LESSON 3 ECONOMICS: INTERDEPENDENCE AND DECISION MAKING
Slide 3
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
Slide 4
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)
Slide 5
GLE 54 Explain the difference between private goods/services
and public goods/services and give examples of each
Slide 6
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.
Slide 7
ECONOMIC SYSTEMS
Slide 8
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
Slide 9
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
Slide 10
Slide 11
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
Slide 12
WE DO WE WILL NOW DO THE FOLLOWING INTERACTIVES TO GET A BETTER
UNDERSTANDING OF THE CONCEPT OF GOODS AND SERVICES
Slide 13
WE DO http://www.econedlink.org/lessons/index.php
?lid=642&type=educator
http://www.econedlink.org/lessons/index.php
?lid=642&type=educator
Slide 14
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.
Slide 15
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
Slide 16
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)
Slide 17
GLE 44 Explain choice/trade-offs, cost/benefits, and
opportunity costs related to making personal economic
decisions
Slide 18
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
Slide 19
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
Slide 20
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
Slide 21
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?
Slide 22
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
Slide 23
I DO WATCH, LISTEN AND PAY CLOSE ATTENTION AS I MODEL THE KAGAN
STRATEGY OF ROUND TABLE
Slide 24
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.
Slide 25
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.
Slide 26
No. 36 Which of these is a power of the state executive branch?
A.comptroller B.senator C.governor D.representative
Slide 27
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)
Slide 28
GLE 49 Describe how the four basic economic questions are
answered in traditional vs. command vs. market economies
Slide 29
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
Slide 30
4 BASIC ECONOMIC QUESTIONS What should be produced? How should
it be produced? How much should be produced? For whom is it
produced?
Slide 31
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
Slide 32
I DO WATCH, LISTEN AND PAY ATTENTION AS I MODEL THE KAGAN
STRATEGY OF SHOW DOWN
Slide 33
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
Slide 34
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?
Slide 35
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
Slide 36
Slide 37
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
Slide 38
Slide 39
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
Slide 40
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
Slide 41
GLE 49 Describe how the four basic economic questions are
answered in traditional vs. command vs. market economies
Slide 42
OBJECTIVE BY THE END OF THE DAY I WILL BE ABLE TO EXPLAIN HOW A
TRADITIONAL ECONOMY ANSWERS THE 4 BASIC ECONOMIC QUESTIONS.
Slide 43
GOODS AND SERVICES THREE TYPES OF RESOURCES
Slide 44
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
Slide 45
Slide 46
Slide 47
THREE MAJOR ECONOMIC SYSTEMS In the 3 major economic decisions
the 4 basic economic questions are answered differently Traditional
Economy Command Economy Market Economy
Slide 48
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
Slide 49
TRADITIONAL ECONOMIC SYSTEM
Slide 50
I DO WATCH, LISTEN AND PAY CLOSE ATTENTION AS I MODEL THE KAGAN
STRATEGY OF SHOWDOWN.
Slide 51
WE DO WE WILL NOW ACTIVELY PARTICIPATE IN OUR SHOWDOWN. YOUR
ROLES:#1: TIME MANAGER #2:MATERIALS MANAGER #3ON TASK MANAGER
#4RECORDER
Slide 52
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?
Slide 53
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
Slide 54
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)
Slide 55
GLE 49 Describe how the four basic economic questions are
answered in traditional vs. command vs. market economies
Slide 56
CCSS 8.1
Slide 57
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
Slide 58
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
Slide 59
COMMAND ECONOMY POSITIVE AFFECT OF HAVING GOVERNMENT INVOLVED:
POWER AND AUTHORITY NEGATIVE AFFECT OF HAVING GOVERNMENT INVOLVED:
NO CONTROL BY BUSINESSES
Slide 60
COMMAND ECONOMY
Slide 61
I DO WATCH, LISTEN AND PAY ATTENTION AS I MODEL THE STRATEGY OF
SHOWDOWN
Slide 62
WE DO WE WILL NOW ACTIVELY PARTICIPATE IN OUR SHOWDOWN. YOUR
ROLES:#1: TIME MANAGER #2:MATERIALS MANAGER #3ON TASK MANAGER
#4RECORDER
Slide 63
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?
Slide 64
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
Slide 65
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)
Slide 66
GLE 49 Describe how the four basic economic questions are
answered in traditional vs. command vs. market economies
Slide 67
CCSS 8.1
Slide 68
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
Slide 69
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
Slide 70
MARKET ECONOMY
Slide 71
I DO WATCH, LISTEN AND PAY ATTENTION AS I MODEL THE STRATEGY OF
SHOWDOWN
Slide 72
WE DO WE WILL NOW ACTIVELY PARTICIPATE IN OUR SHOWDOWN. YOUR
ROLES:#1: TIME MANAGER #2:MATERIALS MANAGER #3ON TASK MANAGER
#4CARD RETURNER
Slide 73
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?
Slide 74
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
Slide 75
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)
Slide 76
GLE 48 Characterize and analyze the use of productive resources
in an economic system
Slide 77
CCSS 8.1, 8.7
Slide 78
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.
Slide 79
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
Slide 80
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
Slide 81
CIRCULAR FLOW MODEL
Slide 82
I DO PAY ATTENTION CLOSELY AS I MODEL THE STRATEGY OF UNRAAVEL.
WE WILL USE IT TO UNRAAVEL AN ECONOMICS READING
Slide 83
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
Slide 84
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
Slide 85
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?
Slide 86
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
Slide 87
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)
Slide 88
GLE 52 Explain how supply and demand affect prices
Slide 89
CCSS 8.1 8.7
Slide 90
OBJECTIVE By the end of this lesson I will be able to explain
how supply affects prices with 85% accuracy on my exit ticket.
Slide 91
SUPPLY AND DEMAND THE LAW OF SUPPLY
Slide 92
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
Slide 93
SUPPLY CURVE
Slide 94
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
Slide 95
Slide 96
I DO WATCH, LISTEN AND PAY ATTENTION AS I MODEL THE STRATEGY OF
ALL-WRITE ROUND TABLE
Slide 97
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
Slide 98
YOU DO/EXIT TICKET YOU WILL NOW ANSWER THE NEXT QUESTIONS
INDIVIDUALLY EXIT TICKET: How does supply affect price?
Slide 99
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
Slide 100
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)
Slide 101
GLE 52 Explain how supply and demand affect prices
Slide 102
CCSS 8.1 8.7
Slide 103
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.
Slide 104
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
Slide 105
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
ELASTICITY OF DEMAND Measures how much a price change will
affect demand for any particular good or serive
Slide 109
ELASTICITY OF DEMAND
Slide 110
I DO WATCH LISTEN AND PAY ATTENTION AS I MODEL THE KAGAN
STRATEGY OF ALL-WRITE ROUND TABLE
Slide 111
WE DO WE WILL NOW USE THE KAGAN STRATEGY OF ALL-WRITE ROUND
TABLE TO ANSWER THE FOLLOWING DEMAND PROBLEMS
Slide 112
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?
Slide 113
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
Slide 114
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)
Slide 115
GLE 52 Explain how supply and demand affect prices
Slide 116
CCSS 8.1 8.7
Slide 117
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.
Slide 118
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)
Slide 119
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)
Slide 120
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
Slide 121
I DO WATCH, PAY ATTENTION AND LISTEN AS I MODEL ALL-WRITE ROUND
TABLE
Slide 122
WE DO WE WILL NOW ANSWER SUPPLY AND DEMAND PROBLEMS USING ALL
WRITE ROUND TABLE
Slide 123
YOU DO/EXIT TICKET YOU WILL NOW ANSWER THE REMAINING QUESTIONS
INDIVIDUALLY EXIT TICKET: How does supply affect price? How does
demand affect price?
Slide 124
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
Slide 125
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)
Slide 126
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)
Slide 127
CCSS 8.1 8.7
Slide 128
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.
Slide 129
ECONOMY AND THE GOVERNMENT THE ROLE OF GOVERNMENT AGENCIES
Slide 130
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
Slide 131
Federal Reserve System
Slide 132
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
Slide 133
Securities and Exchange Commission, Washington, DC
Slide 134
I DO WATCH, LISTEN AND PAY ATTENTION AS I MODEL THE STRATEGY OF
TIMED PAIR SHARE
Slide 135
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?
Slide 136
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?
Slide 137
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?
Slide 138
No. 45 Which term describes Americans who were opposed to
immigrants? A.nativists B.suffragists C.anarchists
D.industrialists
Slide 139
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)
Slide 140
GLE 56 Identify various types of taxes and user fees and
predict their consequences
Slide 141
CCSS 8.1
Slide 142
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.
Slide 143
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
Slide 144
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
Slide 145
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
Slide 146
Slide 147
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
Slide 148
Slide 149
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
Slide 150
I DO WATCH, LISTEN AND PAY ATTENTION AS I MODEL THE STRATEGY OF
SHOWDOWN
Slide 151
WE DO SHOWDOWN IN WHOLE CLASS
Slide 152
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?
Slide 153
Slide 154
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
Slide 155
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)
Slide 156
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)
Slide 157
CCSS 8.1 8.7
Slide 158
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
Slide 159
ECONOMIC INDICATORS LEADING INDICATORS
Slide 160
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
Slide 161
Slide 162
ECONOMIC INDICATORS Gross National Product: measures production
by all Americans, wherever they happen to be working
Slide 163
I DO WATCH, LISTEN AND PAY CLOSE ATTENTION AS I MODEL THE
MODIFIED KAGAN STRATEGY OF SHOWDOWN CAPTAIN
Slide 164
WE DO MODIFIED SHOWDOWN CAPTAIN THE FIRST PERSON TO COME UP AND
START THE QUESTIONING WILL BE ..
Slide 165
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?
Slide 166
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
Slide 167
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)
Slide 168
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)
Slide 169
CCSS 8.1 8.7
Slide 170
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
Slide 171
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
Slide 172
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
Slide 173
PER CAPITA INCOME The average amount of money that each
individual in a country makes annually
Slide 174
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
Slide 175
Slide 176
I DO WATCH, LISTEN AND PAY CLOSE ATTENTION AS I MODEL THE
MODIFIED KAGAN STRATEGY OF SHOWDOWN CAPTAIN
Slide 177
WE DO MODIFIED SHOWDOWN CAPTAIN THE FIRST PERSON TO COME UP AND
START THE QUESTIONING WILL BE ..
Slide 178
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?
Slide 179
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
Slide 180
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
Slide 181
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)
Slide 182
GLE 57 Explain reasons for trade between nations and the impact
of international trade
Slide 183
CCSS 8.1
Slide 184
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
Slide 185
WORLD ECONOMIES
Slide 186
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
Slide 187
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
Slide 188
I DO WATCH, LISTEN AND PAY ATTENTION AS I MODEL THE KAGAN
STRATEGY OF FIND THE FICTION
Slide 189
WE DO WE WILL NOW USE THE STRUCTURE OF FIND THE FICTION
Slide 190
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?
Slide 191
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
Slide 192
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)
Slide 193
GLE 57 Explain reasons for trade between nations and the impact
of international trade
Slide 194
CCSS 8.1 8.7
Slide 195
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.
Slide 196
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
Slide 197
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
Slide 198
EXPORTS, IMPORTS AND THE BALANCE OF TRADE
Slide 199
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
Slide 200
Slide 201
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
Slide 202
I DO I WILL NOW MODEL THE STRATEGY OF SHOWDOWN CAPTAIN.
Slide 203
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
Slide 204
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?
Slide 205
ECONOMIC CONCEPTS AND HISTORY
Slide 206
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
Slide 207
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)
Slide 208
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)
Slide 209
CCSS 8.1
Slide 210
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
Slide 211
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
Slide 212
Slide 213
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
Slide 214
Slide 215
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
Slide 216
Slide 217
I DO WATCH, LISTEN AND PAY ATTENTION AS I MODEL THE STRATEGY OF
SHOWDOWN CAPTAIN
Slide 218
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?
Slide 219
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
Slide 220
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)
Slide 221
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)
Slide 222
CCSS 8.1 8.7
Slide 223
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.
Slide 224
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
Slide 225
Slide 226
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
Slide 227
Slide 228
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
Slide 229
Slide 230
I DO I WILL NOW MODEL OUR MODIFIED SHOWDOWN CAPTAIN
Slide 231
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
Slide 232
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?