The American Economy Chapter 19 pgs 516 519

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The American Economy Chapter 19

The American Economy Chapter 19

pgs. 516 -519 19. 1 Economic Resources, . How does America’s economic system affect

pgs. 516 -519 19. 1 Economic Resources, . How does America’s economic system affect you? Silent Reading, Summarizing &Note taking Main Ideas R. H. 1 Facts Cite evidence Details R. H. 2 Determine central ideas Reasons R. H. 3 Read and Comprehend MI. 7. E. 2 Analyze the influence improved factors of production have on productivity. Classroom Instruction That Works, Marzano, 2001, pg. 86, Combination Notes

19. 1 Economic Resources, pgs. 516 -519. 1) Under what factor of production would

19. 1 Economic Resources, pgs. 516 -519. 1) Under what factor of production would you classify oil deposits? 1) 2) Under what factor of production would you classify a diamond-cutting machine? 1) 3) Natural Resources Capital What is the difference between final goods and intermediate goods? 1) Final goods are what consumers purchase to use. Intermediate goods are supplies you need to produce the final product.

Gross Domestic Product. Discussion Pair/Share 1. How does the United States GDP compare to

Gross Domestic Product. Discussion Pair/Share 1. How does the United States GDP compare to other countries? 2. What would account for the difference? 3. Why are Americans considered rich? Kagan Cooperative Learning, Kagan, Spencer, 2009, pg. 6. 33

19. 1 Economic Resources, Goods and Services Pair/Share Logical/Mathematical What is a “factor” in

19. 1 Economic Resources, Goods and Services Pair/Share Logical/Mathematical What is a “factor” in a math equation? How can this information help you understand what an economic factor is? Kagan Cooperative Learning, Kagan, Spencer, 2009, pg. 6. 33

19. 1 Economic Resources, Goods and Services Answer these questions What is a factor

19. 1 Economic Resources, Goods and Services Answer these questions What is a factor in Algebra? What is a factor in Economics? How are the two different? How are the two alike?

19. 2 Economic Activity, pgs. 520 -525. Focus Question How does America’s economic system

19. 2 Economic Activity, pgs. 520 -525. Focus Question How does America’s economic system affect you? Reading, Summarizing Note taking Main Ideas Facts Details Reasons R. H. 1 Cite evidence R. H. 2 Determine central ideas R. H. 3 Read and Comprehend Classroom Instruction That Works, Marzano, 2001, pg. 86, Combination Notes

19. 2 Economic Activity. 1) Give an example of a factor market? 1) 2)

19. 2 Economic Activity. 1) Give an example of a factor market? 1) 2) 3) 4) 2) Farmers, Ranchers, Fisheries Land owners, Oil Companies, Electric Companies Employment agency Give an example of a product market? 1) 2) Target, Sears, Dollar General Mc. Donald’s, Olive Garden, El Super. Taco

19. 2 Economic Activity. 3) In the circular flow of economic activity, in what

19. 2 Economic Activity. 3) In the circular flow of economic activity, in what economic activity is the consumer involved? Consumers earn income in the factor markets; a) i. ii. iii. b) earn wages for labor, land owners may rent their properties, people who own financial capital (money) exchange it for interest. Consumers spend their income in the product markets.

19. 2 Economic Activity. 4) Why is productivity important to economic growth? 1) 2)

19. 2 Economic Activity. 4) Why is productivity important to economic growth? 1) 2) Resources are used efficiently to produce many goods and services. The economy grows when businesses preserve scarce resources while maintaining high levels of productivity.

19. 2 Economic Activity, Economic Sectors and Circular Flow Pair/Share Analyzing Diagrams Explain the

19. 2 Economic Activity, Economic Sectors and Circular Flow Pair/Share Analyzing Diagrams Explain the meanings of the two inset charts (Factor Markets and Product Markets) on page 522? Record your answer in your notes Kagan Cooperative Learning, Kagan, Spencer, 2009, pg. 6. 33

19. 2 Promoting Economic Growth Pair/Share Making Inferences Why does Specialization improve productivity? Why

19. 2 Promoting Economic Growth Pair/Share Making Inferences Why does Specialization improve productivity? Why does Division of Labor improve productivity? Why does Human Capital improve productivity? Why does Economic Interdependence improve productivity? Kagan Cooperative Learning, Kagan, Spencer, 2009, pg. 6. 33

19. 3 Capitalism & Free Enterprise, pgs. 527 -531 Focus Question How does America’s

19. 3 Capitalism & Free Enterprise, pgs. 527 -531 Focus Question How does America’s economic system affect you? Reading, Summarizing, Note taking Main Ideas Facts R. H. 1 Cite evidence Details R. H. 2 Reasons Determine central ideas R. H. 3 Read and Comprehend Classroom Instruction That Works, Marzano, 2001, pg. 86, Combination Notes

19. 3 Capitalism & Free Enterprise Ø What is the difference between capitalism and

19. 3 Capitalism & Free Enterprise Ø What is the difference between capitalism and free enterprise? 1) 2) Ø Capitalism speaks of our freedom to own and use the factors of production. (property) Free Enterprise speaks of our freedom to compete in a system with minimum government interference. Which feature of capitalism is a right that is protected by the Fourth Amendment of the Constitution? 1) 2) Private Property Rights “The right of the people to be secure in their persons, houses, papers, and effects, against unreasonable search and seizures shall not be violated”

19. 3 Capitalism & Free Enterprise Ø What are the benefits of competition? 1)

19. 3 Capitalism & Free Enterprise Ø What are the benefits of competition? 1) 2) 3) Ø What is the role of government, according to laissezfaire economic philosophy? 1) Ø Efficient production Higher quality products More satisfied customers The role of government in a laissez-faire economy is to ensure free competition in the marketplace. According to Adam Smith, what are the results of individuals working for their own self-interest? 1) They would use resources efficiently to produce many goods and services.

Pair/Share Create a T-Chart to track the rewards and risks involved in the system

Pair/Share Create a T-Chart to track the rewards and risks involved in the system of capitalism. Risks Losing money Failure Embarrassment Humiliation Poverty Rewards Make mo money Be successful Profit Improve the well being Efficiency Keep costs low Kagan Cooperative Learning, Kagan, Spencer, 2009, pg. 6. 33

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