Transcript Economics - OnMyCalendar

Economics
Directions: Use this powerpoint to answer the
questions about economics.
Take your time and read through the questions on
your sheet and each slide.
Economists categorize countries into two
different types, developed and developing countries.
Developed Country
a country that has a great deal of
technology and manufacturing
Developing Country
a country that has low industrial
production (not many factories) and little
modern technology
Which type of country would you like to live in a why?
What makes the country on the top a developing
country while the country on the bottom is
developed? I mean they both have garbage!
When you start a business you need
things or resources to run it.
3 major kinds of resources •Capital Resources
•Human Resources
•Natural Resources
Capital Resources
Human Resources
Natural Resources
building, chairs, tables
Employees and their
training
cows and milk
Capital Resource
Tools, machines, cups, buildings, etc. people use to run a business
List five capital resources in the picture above
Human Resource
The people, education and job training
of a business
List five capital resources in the
picture above
Natural Resource
Any material in natural that people use from the Earth,
many times to produce goods and services
List 3 natural resources in the picture above
Examples of natural resources
Economy
The economy is the way a country
makes money
I know your main “job” is coming to school,
which doesn’t pay money, but what are
some ways that you’ve made money?
Different types of economies of the world!
Traditional Economy – when people
produce and distribute goods according to
customs handed down from generation to
generation.
Command Economy – when citizens have
no rights and the government makes all
decisions.
Mixed Economy – people make most
economic decisions, but government steps
in to protect the consumer, workers and
businesses.
Market Economy – people make all
economic decisions with no government at
all.
Traditional Economy – examples Inuit
of Canada, Tribes in the Amazon
Rainforest
Intuits in Canada’s
Nunavut territory
tracking polar bears –
example of a
traditional economy
Command Economy – dictators
(government) makes all decisions for
citizens, citizens get NO SAY
Germany’s Dictator
Adolf Hilter
(1934-1945)
North Korea’s Dictator
Kim Jong-Un
(2011 – present)
Cuba’s Dictator
Raul Castro
(2008 – present)
Mixed Economy – citizens make most
decisions, but the government steps in to
protect consumers, workers and
businesses.
Burger Queen
Ms. Wester is
an
entrepreneur
and opens up
Burger Queen
The U.S.
government
steps in to
make sure her
hamburger
meat is kept
refrigerated
and her store
is clean – NO
MICE OR
ROACHES AT
THIS STORE
Market Economy – economic system where
citizens make all economic decisions with no
government involvement AT ALL
In a perfect world, countries wouldn’t need the help of government, and this would
be a Market Economy., but there are no such countries like this. The US is closest to
a Market Economy. Look at the diagram below.
Trade Barrier
Something that stops or slow downs trade
Quota Limits
imports
Tariff Taxes
imports
Embargo Stops
imports
Quota
Limits the amount of products
imported
Tariff
Taxing imported goods, in the picture
below, the U.S. has taxes the British made
cloth.
Embargo
Stopping trade with a country
In the picture above, Uncle Sam (the US) is not allowing any
trade into Cuba, this is an EMBARGO, although many
countries think the US should stop the embargo and begin
trading with Cuba. What do you think?
Scarcity
when there is not enough something
Scarcity
when there is not enough something
Literacy Rate
the percentage of a country’s citizens that can read
and write
GDP
Gross Domestic Product
the total value of all goods and services in a country,
like a countries paycheck