Period 1 (Aug 21), Period 2 (Aug 21), Period 4 (Aug 22)
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Transcript of Period 1 (Aug 21), Period 2 (Aug 21), Period 4 (Aug 22)
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Agenda Naked Economics Chapter 6 Class discussion…The Case for Capitalism Chapter 2 review
Lecture Articles
Quiz … open note Chapter 3
Lecture Homework
Read Ch. 3, Q. 1- 7, 12 Review Powerpoint for next class (online) Read “Current Reading Assignment” (online)
Test # 1 Period 1 - September 14 Period 2 - September 14 Period 4 – September 17
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Naked Economics, Chapter 6
Five minute review
Writing Assignment to follow
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Naked Economics, Chapter 6 Writing Assignment
1. What is a significant point of the chapter?
2. What is an example of that point?
3. What is an example of that significant point from our text book?
Bullet points are fineNo need to restate the question
Graphs are good
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Class Discussion
The Case for Capitalism
http://www.manhattan-institute.org/html/ir_12.htm
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Centrally Planned to Free MarketPage 43
Continuum of Mixed Economies
Centrally planned Free market
Source: 1999 Index of Economic Freedom, Bryan T. Johnson, Kim R. Holmes, and Melanie Kirkpatrick
Iran
North KoreaCuba
China
Russia Greece Peru United States
South Africa France United Kingdom
Botswana Canada Singapore
Hong Kong
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Quotes …
The only freedom worth a damn is economic freedom.
M.L. Meinken, author
Hunger is the stuff of which dictators are made.
Franklin Delano Roosevelt
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Econ Cartoon!
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Articles Growth vs. Security Freedom vs. Equity Inequity
What’s the real argument going on here?
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Articles Growth vs. Security Freedom vs. Equity Inequity
What’s the real argument going on here?
More government involvement or less government involvement
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Quiz Chapters 1 & 2
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Quiz Chapters 1 & 2 Cheat and you die
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Quiz Chapters 1 & 2 Cheat and you die And you get a zero
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THREE MINUTE BREAK
http://www.online-stopwatch.com/bomb-countdown/
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Introduction to Chapter 3…The US Economy
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Introduction to Chapter 3…The US Economy
What type of economic system is the US?
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Introduction to Chapter 3…The US Economy
What type of economic system is the US?
Mixed Economy…some government and some individuals
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Key termso Market Failureo Public Goodso Free Rider o Transfer Paymentso Externalities
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Key termso Market Failure
o The free market fails to provide the good or service desired by society…the “market failed”
o Public Goodso Government provided good or service (i.e. parks, libraries, roads,
fire department)
o Free Ridero Uses the public good but did not pay for the public good
o Transfer Paymentso Payments by the Government
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Key termso Market Failure
o The free market fails to provide the good or service desired by society
o Public Goodso Government provided good or service (i.e. parks, libraries, roads,
fire department)o Free Rider
o Uses the public good but did not pay for the public good
o Transfer Paymentso Payments by the Government
WHY?...Achieve Equity and Security
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Externalities
Event that affects you
but you had no control over it
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Externalities
Event that affects you
but you had no control over it
Can be Positive or Negative
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ExternalitiesEvent that affects you but you had no control over it
Can be Positive or Negative
Examples Paseo Colorado Rain
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A couple questions….1. The United States economy is a mixed economy
(a) based on the principle of a traditional economy, but allows some government intervention.
(b) based on the principles of a centrally planned economy, with limited government intervention.
(c) based on the principles of the free market, and allows no government intervention.(d) based on the principles of the free market, but allows some government
intervention.
2. Government intervention in a modern economy is useful because(a) the needs and wants of modern society are always met by the marketplace.(b) the marketplace has many incentives to create public goods such as parks and
libraries.(c) governments are able to provide some goods and services that the marketplace
has no incentive to produce.(d) the marketplace provides all of its own laws.
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A couple questions….1. The United States economy is a mixed economy
(a) based on the principle of a traditional economy, but allows some government intervention.
(b) based on the principles of a centrally planned economy, with limited government intervention.
(c) based on the principles of the free market, and allows no government intervention.(d) based on the principles of the free market, but allows some government
intervention.
2. Government intervention in a modern economy is useful because(a) the needs and wants of modern society are always met by the marketplace.(b) the marketplace has many incentives to create public goods such as parks and
libraries.(c) governments are able to provide some goods and services that the marketplace
has no incentive to produce….public goods.(d) the marketplace provides all of its own laws.
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HomeworkRead Ch. 3, Q. 1- 7, 12 Review Powerpoint for next class (online) Read “Current Reading Assignment” (online)
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Test # 1 Period 1 - September 14 Period 2 - September 14 Period 4 – September 17
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HANDOUTS
ADAM SMITH TIE