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Bell work

Bell work. If you have a token, add your paycheck to your Freyonomy account Pay your Monday / Tuesday bills. The last Few Economic concepts. Standard 1. Private property rights. Property rights- rights of individuals and groups to own resources and businesses.

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Bell work

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  1. Bell work • If you have a token, add your paycheck to your Freyonomyaccount • Pay your Monday/ Tuesday bills

  2. The last Few Economic concepts Standard 1

  3. Private property rights Property rights- rights of individuals and groups to own resources and businesses. Why are they essential to a market economy??? • They give producers ______ to create G/S Incentive • They give buyers ________ to purchase G/S Trust

  4. Mixed Economy • Mixed Economy- reflects characteristics of both market and command economies • Ex. US • M- Businesses can employ whoever they wish • M- Producers can produce whatever they wish • C- Libraries, Education, Postal Service is run by the government • C- Programs such as social security provide for those who are too old to work

  5. Global Economy • Global Economy- Economic interaction that cross international borders • Ex. US trade with China

  6. Privatize • Privatize- To change an industry or business from government control to private ownership Ex. Getting rid of the US Postal Service and only having Fedex and UPS

  7. Nationalize • Nationalize- to convert from private to government ownership • Ex. 2001: In response to the September 11 attacks, the then-private airport security industry was nationalized and put under the authority of the Transportation Security Administration.

  8. MacroECONOMICS Microeconomics is the study of smaller units of the economy? What is macro? • Study of larger units of the economy. Study of the economy as a whole.

  9. Challenge Questions Would you care more about microeconomics or macroeconomics if you were… • trying to decide who to vote for in the presidential election? • trying to decide whether to work for Verizon Wireless or a new phone company called Phonex?

  10. Bellwork Pay your Freyonomy bills for both Wed/Thurs and Friday. Do not check your math. Instead, wait quietly as you anticipate some fun Freyonomy buying opportunities!

  11. Luxury trip to st. Lucia $1,500 6 days

  12. Cruise to Cozumel, Mexico$900 4 days

  13. New York$1200 3 Nights, 4 days

  14. Tour of Italy and Greece$3000 12 days

  15. Camping in Michigan$300 3 days

  16. Review Identify the factor of production • Natural resources on or underground • Land

  17. Review Identify the Factor of Production Human time, effort and talent used to produce goods and services • Labor

  18. Review Identify the Factor of Production The resources and tools people make to produce goods and services • capital

  19. Review Factors of Production • The willingness to take risks to create and run a new business • Entrepreneurship

  20. Circular Flow Model • Circular Flow Model- shows the flow of money as well as the flow of products and resources in the product market that takes place between buyers and sellers in a market economy. • The flow of money between businesses (producers) and households (consumers) is circular!!!!!!

  21. Review What is this? • The study of how people use scarce resources to meet unlimited wants • Economics

  22. Review • The next best alternative you gave up • tradeoff

  23. Review • The value of the next best alternative • Opportunity cost

  24. Review • Define utility • How useful something is

  25. From our beans activity, we learned that voluntary exchange happens when who expects to gain? • Everyonee

  26. Which economic system does the term belong? • Profit • Communism • Karl Marx • Consumer sovereignty • Built on custom • Government controlled • Competition • Focused mainly on survival

  27. Getting a piece of candy for answering the most correct answers in our game is an example of a ________ __________ • Positive incentive

  28. What is microeconomics? • The study of the behavior of individual players in an economy

  29. What is macroeconomics? • The study of the economy as a whole

  30. Why are property rights essential to a market economy? • They give producers _____ and buyers _______ to exchange goods and services • Incentive and trust

  31. This is an economic model that shows production trade-offs • Production possibilities curve

  32. Which point shows efficiency? • Point A

  33. Which point shows inefficiency? • Point B

  34. Which point shows impossibility? • Point C

  35. Who are the main decision makers in a market economy? • Households and businesses

  36. Review • These are advantages of which type of economic system? • Consumers can buy what they wish and producers can produce what they wish • People can take jobs based on their interests and talents, not on government decision Market Economy

  37. These are disadvantages of which type of economic system? • There is no mechanism to provide for those who are too old or sick to work • There are no public goods and services such as public education or national defense Market

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