Grab today’s handouts and settle in Roll Call Question: What was your favorite childhood toy?

Bell Work:◦What words come to mind when you hear the following words? Capitalism – Socialism – Communism

Welcome C&E Students!

Green Portion of the Budget Project Due next Friday, Dec. 11

Recovery Knight TimeFood in Class

Reminders

Lets do some free associations!◦Capitalism◦Socialism◦Communism

Warm Up

7.1 – Types of Economies

Objective: compare and contrast the four types of economies

A. All economies must answer 3 key economic questions:

1. what to produce,2. how to produce,3. for whom to produce

B. Traditional Economies1. custom, culture, or ritual to

decide2. revolves around

family/community3. Examples: The Amish or

Massai

I. Types of Economic Systems:

C. Market Economies- 1. free market, free enterprise,

capitalism2. individuals and companies decide,

not govtD. Command Economies-

1. centrally planned economy2. the central gov’t alone decides

E. Mixed Economies- 1. combination of other three economies2. most modern economies are mixed3. US is a free market economy but the gov’t

intervenes to keep order, regulate, provide services, and promote general welfare

Using the information from your notes and today’s handout determine what type of economic system is being described

Feel Free to work with a partner Be prepared to share your answers

Comparing and Contrasting Economies

A. Adam Smith’s“Wealth of Nations” (1776)1. called for restricting gov’t in the economy (laissez-

faire- leave alone)2. This promotes free enterprise - where few restrictions

are placed on business activities and ownership3. believed that Competition and Self-Interest would

regulate the economy - “the invisible hand”

II. Free Market Economies

a. Self-Interest- personal gain (ownership/incentives) is motivating force in economy

b. Competition- struggle among producers for consumer’s money

c. Advantages:1. Economic efficiency2. Economic freedom3. Economic growth4. Consumer sovereignty

◦ https://www.youtube.com/watch?v=Qra0hlO6hZk◦ https://www.youtube.com/watch?v=El7qgQXd-xs◦ https://www.youtube.com/watch?v=KnSvQXyu0ng

1. Factors of Production are privately owned (either by individuals or businesses)

2. There is no government intervention or regulation

3. Profit motivates individuals and businesses

d. Capitalism

Government controls resources and production

A. Karl Marx’s “Communist Manifesto” (1848)

1. believed all politics and history is driven by the struggle of the proletariat (working lower class) vs. the bourgeoisie (rich upper class)

2. believed a socialist society can only come after a violent revolution

III. Centrally Planned Economies

B. Socialism1. philosophy that wealth

should be redistributed throughout society and everyone has a role to fulfill within the economy

2. can allow for a mix of private and public ownership

3. in socialist countries, gov’t often owns most major industries and uses wealth for social programs

C. Communism1. centrally planned

economy with all economic and political power residing in the central government

2. little to no private ownership with societal equality

3. communist governments are authoritarian- strict obedience to the government, no individual freedom

Read the following primary document Rewrite each section in your own words to better understand its meaning

Place a check mark next to the statements you agree with or you would like to see applied in our own economy

Document Debunk

Find a seat and settle in It’s DEAR Day! Grab a book from the shelf if you don’t have one

Where are you going for Knight Time?

Welcome Homeroom!

Find a seat and settle inKNIGHT TIME starts next week! Where are you going?

Get ready for a nightmare!

Welcome Homeroom!

It’s Mother’s Day on Sunday!Let’s write some sweet notes to our moms, grandmothers or mother figures in our lives

I’ve got the supplies and I’ll remind you over the weekend to give your moms’ your note

Mother’s Day Cards

Thank your teachers with a sweet note!◦I appreciate you because…◦You make Ardrey Kell better because…

◦You are the best because…

Teacher Appreciation Week

Grab today’s handout, find your seat number and settle in ◦ 2nd & 3rd block turn in Budget Project Part6 to your tray

Roll Call Question: Would you rather only be able to whisper or only be able to shout everything?

Bell Work:◦ What are the 3 key economic questions all economies

must ask themselves?◦ How would a traditional economy answer the 3

economic questions? ◦ How are socialism and communism different?

Welcome C&E Students!

What to Produce – How to Produce – For whom to produce

Traditional – answers these questions based on ritual, custom and culture

Socialism – allows for a mixture of private and public ownership/control over factors of production

Communism – the government owns and controls all factors of production

Bell Work Answers

Find your seat & settle Roll Call Question: Would you rather have squirrels for hands or guinea pigs for feet?

Bell Work◦What are the four types of Economies◦Who are the Proletariat and Bourgeoisie?◦How do Adam Smith and Karl Marx’s

views differ? Where did they express these views?

Welcome C&E Students!

Green Portion of the Budget Project is due next Friday Dec. 11, 2015

Next Quiz will be Tuesday Recovery Knight Time Food in Class

reminders

Assign one person to be the banker Each player receives $1500:

◦ 2 each of $500s, $100s and $50s◦ 6 $20s◦ 5 each of $10s, $5s and $1s

Please refer to your “Let’s Play Monopoly” & “Instructions” handout for further details

At the end of each round you will tally the wealth you have accumulated

The reflection and Tally handout will be due at the end of class on Monday for a quiz grade

Monopoly and Economic Theory

In this version of monopoly you are following the regular game rules

You will have 30-45 minutes this round

When the bell rings take account of your assets on the handout you received (chart side)

After this round we will move on to Socialist Monopoly

Monopoly – Capitalist Version

Find a seat and settle inAre you ready for finals???

Welcome Knight Time!

Find your seat and settle in ◦ If you were absent Friday, go to the crate

with dates to get the handout you need for today

Roll Call Question: Would you rather own a teacup pig, pygmy goat or mini horse?

Bell Work: ◦ What motivated you in capitalist Monopoly?◦ Who controls the factors of production in

each type of economic philosophy: capitalism, socialism and communism

Welcome C&E Students

Green Portion of the Budget Project is due this FRIDAY!!!

Quiz TomorrowRecovery Next Year’s Classes SOT Project Student of the Unit

Reminders

How’d you do???Test Pass Back

To start this round find the person in your group who ended up with the least amount of money on hand

You now all will start with this amount. All your extra cash will go to the Government

Make sure you read the new Socialist rules carefully

You will have 15-20 minutes When the bell rings take account of your assets

once again, this time in the socialist column

Monopoly – Socialist Version

Make sure you read the new Communist rules carefully

You will have 5-10 minutes to play this round

When the bell rings take account of your assets once again, this time in the socialist column

Monopoly – Communist Version

Make sure your chart is completeNow reflect back on your experience playing the three different version and answer the accompanying questions

If you finish turn in to your class tray, if not turn in first thing tomorrow.

Reflection

It’s Smith v. MarxWith your group mates create a conversation that these two might have

GET CREATIVE!!!

Closure

Look back at today’s objective Think about all the new information you

learned Develop three potential test question you

might see that are based on this objective Be prepared to share your answers If they are good enough they might appear

on a quiz or test!!!!

Objective Overview

Where am I on the board?How much money do I have?

What properties do I own?Do I have any other assets?

Keep track of where you are