Name_____________________________
THE BIG PICTURE
The Topic Organizer (Weekly Process)
Date______________________________
AN INTRODUCTION TO ECONOMICS
LAST TOPIC
CURRENT TOPIC
NEXT TOPIC
WHAT IS ECONOMICS
THE AMERICAN ECONOMY
THE LAW OF DEMAND
is about
THIS WEEK'S SCHEDULE
Day 1
MLK Day
ECONOMIC
RESOURCES
Goods and Services
Day 2
*Topic Organizer
*Assigned Read/Key Words
Day 3
*Topic Questions
The Fundamentals of the
American Economy
Factors of Production
Natural Resources
Capital
Consumer Rights and
Responsibilities
ECONOMIC
ACTIVITY &
PRODUCTIVITY
Capitalism and
Free Enterprise
Circular Flow Chart
Features of Capitalism
The 4 Sectors
Adam Smith and Capitalism
Your Role as a Consumer
Quantity vs. Quality
Factor Markets & Product
Markets
Supply and Demand Curve
Day 5
*100 Point Test
Consumer Bill of Rights
Entrepreneur
GDP
Day 4
*Topic Lecture
*Power point
The Economy
and You
Milton Friedman
Economic Growth
HOMEWORK: ______________________________________________________
Disposable v. Discretionary
LECTURE # 2: THE AMERICAN
ECONOMY?
The Fundamentals of The American
Economy
I.
MARTIN LUTHER KING
A. WHAT WAS KING DOING IN HIS LAST DAYS
BEFORE HIS DEATH?
1. WORKING FOR ECONOMIC JUSTICE AND THE
ABOLITION OF POVERTY (HE WAS ALSO
WORKING AGAINST THE VIETNAM WAR)
2. HE WAS IN MEMPHIS, TENNESSEE WHEN HE
DIED WORKING ON BEHALF OF THE SANITATION
WORKERS.
II. ECONOMIC RESOURCES
A. WHAT IS THE DIFFERENCE BETWEEN A GOOD
AND A SERVICE?
B. WHAT ARE THE FACTORS OF PRODUCTION
ACCORDING TO YOUR TEXT?
C. HOW DO WE MEASURE THE ECONOMY?
A. WHAT IS THE DIFFERENCE BETWEEN A GOOD
AND A SERVICE?
1. GOODS-TANGIBLE PRODUCT
2. SERVICES-WORK THAT IS PERFORMED FOR
SOMEONE ELSE
B.
WHAT ARE THE FACTORS OF PRODUCTION
ACCORDING TO YOUR TEXT?
1. LAND-NATURAL RESOURCES.
2. LABOR-PHYSICAL AND MENTAL EFFORTS
THAT CONTRIBUTE TO PRODUCTION.
3. CAPITAL-TOOLS, MACHINERY, AND
BUILDINGS USED TO MAKE PRODUCTS.
4. ENTREPRENEURSHIP-INDIVIDUAL THAT
START NEW BUSINESSES.
C.
HOW DO WE MEASURE THE ECONOMY?
1. GDP-TOTAL DOLLAR VALUE OF FINAL
GOODS & SERVICES PRODUCED IN A
COUNTRY WITHIN A SINGLE YEAR.
2. DOES NOT INCLUDE SECONDHAND
SALES. (USED MATERIAL)
3. MULTIPLY THE NUMBER OF ITEMS
PRODUCED BY THE AVERAGE PRICE. ADD
THEM ALL UP=GDP.
4. DID THE ECONOMY EXPAND OR CONTRACT?
5. ONLY MEASURES QUANTITY, NOT QUALITY.
III. ECONOMIC ACTIVITY AND
PRODUCTIVITY
A. HOW DOES THE MARKET ANSWER THE
THREE BASIC ECONOMIC QUESTIONS?
B. HOW DOES THE CIRCULAR FLOW CHART
WORK?
C. NAME AND EXPLAIN THE FOUR SECTORS OF
THE ECONOMY.
D. WHAT ARE THE COMPOMENTS TO
ECONOMIC GROWTH?
A. HOW DOES THE MARKET ANSWER THE
THREE BASIC ECONOMIC QUESTIONS?
1. WHAT GOODS AND SERVICES WILL BE
PRODUCED IS DETERMINED BY THE DOLLAR
VOTES OF CONSUMERS.
2. HOW THINGS ARE PRODUCED IS DETERMINED BY
THE COMPETITION AMONG THE DIFFERENT
PRODUCERS.
3. FOR WHOM-WHO CONSUMES IS BASED ON THE
DISTRIBUTION OF INCOME.
B. HOW DOES THE CIRCULAR FLOW CHART
WORK?
1. FACTOR MARKETS-ARE WHERE GOODS ARE
MADE
2. PRODUCT MARKETS-ARE WHERE GOODS ARE
SOLD
C. NAME AND EXPLAIN THE FOUR SECTORS OF THE
ECONOMY.
1. THE CONSUMER SECTOR-EARN MONEY IN FACTOR
MARKETS/SPEND IT IN PRODUCT MARKETS
2. BUSINESS SECTOR-RECEIVE PAYMENTS/INVEST IT
BACK IN THE FACTORS OF PRODUCTION
3. GOVERNMENT SECTOR-PURCHASE G&S/CHARGE
FEES/COLLECT TAXES
4. FOREIGN SECTOR-WE BUY AND SELL/THEY BUY AND
SELL
TEST # 3 REVIEW
• FOCUS ON ALL YOUR KEY TERMS
• FOCUS ON YOUR ANSWERS TO YOUR TOPIC
QUESTIONS THAT MATCH UP WITH THIS
POWERPOINT
• FOCUS ON LECTURE # 2