Economics – 3/07/14

I.  Classwork              Q&A

1. What is happening in the cartoon?
2. What is the point that is being made?

 II.  Objective:

• Review concepts and principles which focus on how economic systems allocate resources, the evaluation of economic performance, and the role of government in the economy.
• Examine the economic freedoms and rights associated with living in a market economy and explore additional economic freedom/rights that may be needed.

III.  Test on Monday

A.  Understand the following

• Characteristics of the 3 types of Economies – Figure 2.1
  • 2.1 Flashcards
• Mixed Economy-Figure 2.2
  • 2.2 Flashcards
• Economic Goals and Examples – See your notes
• Impact of Inflation
• Minimum wage & Trade offs
• Characteristics of Free Enterprise Capitalism (Fig 2.3)
• Consumer’s Role in the Economy
• Entrepreneur’s role in the Economy
• Modified Free Enterprise Economy
• Roles of Government & many examples of each
  • 2.3 Flashcards

III.  Classwork

A.  Economic Freedom

• HOW ECONOMIC FREEDOM LEADS TO PROSPERITY Q&A
  • Based upon the information provided in the table below, what are three conclusions you can make when comparing a traditional and market economy. Q&A

  

B.   The Constitution Personal & Economic Freedoms

• Article 1 Section 8 (8)
• Article 1 Section 10 (1)
• Fifth Amendment
• FDR Second Bill of Rights Speech Footage

• Develop an Economic Bill of Rights- with at least 4 and an explanation of why each is needed

Economics W2014