you will need to complete the student handout as the powerpoint is discussed. student instructions...

You will need to complete the student handout as the PowerPoint is discussed. Student instructions

will always be in black.

You will need to complete the student handout as the PowerPoint is discussed. Student instructions

will always be in black.

You will be introduced to several economic terms throughout this

PowerPoint. Write the definitions of key economic terms on your

student handout. Economic terms that need to be defined are in red.

You will be introduced to several economic terms throughout this

PowerPoint. Write the definitions of key economic terms on your

student handout. Economic terms that need to be defined are in red.

Cattle, Cotton, and Crude

Cattle, Cotton, and Crude

Beef, Bales, and Black Gold

Beef, Bales, and Black Gold

The legs, fiber, and grease of

the Texas economy.

The legs, fiber, and grease of

the Texas economy.

What are we talking about when we speak of the economy?

What are we talking about when we speak of the economy?

The economy is the wealth and resources of a

nation and how they are

managed.

The economy is the wealth and resources of a

nation and how they are

managed.

In the U.S. and in Texas, we have a free enterprise or market economy. In the U.S. and in Texas, we have a free enterprise or market economy.

In a free enterprise economy individuals have the right to own businesses and to make

money with limited government interference.

In a free enterprise economy individuals have the right to own businesses and to make

money with limited government interference.

Simply stated, you are free to buy what you want, sell what

you want, make what you want, and provide any service

you want with very few restrictions.

Simply stated, you are free to buy what you want, sell what

you want, make what you want, and provide any service

you want with very few restrictions.

Imagine that you are an

entrepreneur, or a

risk-taking business person.

Imagine that you are an

entrepreneur, or a

risk-taking business person.

You have capital that you would like to invest in a business. Capital is

the...

You have capital that you would like to invest in a business. Capital is

the...

or moneyor money

equipment,equipment,

factories,factories,

used to produce goods or services.used to produce goods or services.

You want to invest your

capital wisely so that you make a

profit, or make

money.

You want to invest your

capital wisely so that you make a

profit, or make

money.

In the box on the student handout, list three businesses in Texas where

you would invest your capital.

In the box on the student handout, list three businesses in Texas where

you would invest your capital.

For each business, write one or two sentences explaining why you chose

that business.

For each business, write one or two sentences explaining why you chose

that business.

Some of you may have invested in businesses that have historically

been important in the Texas economy

such as ...

Some of you may have invested in businesses that have historically

been important in the Texas economy

such as ...

cottoncottoncattlecattle

oiloil

Historically, the Texas economy has fallen into two categories:

Historically, the Texas economy has fallen into two categories:

Agribusiness - business related to the production, processing, and

distribution of agricultural products

Agribusiness - business related to the production, processing, and

distribution of agricultural products

Petroleum Industry - the production and distribution of oil and natural

gas

Petroleum Industry - the production and distribution of oil and natural

gas

The agribusiness and petroleum industries have been good to Texas,

but these businesses can be risky because they are greatly affected by a boom/bust cycle in the economy.

The agribusiness and petroleum industries have been good to Texas,

but these businesses can be risky because they are greatly affected by a boom/bust cycle in the economy.

BoomBoom BoomBoom

Bust Bust

Simply put, when things

are good they are great,

but when they are bad, they are terrible.

A boom/bust economy is one that has a cycle of intense highs and

lows.

A boom/bust economy is one that has a cycle of intense highs and

lows.

When the economy is

booming, the prices of cattle,

crops, and oil are high, thus

bringing profit to Texas.

When the economy is

booming, the prices of cattle,

crops, and oil are high, thus

bringing profit to Texas. When the

economy is in a bust cycle,

prices are low and small profits are

made.

When the economy is in a bust cycle,

prices are low and small profits are

made.

Many years ago Texan

entrepreneurs realized that an economy based on businesses

that are greatly affected by the boom/bust cycle would not be the

best for our state’s economy.

Many years ago Texan

entrepreneurs realized that an economy based on businesses

that are greatly affected by the boom/bust cycle would not be the

best for our state’s economy.

Diversification, or increasing the

variety of products, has been key to a

strong Texas economy.

Diversification, or increasing the

variety of products, has been key to a

strong Texas economy.

Texas has a very strong economy

today because we have diverse industries.

Texas has a very strong economy

today because we have diverse industries.

The next slides are on the modern Texas economy. List these

industries in the “Texas Industries Today” section of your student

worksheet.

The next slides are on the modern Texas economy. List these

industries in the “Texas Industries Today” section of your student

worksheet.

Agribusiness and the petroleum Agribusiness and the petroleum industry are still strong in Texas industry are still strong in Texas

today, but we have developed the today, but we have developed the following industries as well:following industries as well:

Agribusiness and the petroleum Agribusiness and the petroleum industry are still strong in Texas industry are still strong in Texas

today, but we have developed the today, but we have developed the following industries as well:following industries as well:

PetrochemicalPetrochemical IndustryIndustryPetrochemicalPetrochemical IndustryIndustry

Petrochemicals are chemicals or products made from petroleum or

natural gas such as

Petrochemicals are chemicals or products made from petroleum or

natural gas such as

plastics

plastics

cosmetics

cosmetics

rubber

rubber

synthetic fibers

synthetic fibers

Computer / ElectronicsComputer / Electronics IndustryIndustry

Computer / ElectronicsComputer / Electronics IndustryIndustry

Telecommunication Industry

Telecommunication Industry

Aerospace Industry

Aerospace Industry

Service IndustriesService Industries

medicinemedicine andand healthhealth carecare

medicinemedicine andand healthhealth carecare

bankingbanking andand financialfinancial

bankingbanking andand financialfinancial

educationeducationeducationeducation

Real Estate Industry

Real Estate Industry

Tourism IndustryTourism Industry

These industries, coupled with our geography and abundant

natural resources, make Texas a very strong presence in the

global marketplace.

What is important to remember about the

“Growth and Development” of

Texas?

What is important to remember about the

“Growth and Development” of

Texas?

What is the enduring

understanding?

What is the enduring

understanding?

Texas’s strong standing in the world today originated from its

diverse leaders, geography and resources.

Texas’s strong standing in the world today originated from its

diverse leaders, geography and resources.

We‘ve come a long way from We‘ve come a long way from

to to