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2/5 – Economic Systems. AIM :  To examine CEO pay as a factor payment . Factor Payment : The income people receive for supplying factors of production – land, labor, capital, or entrepreneurship. CEO Pay Debate. The class will be split into four teams. (2 per side)

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2 5 economic systems
2/5 – Economic Systems
  • AIM:  To examine CEO pay as a factor payment.
  • Factor Payment: The income people receive for supplying factors of production – land, labor, capital, or entrepreneurship.
ceo pay debate
CEO Pay Debate
  • The class will be split into four teams. (2 per side)
  • Tonight, read through the resources on the web. Take notes for BOTH side.
  • Tomorrow your side will be determined by a coin toss. You will have 15 minutes to prepare once your side is determined.
2 6 ceo pay
2/6 – CEO Pay
  • AIM: Are American CEO’s overpaid?
  • Opener: What factors might go into determining somebody’s salary?
2 11 wealth of nations
2/11 – Wealth of Nations
  • AIM: What were Adam Smith’s contributions to economics?
  • Opener: Download the reading from the weekend (online at THHS website). Then, write:
    • Two interesting facts you learned.
    • One question you have about the reading.
competition self interest
Competition & Self-Interest
  • What roles do competition and self-interest play in Adam Smith’s economic vision?
scenarios
Scenarios:
  • Explain the following scenarios from the viewpoint of Adam Smith:
  • The rise of the phone companies BoostMobile and MetroPCS
  • The popularity of Apple computer products
monopoly as the enemy
“Monopoly” as the Enemy
  • Explain the following quote from the reading:
  • “The great enemy to Adam Smith’s system is… monopoly in any form”.
law of accumulation vs law of population
Law of Accumulation vs. Law of Population
  • How do these two “laws” balance each other out?
slide10

http://www.slate.com/blogs/moneybox/2013/02/07/david_einhorn_sues_apple_over_its_cash_stockpile.htmlhttp://www.slate.com/blogs/moneybox/2013/02/07/david_einhorn_sues_apple_over_its_cash_stockpile.html

the role of government
The Role of Government

What roles of government might be missing from Smith’s view? Explain.

2 13 command economies
2/13 – Command Economies
  • AIM: What does life look like in a command economy?
  • Opener: Can you explain this political cartoon?
slide13

Economic System: The method used by a society to produce and distribute goods and services.

  • There are four different economic systems:
    • Traditional economy
      • Relies on habit, custom, or ritual
    • Market Economy (capitalism)
      • Decisions made by individuals
    • Command Economy (associated with communism/socialism)
      • Decisions made by central government
    • Mixed Economy
      • Combination of market and command economies
introduction to command economies
Introduction to Command Economies
  • SocialismvsCommunism – what’s the difference?
introduction to command economies1
Introduction to Command Economies
  • SocialismvsCommunism – what’s the difference?
    • Socialism is a social and political philosophy based on the belief that democratic means should be used to distribute wealth evenly throughout a society.
introduction to command economies2
Introduction to Command Economies
  • SocialismvsCommunism – what’s the difference?
    • Socialism is a social and political philosophy based on the belief that democratic means should be used to distribute wealth evenly throughout a society.
    • Communism is a political system that arose out of the philosophy of socialism. It is an authoritarian system where all economic and political power rest in the hands of a central government.
east germany as an example of a communist society
East Germany as an example of a communist society
  • East Germany arose out of the defeated Nazi Germany of World War 2.
  • In 1945, the Allied powers divided up Germany into four sections. The sections controlled by the USA, Great Britain, and France combined to form West Germany, a free-market democracy.
  • The section controlled by the USSR became East Germany, a communist state.
  • Looking at a divided society like East & West Germany is an interesting way to examine how competing philosophies of democracy and communism worked out.
  • In the end, it didn’t work out. On the 9th of November, 1989, protests forced the end of the East German government. East and West Germany were reunited in 1990 as a free-market democracy.
east germany as an example of a communist society1
East Germany as an example of a communist society
  • SED = SozialistischeEinheitsparteiDeutschlands (Socialist Unity Party of Germany)
  • GDR / DDR = German Democratic Republic / Deutsche DemokratischeRepublik(East Germany)
group reading and presentations
Group Reading and Presentations
  • Assignment:
    • Prepare a brief presentation to the class how life in East Germany reflects the ideals of a centrally planned economy.
    • Contrast the East German lifestyle with that of a free-market economy.
    • What are both the benefits and disadvantages of the East German lifestyle?
group research and presentations
Group Research and Presentations
  • “The dream of full employment” + “planned economy without a plan”
  • “Sold-out” + “State Owned Product Worlds”
  • “Home sweet home”
  • “Sibylle fashion dreams”
chapter 2 homework review
Chapter 2 Homework Review
  • Page 27
    • 2: Each system answers production and distribution questions differently
    • 6: Military and a decent quality of living for its citizens
    • 7:
      • Traditional values custom
      • Market values individual freedom and growth
      • Central values economic equity & security
      • Mixed values economic freedom and limits on gov’t
chapter 2 homework review1
Chapter 2 Homework Review
  • Page 32
    • 6: Combination of self-interest and competition would lead to an economy offering desirable products at reasonable prices
    • 8: Economic equity is difficult to achieve in a free market economy because not every person functions in the market with the same skills and abilities & therefore differences in compensation arise.
chapter 2 homework review2
Chapter 2 Homework Review
  • Page 38
    • 1: In both socialist and communist nations, the gov’t often owns major industries. But socialism is achieved peacefully through democracy. Communist gov’ts control both political and economic power; they are authoritarian.
    • 5: Centrally planned economies eliminate competition, giving businesses no incentive to produce goods of high quality. Also the bureaucracy is slow to respond to consumer wants/needs.
chapter 2 homework review3
Chapter 2 Homework Review
  • Page 44
    • 1: Laissez-faire is the doctrine that states that gov’t should not intervene in the marketplace
    • 4: Your answer should discuss individual vsgov’t role in the marketplace.
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