Transcript File

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1.
The US economy is best
described as what type of
economy? Explain
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Welcome Knight Time
Find
Are
a seat and settle in
you ready for your final
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2.
According to supporters of
capitalism, which of the following
would be regarded as the economic
motivator??
a. Competition
b. Profit
c. Price
d. Consumer Sovereignty
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3.
List the 3 questions of
economies must ask.
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4.
Which of the following works
alongside competition in
economic regulation ?
a. Self-interest
b. Profit
c. Government
d. Price
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5.
How do consumers
demonstrate their sovereignty
in a market system?
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6.
Which economic policy is
most associated with
socialism?
a. Free trade
b. Competition
c. A guaranteed job
d. Economic freedom
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7.
Who can own the factors of
production in a socialist
system?
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8.
According to supporters of free
enterprise, what makes an
economy inefficient?
a. Rejecting customs and traditions
b. Meeting wants instead of needs
c. Allocating scarce resources
d. Allowing government
regulations/intervention
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9.
What role does the US
government play in the
economy?
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10.
What is the main difference between
socialism and communism?
a. in communism, the government allows
citizens to create social programs to
help the poor
b. in socialism, the government is always
authoritarian
c. in socialism, the government
redistributes wealth but allows private
ownership
d. in communism, the government can be
democratic and protect individual
liberties
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1.
The US economy is best described
as what type of economy?

Considered market by many, but
with increasing government
intervention it should be regarded
as mixed
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2.
According to supporters of capitalism,
which of the following would be
regarded as the economic motivator??
a. Competition
b. Profit
c. Price
d. Consumer Sovereignty
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3.
List the 3 questions all
economies must ask.
What to Produce
How to produce it
For Whom to produce it for
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4.
Which of the following works
alongside competition in economic
regulation ?
a. Self-Interest
b. Profit
c. Monopolies
d. Prices
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5.
How do consumers demonstrate
their sovereignty in a market
system?
By helping determine what gets
produced and sold
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6.
Which economic policy is most
associated with socialism?
a. Free trade
b. Competition
c. A guaranteed job
d. Economic freedom
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7.
Who can own the factors of
production in a socialist
system?
The Government
The People
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8.
According to supporters of free
enterprise, what makes an
economy inefficient?
a. Rejecting customs and traditions
b. Meeting wants instead of needs
c. Allocating scarce resources
d. Allowing government regulations
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9.
What role does the US
government play in the
economy?
Some intervention by providing
regulations/subsidies to businesses
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10.
What is the main difference between
socialism and communism?
a. in communism, the government allows
citizens to create social programs to
help the poor in socialism, the
government is always authoritarian
b. in socialism, the government
redistributes wealth but allows private
ownership
c. in communism, the government can be
democratic and protect individual
liberties
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Welcome Knight Time!
Find
Take
a seat and settle in
out your budget
projects.
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Reminders
Budget
Project Due FRIDAY
Unit
7 Test will be next Wednesday
(12/16/15)
Recovery
Next Year’s
SOT
Classes
Adopt a Marine Project!
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Shhh! Quiz in progress!
All
you need is your Chromebook
Login:
studentID#@student.cms.k12.nc.us
URL:
http://goo.gl/forms/nK2pTUA2CL
When
finished
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Budget Project
Today
day is the last day to work on
your project in class!
Use
the chromebooks to research
Feel
free to ask questions.
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Welcome C&E Students!
Find
your seat and settle in
Roll
Call Question: Would you
rather be 3’5’’ or 8’5’’?
Bell Work: Prepare
Types
for your quiz!
of Economies
Economic Philosophies
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Reminders
Unit
7 Test next Tuesday!
Quiz Thursday
–Gov’t Revenue &
Labor Unions
Monopoly
Budget
Reflection due tomorrow
Project – past due
Recovery
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Shhh! Quiz in progress!
All
you need is a writing utensil
Have
a question? Ask a Question!
When
finished …
 1st
Get your Unit 6 Test From Mrs. Peach and
Complete your Pink Data Tracker. Give both
back to her when finished.
 2nd
grab a chromebook and begin your self-
paced lesson on NearPod -
LVMRK
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Self-Paced
You
will be completing a Nearpod
lesson today to learn how the US
Government Collects and Distributes
Tax Revenue
These
will serve as your notes for
Objective 7.2
Complete
lesson
all activities throughout the
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eCOWnomics Systems
Taught by Cows
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Capitalism
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Socialism
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Socialism
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Communism
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Communism
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Reading – Gov’t Spending
Read
the Section Outlining
Discretionary & Mandatory
Spending
How
are these two different?
What
each?
are some examples of
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7.2 – Revenue and Expenditures of the Gov’t
Objective: Evaluate how the government collects and
distributes tax revenue
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I. The Government’s Budget
 A. Each
year the president and Congress
create a budget – blueprint of how the
government will raise and spend money
 1. Fiscal Year
– a 12 month period that may
or may not match the calendar year
 2. Begins
Oct. 1 and ends Sep. 30 of the
following year
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B. Budget Process
 1. President
sends a budget to Congress outlining
how the government should spend its money
 a. Office
of Management and Budget- office
within the Federal Bureaucracy (Executive Branch)
who assists the President to prepare the budget
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
2. Congress divides spending
into two types:

a. Mandatory Spending –
spending that does not need
annual approval

(1). Examples: Social Security
Benefit Checks and interest
payments on the government
debt.

b. Discretionary Spending –
expenditures that must be
approved each year

(1). Examples: Money for
highway construction and
military/defense.
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 If
these are considered laws that the House and
Senate attempt to pass, then what must be the
next step after each chamber has approved the
appropriation bill?
 c. Must
be approved by both chambers and then
signed into law or vetoed by the President
 d.
Current annual budget is near $4 trillion
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C. Budget Breakdown
 1. Entitlement
programs – social
security, Medicare
and Welfare – 50% of
the budget
 2. Defense
 3. interest
9%
– 20%,
on debt 8-
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D. Borrowing

1. Deficit – spending above revenue ($1.5 trillion)

2. Debt – money borrowed and not paid back

a. total debt: over $19 trillion, that’s over $300 billion in
interest
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How Quickly Does the Debt Grow?
Let’s
find out
http://www.usdebtclock.org/
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CROSSWORD MADNESS
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Welcome C&E Students!!!
 Grab
your handouts and settle in
 Roll
Call Question: Would you rather
defend yourself against an army of
Smurfs or an army of Carebears?
 Bell Work:
What 2 groups develop a national
budget?
 Explain the difference between
Mandatory and Discretionary Spending
 What does the US spend most of the
budget on?
 How is a deficit different from debt

 Prepare
for your Quiz!
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Reminders
Unit
7 Test is May 19th (next
Thursday)
Next
Quiz is on Tuesday
Budget
Project was due Monday
Recovery
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SHHH! Quiz in Progress!
All
you need is a writing utensil
Have
a question? Ask a question!
When
finished turn in quiz to the class
tray
Take
out your reading from today and
complete the attached activities
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II. Constitution and Taxes
 A. Article
I , Sec. 8,
Clause 1 – First power
given Congress
 1. “power
of the purse”
– Congress’ ability to set
the spending and taxing
policies of the nation.
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B. Limitations
1. No
taxes on
churches (Any
federally
recognized
religion)
2. Taxes
may
be used for
public
purposes only
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III. Types of Taxes
 A. Direct Tax
- paid
directly to the gov’t
 1. Income Tax
 a. Allowed
by 16th
Amendment
 b. Progressive
Income
Tax – percentage paid
goes up with income
(determined by
“brackets”)
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 c. Corporate
Income Tax – extra tax on
businesses’ profits (corporations are treated
like individuals)
 d. Capital
Gains Tax – on stock market profits
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e. Payroll Tax

1. Taxes taken out of your paycheck each month

2. Social Security – Money for retires and disabled

3. Medicare – healthcare for elderly
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B. Indirect Tax

Paid to another party for good or
service then sent on to the gov’t

1. Sales Tax you only have to pay
these if you want to buy something

2. Excise Tax - you only have to pay
these if you want certain goods and
services (example: gas, tobacco,
phone)

a. these are examples of a
Regressive Tax – percentage paid
goes down the more money your
make
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3. Estate Tax

a. Tax on inheritance – if you want to leave someone your
property/money after you die a certain percentage will be
taken by the government
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Objective Overview
Write
two test/quiz questions
based on this new material
It
can be Multiple Choice or
Short Answer
If
these are good enough you
may see them on a quiz or
test!
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SPLAT!!!
LaissezFaire
Profit
Citizens
Control
FofP
Self- Interst
Proletariat
Command
Economy
Capitalism
Citizens &
Gov’t
Control FofP
Karl Marx
Progressive
Income Tax
Communism
Traditional
Economy
Authoritarian
Communist
Manifesto
Competition
Wealth of
Nations
Gov’t
Controls
FofP
Bourgeoisie
Invisible
Hand
Socialism
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SPLAT!
Office of
Manageme
nt & Budget
Corporate
Income Tax
300 Billion
Entitlement
Programs
Regressive
Estate Tax
Debt
16th
Amendment
Payroll Tax
Fiscal Year
Sales Tax
Mandatory
Spending
Capital
Gains Tax
Deficit
Indirect Tax
Direct Tax
Progressive
19 Trillion
Discretionary
Spending
Excise Tax
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Welcome Knight Time!
It’s
DEAR Day!!!!
Spread
out and find a book