Bellringer We will have a series of political cartoons to introduce you to various economic systems...
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Transcript of Bellringer We will have a series of political cartoons to introduce you to various economic systems...
![Page 1: Bellringer We will have a series of political cartoons to introduce you to various economic systems On a piece of paper, number 1-8 and answer the questions.](https://reader035.fdocuments.us/reader035/viewer/2022062314/56649ea25503460f94ba6596/html5/thumbnails/1.jpg)
Bellringer
• We will have a series of political cartoons to introduce you to various economic systems
• On a piece of paper, number 1-8 and answer the questions at the top of the cartoons
• If work was not turned in at the end of class yesterday then turn it in on my chair at the start of class
BACKPACKS AND ID’S
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1.What can you infer about socialism?2. Do you feel socialism is a good or bad thing? Explain
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3. What can you infer about capitalism?4. Do you feel capitalism is a good or bad thing? Explain
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5. What differences do you see between capitalism and communism?6. In your opinion, which one seems to be a better system?
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7. Why do think you would see this in capitalism?
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8. According to the cartoon, do you agree or disagree that capitalism is not working? Explain
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What is an Economy?What is an Economy?
The way a nation makes choices about how it will use its resources to produce and distribute goods and services
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Economic GeographyEconomic Indicators and Systems
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Economic Indicators, what are they?
They tell how well an economy is performing.
What is GDP? •It is the total value of all goods and services produced by a nation in a year. (GDP = gross domestic product.)
What is GDP per capita?
•It reflects the value of goods and services produced in a year in a country by an average person.
What are some other economic indicators?
•Average number of automobiles,•Telephones,•Televisions, •Or computers per person
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GDP – Gross Domestic Product (total value of goods and services produced divided by the total population)
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Economic Systems – 4 Types
Communist – China
Free Enterprise – United States
Socialist - Syria
Traditional – Java, Indonesia
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Four Types of Economic Systems
1. Traditional2. Free Enterprise3. Communist4. Socialist
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Bushmen of Kalahari - Africa
Berbers of Algeria
Village in Bhutan – South Asia
Traditional Economies
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•Economic Decisions: Made by customs and traditions.
•Production: Based on customs and time-honored methods. New ideas are discouraged
•Private Property: None (things are owned by the family or village)
•Trade: Very little outside trade because they only make enough to meet their needs.
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2 Main Production Methods For Traditional Economies
1. Subsistence agriculture – growing only enough to feed the farmer and his family.
2. Cottage industries –weave cloth, make furniture and clothes by hand at home.
These are mostly found in rural, non-industrial areas
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What are these examples of?
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What are these an example of?
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Free Enterprise = Capitalism = Free Market System
Economic Decisions: Based on supply and demandSupply – how many there areDemand – how much consumers will pay
Production: New ideas are encouraged
Ownership: People own their own goods and property with limited government interference
• People invest their money in different ways (factories, machines, and land)
• Profit???
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Competition
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Two Main Production Methods
Commercial Agriculture - Large scale farming to sell; modern and requires less labor
Commercial industries – goods are manufactured in factories for sale throughout the country or overseas
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Commercial Agriculture
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Commercial Industries
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Karl Marx1818-1883
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Communism(Command Economy)
Economic Decisions: Government makes ALL decisions
Ownership: No private property. Government owns everything
Cooperation: Cooperation replaces competition
Goal: Classless society – equality among workers
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Socialism(Mixed Economy)
Economic Decisions: Government makes decisions about production,
distribution, and use of resourcesOther decisions are made privately
Ownership: Government owns major business Private ownership of everything else
•Goal: End poverty by a fairer distribution of income among society. People’s basic needs (health care, transportation, education, housing) are met for free or at very low cost.
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Economic Systems
Command Economy
Communism
On the far left
Market Economy
CapitalismOn the far
right
SocialismLeft of center but right of communism
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Economic Activities
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Economic Activities
#1 Primary Economic Activities: economic activities which rely directly on natural resources.
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Myanmar agriculture rice field
Forestry
Skorpion Zinc Mine, Namibia
In the U.S. only 3% of the labor force.
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What 2 types of agriculture would be considered primary economic
activities?
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Economic Activities
#2 Secondary Economic Activities: using raw materials to produce products of greater value.
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Food processing
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Car manufacturing in India
Toy manufacturing in China
England Furniture Manufacturing Plant, USA
Manufacturing
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Petroleum Refining
Gold Refining
Refining
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What 2 types of industries would be considered secondary
economic activities?
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Economic Activities
#3 Tertiary Economic Activities: economic activities which do not use raw materials, but serve others.
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Service Industry
In the U.S. – 80% of labor force
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What are 3 types of tertiary economic activities?
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Economic Activities
#4 Quaternary Economic Activities: economic activities which focus on information.
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What are 2 types of quaternary economic activities?
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Global Trade (Globalization)• Exports: goods that are sent out of a country• Imports: goods that are brought into a
country
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Trade Routes
Impacted by technology
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Industrial Development
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Industrialized Countries
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DevelopmentIndicators
Economic Activity
Crime Levels
Political Stability GDP/GNP Women employment Average Income
% of Higher Education graduates
Age Range of Pop
Standard of Water pipes
Water Access
Telephone Communication
# of TVs per person
# of computers per person
Electricity consumption
Health Care
Calories per person per day
Death/Birth RatioLife expectancy
Ratio of doctors per person