Economic Process and Systemsstmarksmiddleschool.weebly.com/uploads/5/7/5/8/... · List and analyze...
Transcript of Economic Process and Systemsstmarksmiddleschool.weebly.com/uploads/5/7/5/8/... · List and analyze...
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EconomicProcessandSystems
5.2-5.3
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BellRingerPage:59
Nameyourfavoriteclothingstoreandexplainwhyyoulikeitsomuch.1.Whatisthestore’sspecialty?2.Canspecializinghurtastoretoomuch?
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Beginnotesonpage59andextendonto61
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LearningObjectives:Iwillbeableto…
Examinetheexchangeofgoodsandservicesandtheissuesaffectingprofit.
Listandanalyzethefourtypesofeconomies.
Debatecommandandmarketeconomies.
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Market
Anorganizedsystemwhereproducersandconsumersexchangegoodsandservices.
1.Howdidpeopleusetoexchangegoodsandservicesbeforeacurrencywasused?
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Currency
Agovernmentissuesmoneyintheformofpaperbillsandmetalcoins.
Differentcountriesusedifferentcurrencies.Inordertotradeeachcountrymustestablishavaluefortheircurrenciesandasystemforexchangingdifferentcurrencies.
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Profit
Themoneyleftoveraftersubtractingthecost ofdoingbusiness.LaborRentMaterials
Companieswanttodecreasecost andincreaserevenues.
Revenue=themoneyearnedaftersellinggoodsorservices.
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NonprofitOrganizations
Businesslikeinstitutionsthatdonotseektomakeaprofit.ChurchesMuseumsHospitals
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Competition
Profitsareaffectedbycompetition inthemarketplace.
Competition=thestruggleamongproducersforconsumerbusiness.
Companiescompeteby…1.loweringprices2.specializing3.advertising
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Specialization
Companiescanincreasetheirprofitandrevenuebyconcentratingonalimitednumberofgoodsorservices.• HalloweenStores• Scentsy Stores
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HealthyEconomy
Ahealthyeconomygrows ascompaniesproduceandsellmoregoodsandservices.
Whenpricesincreaseovertime,thisisreferredtoasinflation.
***Economiesdonotgrowforever!
Economicactivitiesfallasdemandfallsleadingtounemployment.Ifthisdeclinelastsformorethan6months,itisreferredtoasarecession.
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ChecksforUnderstanding
1. Howdoescompetitionaffectproducersandconsumers?2. Howdoesinflationaffectprices?3. Howdoesrecessionaffectprices?4. Whatisthedifferencebetweenprofitandrevenue
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EconomicSystems
Everysocietyhasaneconomicsystem.
4BasicEconomicSystems1.Traditional2.Market3.Command4.Mixed
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TraditionalEconomy
• Decisionsbasedoncustomandhabit.
• Wantsandneedsaresatisfiedthroughhuntingandfarming.
• Donotwanttochangetheirbasicwayoflife
• Uncommonintoday’ssociety
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MarketEconomy
• Individualproducersandconsumersmakeeconomicdecisions.• Referredtoascapitalismorfreemarket• Encouragesentrepreneurshipbygivingpeopleeconomicfreedom.• Really…nosuchthingasapuremarketeconomy.
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CommandEconomy
• Centralgovernmentmakesalleconomicdecisions.• Alsocalledacentrallyplannedeconomy.• Individualproducersandconsumersdonotmakebasiceconomicdecisions.• Nosuchthingasapurecommandeconomy.
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MixedEconomy
• Mostsocietieshavemixedeconomieswithvaryinglevelsofgovernmentcontrol.• Combineselementsoftraditional,marketandcommandeconomicsystems.• Governmentmakessomeeconomicdecisions.(U.S.A.andAustralia)• Passinglawstoprotectconsumerrights.• Governmentstaxcompaniesandinfluenceeconomicgrowth.
• Governmentownsandcontrolsmostbusiness.(N.KoreaandCuba)
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ChecksforUnderstanding
1. Whatarethedifferencesamongtraditional,commandandmarketeconomies?
2. Whataretheadvantagesofafree-marketsystemusedintheUnitedStates?
3. Doyouthinkgovernmentinvolvementintaxingconsumersandproducersisnecessaryinamixedeconomy?
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• https://www.youtube.com/watch?v=B43YEW2FvDs
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“DebateandDefend”BrainstormPage58
Completethe“DebateandDefend”brainstormactivityandbepreparedtodefendanddebateeitheraCommandEconomyorMarketEconomytomorrow.