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World History---Global Economic Systems

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Daily Agenda PowerPoint Presentation: Economic Systems PowerPoint Slides, Video Clip--"Economic Systems: Free market, Command/Control & Mixed," Connections/Hook, Check for Understanding, Guided Practice, Making Connections, Independent Practice, Closure.

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good morning world history students at this point of course I'm going to look at the economic systems that are very very important in world history check lady in the modern world history hero especially the last three centuries of on time. And so let me go ahead and go tour PowerPoint bring that up look at that discussion here all right so we can talk to his December 6th 2021 I don't forget as a warm-up to watch the CNN Student News broadcast www.cnn.com Force ICD-10 history becomes tomorrow you stand up and you find a copy of the student student news and it out on my website under the CNN news category of them work site is also the same link that you see you're too as well what's the Medal of Honor were looking at so I burn American he was an African American Veteran metal our handouts so his PDF file his Bayan citations on my website under the metal on a category and then the Medal of Honor handed out that you fell just three quick questions about spring bakery that is also under the metal on a category on my website we're all of the day economic systems Market Common because it's the type of system that benefits all people all right so we'll begin me work on completely economic systems this past Friday we started it and I'm going to teach you a bit more about that today throughout history humans ways to meet their needs and wants human beings have always sucked government plays a part of that are all here with Communism and socialism somewhere between free market system is communism control services on the other end of government control so they kind of assistance method used by Society to produce and distribute goods and services or out dermatosis what we can get and how we can get it Sao all openings how much will they produce now and how much later cancel a check out my system answers these questions in a different way and your three types of economic systems questions are answered my habits and Customs when it's always been done children work the same jobs as parents work on a farm in hunter gatherers and one of the big disadvantage about spirits chain people that laughs, Trish mcclimans Eskimos the bush people before the Industrial Revolution a lot of products were made domestically in a way that was sort of like a traditional kombi cuz people just kind of carried on the same tradition that the parents their grandparents and great-grandparents get so even before the Industrial Revolution and said a lot of traditional economy just picked up the occupation of the parents of former Banker Carpenter or whatever command economy the government answers the basic economic questions Advantage isn't able to quickly act in emergencies and provide for all people equally effective Vietnam North Korea form Cuba China today even though their government is a one-party States and its communist and name of shopping mall I spent a month in China back in 2008 Swiss shopping malls I was surprised it was a Kentucky Fried Chicken right next to stores really on this list so we even broke apart into Russian getting out of work for Publix Pharmacy Cuba is the only one keeping North Korea the only two letters under the Command Economy Auto Cuba solution. And I can't once Cuba and United States for differences in the future you will one day weather my Island Casino I think it changed us, and change them economic questions are answered by individual buyers and sellers supply-demand influence influence the economy so basically people provide then suppliers will produce more cars cuz that's what you want some people act out of self-interest motor for profit drive the economy so so known as free enterprise or capitalism course United States and many other countries around the world examples of economic systems but sure Market sure Commander Church digital elements of Egypt. dogs eating your own because it's not care about the health of people so you have that also to businesses don't look after the social needs of the elderly and the young and so you got to come in but other than that the government in our country government tries area is your policy all right so you're at the market mix and command USA Great Britain's and mixed and shine as a command again USA is more towards mortgage China is command however did you allow for free businesses private ownership in South Korea is a country so elements of a command economy but some of our insurance choice you really want competition because if you only have one business that sells one thing to know jack up the price to be super super light so competition really is good for for you and I to Consumer is also private property individuals have the right to own their own business interest in just make decisions based on what is voluntary exchange individuals made free to buy and sell Goods so even businesses that don't exist anymore Kmart was a big place to go to Kmart is obsolete now I mean when I was a small kid and I'm sure there's some busy in the future that will come or you have that the profit motive number six but the individuals are driven by a desire to make because you trying to pull socialism trying to take away the rights of what is the queen create a fair economic system and also meet the needs of those that may not be able to participate in the safety practices work no people that labor they loved wages labor hours because they're the ones working if it will help them some keep your business and make profits than they'll be for whatever is whatever is good for a business name for number two government limit certain choices can I buy a pretty certain goods and services sometimes it could be a military-style weapons although I think with automatic weapons they make exceptions for but find syllable Euclid weapons are grenades welfare in the Sky Pencil for youngest people that can't work because of two young men should be in school and then they all don't get too old and can't work anymore and so the government programs to help them that's why you have social security to try to put away a little money to help you when you want a social security with me all your needs but is better than nothing you know and so it does give people a little something alright so how will my pizza be a function different economic systems Celeste Pizza business number one I would answer and then I would determine how much cheese and then I set my employees wages and I set my business hours in a command economy however the government answer the basic economic questions the government sells set the amount of cheese coronavirus Pizza, determines the quality of cheese and pepperoni and then the government sets employee wages government sets up business hours so the government will make all the decisions even though it's my business and then what does the government know about pizza you know. Probably the question the only thing is sometimes and it could be someone who made pizza sometimes something that would know about pizza pepperoni Pizza Hut the government determines quality and that's not necessarily a bad thing if you don't want to get a pizza with cheese at sour or not good or bread that stale and so that's a good thing that's not in fact you good business person you would want to have to qualify anyway because he's so people bad things and people are going to buy for your business and you got a business so really supporting product employee wages government sets the minimum wage for the employees I'm determined business hours to be open or not or is the study of economics you guys going to take a course in economics if not next year sometime before you graduating senior year so you learn a lot more about picking up some detail when you do so this is kind of a coming up to the dictionary definition economics is the study of the production distribution and consumption of goods and services is always more unlimited and so we always want what I want it's just human nature and of course has become adults and get older got to learn to curtail that then I definitely as an adult now and I look back and I was a kid I want 11-1 now now I want for my kids and my grandkids and so you're looking for Second Life Changes I think about attitude K why do we always want more scarcity is idea that our resources are limited star wants and desires are so think about it one item you want or would you like more short sleeve T-shirts available in white gray dark shirt available in white light gray and dark so we have so many options but we must get what time did you plan and see the world make sure to get some of the things that you like multiple things with some tectonic money but the one given moment we can't have everything they can buy a lot but even that you can buy everything all right man you got some help choices begin to understand that we cannot have everything you need or want so we can understand that with every choice there is a cost to live near the ocean more likely to do it, every choice has a I'm so sad that every choice mickens cause now the words every time we do and I want to do two things buy a new pair of Air Jordans or I can go to Beyonce concert so whichever choice I make up the other stuff I decide where I want to be on some concert Beyonce concert make choices in the valley would you get something free to call somebody else and so your life something call someone and if you Surf Wave who made break our legs it's all about making choices in the project we'll make this individual project because you have resources to be with you but you need to do that or can you option Biarritz I prefer so the options are you a powerpoint presentation discusses each type of economic system that I just talked about and can discuss the history of brass charts wish I could have an existing you feel is the best one so busy doing the same thing you just when you join your organizing this information has PowerPoint option A or option be here organizing information written or typed before your choice to choose what's a free market supply and demand determines so that's a market economy right we're still on standard to when you have been talked about this for the last couple weeks here on this team. And may you rest in peace using the word of the day which is economic systems no understanding the effects of Commerce and the Beast expansion global economic Affairs has played a major role in the 20th century call Rich Green Street market economies and command economies and free-market one out because it's more efficient people like choice would like to be told what to do and so now in the world today the problem is pretty much Dominic and yes there is some government regulation government regulations mainly because you have to keep competition going up and make things fair and you have to look after the needs of workers got some all right I'm so weak I do that disgusting class there I got a videotape call Amanda control so I'm going to have to exit out of this PowerPoint here to show this by click on the link here at home give me a second to share that with you video clips on the sounds okay so we can look at Letourneau I would help Racine the economics is the study of scarce resources and how people have to make choices on how to Alex throughout history and across the world countries are not very different approaches our systems and so what is the best way to control and allocate with these resources for the Sexes video look at the main 3conomics systems you need to know about free market economies Commando centrally planned economies and mixed economies how can we actually allocate resources for governments to take a step back and do the rule of law nothing stopping citizens from hurting each other and committing crimes in particular for economic purposes you showing the property rights respected at least tell us who owns Walt be a pure free market economy dosage will be allocated by market forces of supply and demand in the price mechanism which axle incentive for more consumers to buy them before our system can be remarkably effective in producing efficient outcomes in markets supporters of free-market economics who fights on the idea of efficiency there are no barriers between producers and consumers are able to communicate and respond to each other's once managed to allocate resources in a more efficient way interventionist government could hope to achieve help to establish the field we can refer to this is the invisible hand when it gets too involved it puts itself between the consumers and producers and can lead to a range of intended consequences another reason why the free market could be more efficient is the role of competition with each other to make a profit what about incentives if you know there's another business coming to take your market share you'll find any way possible to improve and make sure this doesn't happen this results in business making better products or improving how things are made I miss you guys too and increasing efficiency and improving innovation on the other hand the government-run organisations don't have to worry about another company taking awake and Siemens if we trample tax offices around the world often seem to be slow in a foot what's up then who else is there to replace them there's no competition against the tax office cuz I have no you can only consented to become more efficient to competition at the incentives me to innovation in Greater efficiency and this forms the foundation of free economics what if we want government to take a stronger role in managing the economy that the government is best place to make decisions about how resources should be used Century planned economies to compete with each other the government directs production three state-owned Enterprises main justification for bases that the free market provides highly unequal outcomes just look at the wages on by CEOs of big companies compared to that work is the rich ruler is Get Rich or under this system because most of the money goes to the highest and its own system the government can make more decisions about what's most optimal forces are instead of letting the market tell us how much to pay people The Government Can intervene and redistribute the income so that is more equal is what is this government's can drive forward investment projects when they are in the entresto economy as a whole in recent decades is due to state-run investment projects the Nanjing Metro one point seven billion dollars the $2 we hadn't railway station in the 3.5 Beijing Capital International Airport with many huge infrastructure projects recent times in a totally free market economy private companies are unlikely to be willing or able to invest defrost amounts of money this because businesses around for profit by his government success for the common good note I need to be projects inject money into the system but I will say improve transport links for Citizens which those are good for the economy to Waccamaw and economies could be better purchasing more equal outcomes and channeling investment into projects for the public good this has to be balanced against the potential for inefficiency and less Innovation than pre-markets for the reasons that we saw before this means that Xtreme 3 the Wrath or unrealistic complete control to extreme economic systems and in reality somewhere along the spectrum between the two if you realize examples the United States has been a big proponent of the power free markets the tax rates are generally lower than what we might be used to and government interventions more frowned upon the even that you got moved into being when the market fails to reach fishing outcomes of a series about try to end the Great Depression by building post offices Bridges and schools in the mid thirties you mentioned China's record of State involvement in central planning but again the still room for private-sector businesses to exist we got two minutes of the market system at what is a free time. Bucks is increase the number of stores in China from just over 200 2005 to 3500 stores in 2019 Locke & Key he founded in 2017 is expected to have $4,500 by the end of 2019 need to company around by the government and competition between them and others can help to produce more efficient outcomes in the UK will be food somewhere not far from the middle of best as a mixed economy will allow the power markets if possible for the government provides a number of key services like health care and education and supports Minneapolis Lot G no more talky by government should do more to redistribute incomes and national service is what you're currently on the private sector control others who say the government the market whenever it gets involved and I should leave it to the private funds two statements which we never really reach full agreement let's summarize what is covid-19 economic systems to be aware of come on Century find economies and when the government dictates allocate these include promoting equality between citizens and channeling investment to where it's most needed in the country and lacking innovation free-market economies companies and consumers interact with each other and Market forces dictate how results are allocated they can produce more efficient outcomes and greater Innovation about create more inequalities between people and private companies may be less willing or able to invest in large number of it making projects finally mixed economies are a combination of command and free-market economies up right in this white boy. A long- between the tape all right sorry about that thing popped up there at the end going to be okay we are here rapid cash near all right so we looked at a video clip there and so that just piggyback on what I was talking about with the economy's he didn't look at the traditional markets and I emphasize to you if there's no cure anything in that using the extreme extreme would be a total command economy free market economy in which all countries Fall somewhere between so there's no. Nothing. most option on my website so go to that same one that I just went through and gave you a directional line and then answer the question at the end and then do the project on the last two slide-offs New York option b report about the history of economic systems all right so just remember that these things are very very important and if you have any questions you can just shoot me an email all right so have a good night that's for later.

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