Unit 5 Globalization of Economics

Size: px
Start display at page:

Download "Unit 5 Globalization of Economics"

Transcription

1 UNIT 5: ECONOMICS

2 Unit 5 Globalization of Economics In this unit, you will learn about economics ---- the study of how people make their livings, earn and spend money, trade with one another, and invest in their future. Source: Mastering the TEKS in World Geography

3 Student Expectations: (9) Economics.The student understands the various ways in which people organize economic systems. The student is expected to: (A) compareways in which various societies organize the production and distribution of goods and services; (B) compareand contrastfree enterprise, socialist, and communisteconomies in various contemporary societies, including the benefits of the U.S. free enterprise system;

4 Essential Question: How do different societies around the world meet their economic needs? Source: Mastering the TEKS in World Geography

5 Essential Question: What are the advantages and disadvantages of each economic system? Source: Mastering the TEKS in World Geography

6 UNIT 5 Economics Terms economy Economist Resources Natural resources Products Human resources services Economics Supply Demand Poverty wealth

7 economy the use and management of resources; the system of exchange of goods and services. Source: original

8 resources everything available to sustain a society and run an economy. Source: original S

9 economics the study of how individuals, businesses, and nations make things, buy things, spend money and save money. Source: Mastering the TEKS in World Geography.

10 economist person who studies economics. Source: Mastering the TEKS in World Geography S

11 natural resources elements of the economy that come from the natural environment. Things from Mother Nature. Example: soil, water, sunlight, wind, forests, oil Source: Mastering the TEKS in World Geography S

12 goods (products) the things that people make. examples: food, clothes, machines, houses, and toys. Source: Mastering the TEKS in World Geography S

13 human resources ( labor resources) the people factors in the economy. Example: number of people, physical strength, intellect, skill, health. Source: original

14 capital resources money or assets put to economic use. Example: the tools in a factory or the money to buy the materials to start or run a business. Source: The Economist

15 services the things that people do for others. Examples: electricians, carpenters, doctors, lawyers, teachers, plumbers, hair dressers and auto mechanics. Source: Mastering the TEKS in World Geography S

16 supply How much of a resource, good or service is available. Example: How many doctors in a town, how many loaves of bread on the shelf at the store or how much land is available to farm. Source: original S

17 demand How much of a resource, good or service that is wanted or needed by the consumer. Example: Starving people in a desert need water and food. Sick people need a doctor. Women like diamonds Source: original S

18 poverty barely having enough resources to survive. Source: original

19 wealth having an abundance of resources. Source: original

20 consumption the using up of goods and services. This term is also used to describe the purchase and use of goods and services by consumers. Source: Teachers Curriculum Institute

21 developed country a wealthy country with an advanced economy. Developed countries have many industries and provide a comfortable way of life for most of their people. Source: Teachers Curriculum Institute

22 developing country a poorer country with a less advanced economy. In general, developing countries are trying to increase their industries and improve life for their people. Source: Teachers Curriculum Institute

23 gross domestic product (GDP) the total value of goods and services produced in a country in a year. Source: Teachers Curriculum Institute

24 per capita by or for each person. A per capita figure is calculated by dividing the total amount of something by the number of people in a place. Source: Teachers Curriculum Institute

25 capitalism Capitalism is a free-market system built on private ownership. Owners of CAPITALhave PROPERTY RIGHTSthat entitle them to earn a PROFITas a reward for putting their capital at RISKin some form of economic activity. Source: The Economist

26 entrepreneur (entrepreneurship) A person who starts a business. Entrepreneurship The talent, knowledge, and willingness to engage in new activities, especially those that may result in new kinds of firms. Source: Deardorffs Glossary of International Economics S

27 TYPES OF ECONOMIES Traditional economy Free Market economy Command economy Mixed economy

28 % of income going to taxes: Source: tax laws.com

29 Sources Tax Laws.com USA.gov U.S. Department of Labor Free PowerPoints Mr. Donn The White House Website Architects of the Capitol Website United States Department of State New World Encyclopedia The Economist TEA Vocabulary Merriam-Webster Dictionary : Yahoo Kids Dictionary Deardorffs Glossary of International Economics Background Leather: Photoshop Star