Transcript Economics PPT - Troup County Schools


Standard: The student will analyze
different economic systems

Essential Question: What are the
differences and similarities between the
economic systems of China, India,
Japan, and North Korea?

What are the four types of economic
systems we have previously talked
about?
Market: people make decisions
 Command: government makes
decisions
 Mixed-Market: people and the
government have input
 Traditional: based on traditions and the
way their families did things


What does variety mean?
› How can you have a variety of something in
economics?

China is transitioning from a command
economy completely controlled by the
Chinese Communist government to a
mixed market economy overseen by the
Chinese Communist government
› Controlled vs. Overseen….what is the
difference??

Command
economy
controlled by its
Communist
Government

Farmers work on
cooperatives where
up to 300 families
share the work

Massive food aid
from other countries
has been needed
to avoid starvation!
Japan has a mixed market
economy-one of the
strongest in the world!
 The government owns few
businesses, but does
oversee banking and trade.
 They have built their
economy around
manufacturing and fishing.

› Why??
India has a mixed economy that is
moving away from a command
 After gaining independence in 1947,
India’s government first set up a
command economy, but in 1991, began
to lift its control to allow citizens to run
industries
 Many of India’s citizens still live in
extreme poverty


Fill out the Essential Skills Summarizing
Chart on your guided notes
› The Economic System
› Growing or Struggling
› 1 interesting fact

Standard: The student will explain how
voluntary trade benefits buyers and
sellers in Southern & Eastern Asia.

Essential Question: How do trade barriers
and specialization
encourage/discourage trade?

12 Question activating quiz
› 1-5 True/False
› 6-10 Tariff/Quota/Embargo
› 11-12 Short Answer
1. False
 2. True- why?
 3. True- why?
 4. False- what is opportunity cost?
 5. True

6. Quota- what is limited?
 7. Embargo- why is the US stopping trade?
 8. Tariff- what is being taxed?
 9. Embargo- what is being stopped?
 10. Quota- what is limited?


Answers will vary
› Students should share their answers via
think/pair/share

Create your own scenarios with the
following vocabulary terms
› Tariff
› Quota
› Embargo
› Opportunity Cost
› Specialization
› Currency Exchange

Standard: The student will describe
factors that influence economic growth
and examine their presence or absence
in India, China, and Japan.

Essential Question: What are the factors
that influence economic growth in
Southern & Eastern Asia?
Give 4 examples of capital goods
 Give 2 examples of natural resources
 Give 1 example of human capital
 Give 1 example of entrepreneurship


Why would investing in something be a
good decision?
› Whether it’s in economics or something
else…
How would investing in education and skills
training (human capital) for workers affect
the GDP?
 How would investing in capital goods affect
the GDP?


Education and investment in human capital is a MAJOR
priority of the government
› Numbers of schools have grown dramatically. Why?
› English is taught in all schools. Why?

Many Indians are skilled in information technology due to
the English and computer skills of many citizens.
› Computer Call Centers

The government has neglected capital investment in the
country’s infrastructure
› Leads to terrible roads and frequent power outages
› Many small towns have power a few hours a day so large cities
can have power 24 hours a day.
China has made significant investments
in human capital by improving its
educational system
 They have poured money into capital
investments and manufacturing as well.

At the end of WWII, Japan’s land and
economy were in total ruins, but they have
come a long way!
 Much Like India and China, Japan also
places a heavy emphasis on education

› Competition is fierce and students must take
entrance exams to get into high school and
college!

Japan also invests heavily in capital:
especially technology in order to provide its
workers with the latest equipment.
China: many natural
resources including coal, iron
ore, and petroleum. Rivers
help with minimal agriculture
 India: fertile land and ample
water supply are its most
valuable resources. About
half of the land is arable and
they grow rice and wheat
 Japan: little farmland and
natural resources. They import
raw materials for
manufacturing and export
fish.



Why are entrepreneurs so important a
country’s economy?
Entrepreneurship is dramatically rising
in China and India
› Rapid growth and huge population can
offer excellent opportunities, especially
with government support

Japan has one of the lowest rates of
entrepreneurship because they face
difficulties getting loans
› Japanese companies typically guarantee
lifetime employment for their
employees…so why leave the job
security?
Complete the “Write About It” portion on
your guided notes.
 Your response must include at least 7
sentences in order to support your
argument of wanting to start your own
business.

› Think about what your father would rebuttal
back to you…