1. Background Readings to be Completed: Pages 27-37
2. Additional Practice and Review: You should have notes that allow you to answer these questions or you can complete Check your Understanding 1-5 Page 34 & 1-4 Page 37
3. Class Discussion:
Who/What determines the economic system that a country uses?
Two main classifications : 1.Democracy 2. Dictatorship Discussion: Communism, Socialism, Democracy and Fascism – which is the best for economic stability and growth? Discussion: Every political-economic system attempts to establish goals and a focus for resources – what are those goals? Who should determine them?
4. Does economics/international trade help or hinder human development?
Discussion: Gunder Frank and David Ricardo
Discussion: the North Atlantic Slave Trade Triangle and the Luddites
Reduced Public Debt
Increased Productivity and Efficiency
Equitable Distribution of Income
Viable Balance of Payments and a Stable Currency
The Environment for firms and individuals- economic systems
The 3 basic questions for any economy
The decision making framework:
by market forces
Additional Practice and Review (30 min)
1.Read Pages 27-28
2.Read skill builder : Page 29 look at Questions 1-4
3. Come up with another example of adding value through additional processing or refinement of a product