UNIT 5: ECONOMICS
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
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;
Essential Question: How do different societies around the world meet their economic needs? Source: Mastering the TEKS in World Geography
Essential Question: What are the advantages and disadvantages of each economic system? Source: Mastering the TEKS in World Geography
UNIT 5 Economics Terms economy Economist Resources Natural resources Products Human resources services Economics Supply Demand Poverty wealth
economy the use and management of resources; the system of exchange of goods and services. Source: original
resources everything available to sustain a society and run an economy. Source: original S
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.
economist person who studies economics. Source: Mastering the TEKS in World Geography S
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
goods (products) the things that people make. examples: food, clothes, machines, houses, and toys. Source: Mastering the TEKS in World Geography S
human resources ( labor resources) the people factors in the economy. Example: number of people, physical strength, intellect, skill, health. Source: original
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
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
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
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
poverty barely having enough resources to survive. Source: original
wealth having an abundance of resources. Source: original
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
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
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
gross domestic product (GDP) the total value of goods and services produced in a country in a year. Source: Teachers Curriculum Institute
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
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
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
TYPES OF ECONOMIES Traditional economy Free Market economy Command economy Mixed economy
% of income going to taxes: Source: tax laws.com
Sources Tax Laws.com http://tax.laws.com/tax-brackets USA.gov http://www.usa.gov/ U.S. Department of Labor http://www.dol.gov/index.htm Free PowerPoints Mr. Donn http://economics.mrdonn.org/powerpoints.html The White House Website http://www.whitehouse.gov/ Architects of the Capitol Website http://www.capitol.gov/ United States Department of State http://www.state.gov/ New World Encyclopedia http://www.newworldencyclopedia.org/entry/civilization The Economist http://www.economist.com/economics-a-to-z TEA Vocabulary Merriam-Webster Dictionary : http://www.merriam-webster.com/dictionary Yahoo Kids Dictionary http://kids.yahoo.com/reference/dictionary/english/search?query=political+science Deardorffs Glossary of International Economics Background Leather: Photoshop Star