Unit 2

All the Work For Unit 2 is due before the unit exam Wed/Th March 21st and 22nd.

Chapter 3 (all sic quotes are due by 3/15 and 3/16)

Students must read each section. Pull one quote from each section.  For each quote explain how it links to the main idea of the section.  Remember, each section is speaking to a specific topic.  What is that topic and how does it apply to your quote.   SAY, what the quote is,  explain what it MEANS to the main idea of that section, why does it MATTER?.   The last quote should be taken from the section after the summary "The Power to Choose."

Student Budget Handout . students need to have the handout completed by March 12th.

Senior Economic Project.  Students must complete the activities in the Senior Economic project.

After spring break.  Student will research a job or the career they want to pursue after graduating high school.   Students will then write an essay comparing the facts they researched with their student budget handout.   The central questions of the essay is:

A. Can the income you can expect to earn from the job you research maintain your current living standard or improve it?  Why?
B. What can you expect will change about your life after a few years of working at the job you researched.
C. Do you feel that you will live in the same area? if so, why? if not, why not?
D.  Will your wants and needs change?  How so?

Vocabulary:  word squares (click here for the Frayer Model) Due 3/15 and 3/16

1. circular flow model             2. Socialism                            3. Property rights

4. public works           5. Economic planning             6. Full employment 

7. capitalism               8. transfer payments              9. communism 

10. Profit                     11. profit motive                                  12. economic system 

13. Economic equity    14. Command economy        15. Market economy 

       

16. Mixed economy      17. Factor payments             18. Traditional economy 

Lecture Notes:

Ideology is: A WAY OF THINKING

Dictionary definition:  “a system of ideas and ideals, especially one that forms the basis of economic or political theory and policy.”

Economics, the free market, capitalism are all ideologies.  The way people think and react to those ideologies creates or sustains a paradigm.

Historians study Paradigm shift.  A paradigm is a reality bubble that we all live in.  Because all of us are living in the same paradigm it is difficult for anyone to examine our current state of affairs from a true un-bias perspective. Sometimes paradigms suddenly change and people see the world differently but mostly they slowly erode away.  For example, the images A. depicts a dog but not all students could see the dog immediately.  After those students that could not see the dog were given further assistance they could see the dog.  But when all students were asks if they could un-see the dog all said no.  

People once thought of the world as flat but then Galileo explained that it was round.  Because not all people could immediately see the truth behind the science they reacted to protect their paradigm and charge Galileo with crimes.  Eventually, the flat world paradigm eroded and gave way to a new way of viewing the world.  Once people realized that the world was round they could not go back to the old flat world paradigm.   

Our current way of viewing capitalism and economics is being questioned.

Once we learn to question out ideologies we can take into consideration other ways of viewing the world



Ted Talks 

What is capitalism.

Rethinking Economics

Take Notes: 

1. What does the speaker say about how we should think about the concept of Capitalism?

2. What does the speaker feel about the definition of economics and economic growth on Wikipedia?

3. What is the alternative definition of economic growth?

4. What does the speaker say are the effects of the gains in consumption and production efficiency from trade on the environment.

5. So far, you have read sections 3.1, 3.2 and 3.3 of chapter three which discuss economic systems.  Consider the information that you learned from your reading and notetaking, Ted Talks, and our discussion about ideology and Capitalism.

Exit ticket Question:  What impact are the popular definitions of capitalism, economics, and concept of economic growth having on our current lives?

Economic Systems

Economic Systems Presentation

Economic System Notes

Economic Systems Worksheet