rates

PER CAPITA INCOME The average amount of money that each individual in a country makes annually

UNEMPLOYMENT RATE The percentage of all unemployed workers Affects various groups differently Unskilled workers may find it difficult to get jobs in an industry that has been transformed by computers

I DO WATCH, LISTEN AND PAY CLOSE ATTENTION AS I MODEL THE MODIFIED KAGAN STRATEGY OF SHOWDOWN CAPTAIN

WE DO MODIFIED SHOWDOWN CAPTAIN THE FIRST PERSON TO COME UP AND START THE QUESTIONING WILL BE ..

YOU DO/EXIT TICKEET YOU WILL NOW COMPLETE THE CPI ACTIVITY TO BE TURNED IN EXIT TICKET: HOW DOES CPI AND PPI HELP DESCRIBE THE STATE OF AN ECONOMY?

CURRENCY EXCHANGE Economy also affected by international developments Currency exchange rate identifies the amount of one nations money that must be used to obtain a given amount of another nations money Most fluctuate over time

No. 48 The first laws Congress passed to reduce immigration to the U.S. placed restrictions on immigrants from which country? A.China B.Great Britain C.Cuba D.Russia

AGENDA 11.14.13 BELLRINGER:LEAP QUESTION (5) INTRO:WORLD ECONOMIES (15) I DO:MODEL FIND THE FICTION (5) WE DO:FIND THE FICTION (10) YOU DO: CLOSE:EXIT TICKET (5)

GLE 57 Explain reasons for trade between nations and the impact of international trade

CCSS 8.1

OBJECTIVE BY THE END OF THIS CLASS, I WILL BE ABLE TO EXPLAIN WHY NATIONS TRADE WITH ONE ANOTHER AND THE BENEFIT OF TRADE WITH 85% ACCURACY ON MY EXIT TICKET

WORLD ECONOMIES

REASONS FOR INTERNATIONAL TRADE At most basic level, foreign trade is needed because people cannot obtain all the things they need or want in their own country Depending on a countrys geographical location, climate and natural resources some products or services may be readily available and others may not Resources one important factor underlying trade Foreign relations is another important factor underlying trade Crises and natural disasters, immigration, may influence trade

CONSEQUENCES OF INTERNATIONAL TRADE Many benefits: Makes goods and services that are unevenly distributed more readily available Improves peoples standard of living Allows a country to specialize in production of goods and services for which its resources are best suited Increased competition globalization

I DO WATCH, LISTEN AND PAY ATTENTION AS I MODEL THE KAGAN STRATEGY OF FIND THE FICTION

WE DO WE WILL NOW USE THE STRUCTURE OF FIND THE FICTION

YOU DO/EXIT TICKET YOU DO: PREPARING FOR LEAP QUESTIONS EXIT TICKET:WHY DO NATIONS TRADE WITH ONE ANOTHER? WHAT ARE THE BENEFITS OF DOING SO?

No. 49 Which of the following explains why did so many Irish immigrants come to the U.S. during the mid-1800s? A.Ireland was suffering from famine B.American workers were paid well C.the Irish wanted to try new jobs D.Ireland was experiencing a civil war

AGENDA 11.19.13 BELLRINGER:LEAP QUESTION (5) INTRO:IMPORTS, EXPORTS, TRADE BARRIERS (15) I DO:MODEL SHOWDOWN CAPTAIN(5) WE DO:SHOWDOWN CAPTAIN(10) YOU DO:QUESTION IN LEAP PREP BOOK (15) CLOSE:EXIT TICKET (5)

GLE 57 Explain reasons for trade between nations and the impact of international trade

CCSS 8.1 8.7

OBJECTIVE By the end of this lesson I will be able to explain trade barriers and how they affect international trade with 85% accuracy on my exit ticket.

COMPETITION AND GLOBALIZATION Competition is the rivalry between nations, businesses, or individuals to sell a product or service Globalization is the increased interdependence of the worlds economies

EXPORTS, IMPORTS AND THE BALANCE OF TRADE Exports: goods and services sold to foreign countries U.S. exports farm products such as corn and wheat Imports: goods and services bought from foreign countries U.S. imports oil, machinery, shoes, automobiles

EXPORTS, IMPORTS AND THE BALANCE OF TRADE

Balance of Trade: difference between a countrys exports and imports If a country exports more than it imports, it has a trade surplus If it imports more than it exports, it has a trade deficit

TRADE BARRIERS May consist of a protective tariff A tax on imports Also include import quotas, or specific restrictions on goods that can enter a country Embargo is the most severe (prohibition on trade with another country) North American Free Trade Agreement (NAFTA): created a large free-trade area in North American U.S., Mexico and Canada European Union (EU): In Europe, economic and political association

I DO I WILL NOW MODEL THE STRATEGY OF SHOWDOWN CAPTAIN.

WE DO WE WILL NOW ALL ACTIVELY PARTICIPATE IN SHOWDOWN CAPTAIN THE FIRST PERSON TO BE THE CLASS CAPTAIN WILL BE THE PERSON WHOSE LAST DIGIT IN THEIR PHONE NUMBER IS THE LOWEST

YOU DO YOU WILL NOW ANSWER MULTIPLE CHOICE QUESTIONS 1-10 ON PAGE 142 OF THE WHITE PASSING THE LEAP BOOKS ANSWER QUESTIONS ON SEPARATE SHEET OF PAPER EXIT TICKET: How do trade barriers impact international trade?

ECONOMIC CONCEPTS AND HISTORY

No. 50 Civic duty was an important part of life for Roman citizens. Which of these is an example of the moral obligations of all Roman citizens during the Republic? A.to serve as a judge when asked to hear a civil case B.to vote in all elections for magistrates C.to serve in the military in the colonies D.to treat slaves with respect and humanity

AGENDA 11.20.13 BELLRINGER:LEAP QUESTION (5) INTRO:INDUSTRIALIZATION, INVENTION AND THE GILDED AGE (15) I DO:MODEL SHOWDOWN CAPTAIN(5) WE DO:SHOWDOWN CAPTAIN (10) YOU DO:EXIT TICKET(5)

GLE 58 Describe historical and economic factors influencing the economic growth, interdependence, and development of Louisiana and the nation (e.g., mass production, oil boom and decline)

CCSS 8.1

OBJECTIVE BY the end of this class I will be able to describe historical and economic factors that have influenced economic growth with 85% accuracy on my exit ticket

INDUSTRIALIZATION, INVENTION AND THE GILDED AGE Industrialization is the use of machines to manufacture goods Industrial Revolution began in the United States in the 1830s and 1840s with the development of textile mills in New England Cities became centers for manufacturing, transportation, communication and cultural activities

INDUSTRIALIZATION, INVENTION AND THE GILDED AGE Urbanization: Cities became centers for manufacturing, transportation, communication and cultural activities Growth of railroads in later 1800s greatly expanded national markets Spurred by new technology: development of steel rails, air-brakes

INDUSTRIALIZATION, INVENTION AND THE GILDED AGE Alexander Graham Bell invented the telephone Thomas Alva Edison invented improved telegraph, the light bulb Henry Ford developed the assembly line; J.P. Morgan in finance; Andrew Carnegie in steel and John D. Rockefeller in oil

I DO WATCH, LISTEN AND PAY ATTENTION AS I MODEL THE STRATEGY OF SHOWDOWN CAPTAIN

WE DO/YOU DO WE WILL NOW DO SHOWDOWN CAPTAIN. THE STUDENT WHO BEGINS WILL BE THE STUDENT WHOSE LAST DIGIT IN THEIR PHONE NUMBER IS THE HIGHEST EXIT TICKET: How have historical and economic factors influenced economic growth?

No. 51 How did the early peoples choice to settle near major rivers impact their descendants? A.flooding destroyed the peoples homes and villages B.had a common bond with their ancestors C.each generation benefited from the rivers rich resources D.most cultures formed a religion to worship and honor the river

AGENDA 12.2.13 BELLRINGER:LEAP QUESTION (5) INTRO:20 TH CENTURY DEVELOPMENTS (15) I DO:MODEL SHOWDOWN (5) WE DO:SHOWDOWN (10) YOU DO:QUESTIONS FROM TB(15) CLOSE:EXIT TICKET (5)

GLE 58 Describe historical and economic factors influencing the economic growth, interdependence, and development of Louisiana and the nation (e.g., mass production, oil boom and decline)

CCSS 8.1 8.7

OBJECTIVE By the end of this class I will be able to explain how developments of the 20th century influenced the economic growth, interdependence and development of Louisiana and the nation with 80% accuracy on my exit ticket.

20 th Century Developments World War I (1914-1918) witnessed an economic boon, in which factory output grew by more than 1/3 World War II (1941-1945) was a period of economic expansion The Great Depression: triggered by stock market crash in October 1929 Extreme economic hardship Causes included: structural weakness of the banking system and the stock market Millions became unemployed

20 TH CENTURY DEVELOPMENTS 1932 Franklin D. Roosevelt elected president on campaign promising Americans a New Deal New Deal came to symbolize government intervention in the economy Began programs to strengthen banking system and provide safety net for retired or disabled persons SEC; WPA; TVA; CCC; Social Security Administration

20 TH CENTURY DEVELOPMENTS In Louisiana, oil and gas industry plays a major role in states economy Main oil fields located between Shreveport and Monroe and the southern part of the state Drilling conducted in Gulf of Mexico

I DO I WILL NOW MODEL OUR MODIFIED SHOWDOWN CAPTAIN

WE DO WE WILL NOW DO OUR MODIFIED SHOWDOWN CAPTAIN THE PERSON WHO WILL COME UP AND BEGIN WILL BE THE PERSON CLOSEST TO THE FLOOR

YOU DO/EXIT TICKET USING THE THE LOUISIANA HISTORY TEXTBOOK, ANSWER QUESTIONS 1-3 on page 449 AND QUESTIONS 1-6 ON PAGE 450 EXIT TICKET: How did 20the century developments influence the economic growth of Louisiana?

LESSON 3 ECONOMICS: INTERDEPENDENCE AND DECISION MAKING.

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Transcript of LESSON 3 ECONOMICS: INTERDEPENDENCE AND DECISION MAKING.